Franklin Foreclosures

Franklin, MA: Where to Find Foreclosed Homes

Franklin is a town in Norfolk County in Massachusetts. In truth, this place is a city, but despite being such, it petitioned to retain the word “town” in its name. One of the most impressive details about this city is that it is the home of the first ever library in the country. Its first books were in fact donated by none other than Benjamin F. himself.

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Most of the area lies within the watershed of Charles River, while the southwest corner of the city is on the watershed of Blackstone River. The place provides easy access to vital cities, including Providence and Boston through the two exits right at Route 140 and I-495. Meanwhile, the King Street Commuter rail offers service to the South Station of Boston, which is easily accessible in the city.

The ideal location of the city, along with its features and exciting spots, makes it one of the best areas to live in, especially if you want to be near the city of Boston. However, the median home value here reaches $424,914, which is almost six percent increase from last year. It is forecasted that this amount will hike up once more this year.

Short Sales

The Boston Metro has an average price of $276 per square foot, while this city has a median of $234. Although this means that the homes are much more affordable in this area, it may still be difficult for many people to purchase a house here. If you want to save some money, you may consider looking into short sale properties in this city.

Mortgage delinquent homeowners who fail to make payments on time can have their homes on a short sale to avoid foreclosure. In this area, there is less than one percent of homeowners that have problems with their mortgage payments. Nevertheless, you will find quite a few owners who are willing to short sell their properties to get the assistance they require in paying for their home.

What you will like about short sale homes is that they are priced lower than comparable properties in the area. For instance, a house at Maple Street, which had three bedrooms and one bathroom with 1,052 square feet, would typically sell for $246,168 and up. However, since an owner with mortgage problems is selling this property, it can have an asking price of $190K to $200K.

Bank-Owned Properties

There are also bank-owned or real estate owned (REO) properties in this city. They are an alternative to short sales. As the name suggests, they are held by the bank or a lender after the owner was unable to pay his or her dues. This type of home, just like a short sale, can cost lower than the traditional amount in the area.

For instance, a home with three baths and one bathroom with 1,216 square feet of space in Queen Street only asked for $169K. It provided a huge discount to the new owner. One way to find if there are bank owned properties in the area is to visit the bank itself. Since there are quite a few banks in the city, there is a chance that you will discover some of the REOs here.

Most banks have a dedicated department where you can directly ask for a list of the REOs in the city. If you do not want to go through that hassle, there is another way for you to get hold of the foreclosed homes here. Auctions are held in which these properties are sold to the highest bidder. If you see a house that you would like to occupy or invest in, you should be ready to compete with the other buyers.

The good news is that these foreclosed homes usually do not have a lot of interested purchasers. This fact can be beneficial for you because you do not have to worry about competing with the other offers of the potential homeowners.

About 5.2% of homeowners have an issue with their mortgages in the city. It means that you may be able to find some homes that are considered distressed properties. Once you have located a house that you would like to purchase in Franklin, MA, you may want to get your own appraisal before you jump in to buy it.

Some discounts are attractive, but there are others that may not be useful for you. Avoid homes that are severely damaged, so you do not waste a lot of money in repairing the property. The good thing about the houses in this city is that many of them are well taken care of by the previous owners. In this case, you may not have to worry about the costs of fixing the home that you would like to purchase.

If you need help in purchasing foreclosed homes, you can turn to a reliable real estate agent. You can also look for homes online at a reputable website where you can find the list of the properties to buy. It always helps to have a professional with you, especially when you try to bargain with a lender or a seller. This way, you get the guidance you need before and after the transaction.

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