Georgetown Foreclosures

Some Tips When Purchasing Georgetown, MA Foreclosures

Georgetown is a part of Essex County in Massachusetts and was formerly a section of the town of Rowley until 1838. It is made up of 12.9 square miles of land, and the remaining 0.31 square miles consist of water. The town is settled by the edge of a coastal plain and some hills right in the northeastern area of Massachusetts.

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This place has several brooks and streams, along with two crucial ponds named Pentucket Pond and Rock Pond. It has many protected lands, such as the State Forest and the Crane Pond Wildlife Management Area. The town is approximately 28 miles north of Boston, and the capital city can be reached within 30 minutes. It is bordered by Newbury, Rowley, Boxford, and Groveland and the I-95 crosses through most of the town.

There is no mass transit in this area, but the Newburyport Line in Rowley provides rail service for it. The Logan International Airport is the nearest service for air passengers in this town.

Real Estate in the Area

The median home value in this town is exactly $457,236, which is a massive increase of more than seven percent from last year. It is also predicted that this value will once again rise at least four percent until the first few months next year.

The real estate market in this area is incredibly healthy even though there are 4.5% of homes with negative equity. Only 1.1% of homeowners are delinquent on their mortgage, which is lower than the average in the whole United States, which is 1.6%.

Foreclosure can provide selections of homes in this town for those who cannot afford the properties sold in a traditional method.

Buying Short Sale Properties

When purchasing short sale homes in this town, you will find some that are truly inexpensive. The reason behind this is that the homeowners want to complete the short sale as soon as they can. However, it is also important to know that the transaction can take at least two months to finish. It is not rare to have a deal that will last for a year before the ownership will be transferred to you.

Nevertheless, since the homeowner wants to get rid of the property and pay his or her debts, the property may only be listed for a low price. It helps that they have small costs because these homeowners do not want the houses to stay for a long time on the market. Additionally, if the home is listed for a month or so, they may be forced to lower the price even more.

Another thing that you may want to know about is whether or not you will have many competitors for this type of property. The good news is that not everyone wants to purchase a foreclosed home or even a short sale. As a result, you could be the only one who is willing to buy it. The homeowner may be glad to provide you with even more discounts.

Buying Bank-Owned Properties

Note that a short sale does not mean that it is a foreclosure. However, a bank-owned property is a home that has been seized by the bank or the mortgage lender because the previous owner could not provide for the payments associated with the house.

Some people prefer foreclosed or bank-owned properties over a short sale. It is because they no longer have to deal with the previous owner of the house. There is not much emotion involved since you will only have to transact with a financial institution. Often, some owners do not truly want to sell their home, which can become a problem in closing the sale.

Whether you will purchase a short sale or a bank-owned property, it can be useful to get an appraisal for it yourself. Discounts can vary greatly depending on the neighborhood in Georgetown, as well as the property, amenities, and the other factors that affect the price of the home. Some houses can be severely damaged, but you can still benefit from them because they will frequently have a low price that you can afford.

Nevertheless, it is typically better to go for a non-damaged property over something that has some issues. You will find that some REOs and short sales may only provide you with five to seven percent discount compared to the homes that have no problems. This discount will not mean much if you have to spend a lot on repairs. REOs and short sales can provide you with up to 50% off – sometimes even more if you know where to look.

You will be surprised that some of them are in an excellent condition. Most people would go for a short sale over a bank-owned one because many homeowners still live on the property before they complete the transaction. As a result, the homes are well cared for, compared to some REOs in this town.

Still, it does not mean that you cannot find homes owned by the bank in good condition. You just have to know where to look and how to avoid some problems when you deal with the financial institution. All in all, both choices offer a significant amount of savings, especially for people who want to live in this peaceful town.

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