Groton Foreclosures

Finding and Purchasing Groton, MA Foreclosures

If you are searching for a place that will allow you to save on purchasing a home in Massachusetts, you may want to look at the list of foreclosures in Groton. This town is located in the northwestern part of the Middlesex County in the mentioned state and is right in the Greater Boston metropolitan area.

Search Foreclosures

The town is mostly recognized for the prep schools it has in which one of them is one of the oldest in the entire state of Massachusetts. This place is undoubtedly historic as it once served as a battlefield for kings and queens in the past. The town is also considered the largest in the whole Middlesex County for its vast square mileage of 33.7 square miles. It is mostly dominated by hills, which is why it has plenty of hiking and biking trails in the area.

The town is served by routes 40, 225, and 119 among others. It borders Pepperell, Dunstable, Westford, Littleton, and Townsend among many areas.

When it comes to real estate, the homes here can be a little bit expensive, especially for ordinary people. The median value is $458,864, which is a 4.3% increase over the last year. Some experts believe that the mentioned percentage will continue to rise for at least three percent within the next year.

Short Sales

The homes here are more adorable than the Boston Metro, especially concerning per square foot pricing. In this town, the median list price is $227 per SQFT, while the Boston Metro has $276 on average. However, the rates today are more favorable to the sellers. For this reason, you may want to look at the other possible solutions, including searching for a foreclosed property in the area.

A short sale can give you a good deal, especially when it comes to the offered price for the property. Typically a homeowner foresees the short sale, but there are also times when the banks are in charge.

Whether it is a person or a financial institution, both entities are motivated to locate a buyer as soon as possible. It is why you will often see short sales where the prices are so attractively low. This way, these properties do not languish on the market. The result is the buyer benefits from such transaction.

Another reason why you may want to purchase a short sale property is that most of the home hunters are not too willing to wait. It frequently takes a long time for the transaction to be finalized. Some purchasers do not have the patience to wait for months or a year for the completion of the sale. It is beneficial for you if you want to go for a short sale property because it means you do not have that much competition.

A short sale does not mean that the property is in foreclosure already. In this case, the homeowner still has the right to remain on the property. It can be seen as an advantage because you know he or she will not thrash the place. Most homeowners also do not leave the home, which they still treat as theirs. Therefore, when the sale becomes final, you can be sure that the house is still in good condition.

Bank-Owned Properties

Some people prefer a bank-owned property over a short sale because the former is much faster to complete than the latter. As mentioned, it can take forever to finalize the process of short selling a home despite the name. The procedure often takes too long to finish because the buyer (or you) should get the approval of the creditor or the bank first. The seller also has to favor the purchaser and escrow can take months as well.

The good news with both short sale and bank-owned homes is that they are less expensive than traditional houses for sale. Additionally, there are quite more of them in this town than the surrounding areas. In Groton, you may be able to find four foreclosed properties in most of the neighborhoods. This number beats the value of the foreclosed homes in the United States where only 1.6% are considered distressed.

There is less than one percent of homeowners in this town who have a problem with their mortgage payments. However, about 3.9% of the homeowners are underwater on their mortgage, while the Boston Metro has 6.3%. The town does have a stable real estate market, and you can find several expensive homes in many neighborhoods here, including in the town center and Vose.

It should not be difficult to search for areas with foreclosed houses though. Some banks have their own department for these distressed homes. You can directly talk to a manager, or someone who is in charge of the real estate section or you can participate in an auction. In the latter, you will have to provide your highest offer and be sure you beat the other bidders during the proceeding.

A foreclosed property in Whitewood Road was sold at an auction in which the buyer was able to grab the property for just $135,000. This particular property has two beds and one bath. Typically, this one would have been sold for more than $300,000.

Search Foreclosures