Groveland Foreclosures

Should You Choose to Buy a Foreclosed Property in Groveland, MA?

Groveland is a town situated in the Essex County of the state of Massachusetts. It is just 34 miles from the northern part of Boston and is bordered by other towns like Haverhill, West Newbury, and Georgetown. It lies along the southern banks of the famed Merrimack River. Other brooks also pass through the town, along with the Parker River. Crane Pond and Johnson’s Pond also cross the town’s lines. All in all, almost five percent of the area is made up of water.

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There is a forest in this town, which is in the eastern corner. Along with it is the Crane Pond Wildlife Management Area. No interstates pass through this place, but it does lie between I-495 and I-95. The Merrimack Valley Regional Transit Authority is the primary operator of the routes throughout the town. However, there are no other mass transits here.

The Lawrence Municipal Airport is nearby as well as the Logan International Airport. You can also access the Peter Pan bus, which operates at the North Station. It drops off the passengers at the Tea Garden, which is a restaurant and bar that offers Chinese food.

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When it comes to the real estate market, the town has an acceptable rating. However, the homes here can be quite expensive. The median value is estimated to be around $430,630, which is up 4.1% or $17,140 compared to last year. The highest priced home that was listed for January 2018 was approximately $639,900. It is estimated that the amounts of the houses in this town will continue to increase for the next few months.

For this reason, it may be difficult for a potential homeowner to search for a property that he or she can afford. The good news is that there are foreclosures that can provide some savings if the buyer knows what he or she is doing. A foreclosed home can offer high prices for the purchaser. For instance, a specific house in the town’s Byfield Road that was foreclosed recently was on the market for $282,500. This particular home has four beds and two baths with 1,588 square feet of living space.

Typically, this property would have sold for about $500,000 at the very least. However, because the bank wanted to get rid of it right away, the highest bidder during that auction received the title. Another home in Holly Lane with four beds and two baths that has 2,152 square feet of space was auctioned for $334K.

As you can see, these properties are an excellent way for people to afford a home in this area. While the town does not necessarily have high prices on all the regions, there are some streets and avenues where the houses are quite expensive. The roads that you people avoid in this town are Webster Way, Wyka Lane, and Brierwood Lane. Webster Way has a median price of at least $1 million for a single-family home.

Short Sale

Some people do not want to purchase a foreclosed property because of some risks associated with it. As an alternative, they turn to a short sale home where they can get a discounted price for an individual property.

Owners who have a problem with keeping up with their mortgage payment may not have a better option than to put their home up for a short sale. The seller will benefit from this scenario because it means that he or she will avoid the process of foreclosing the house and at the same time will prevent himself or herself from experiencing the many headaches that come with it.

The buyer will also benefit from a short sale because the cost of the property will be at fair market value. The mortgage lender of the seller will also gain from the deal since it helps the company mitigate its losses while avoiding the procedures involved in foreclosing and reselling the home.

Bank-Owned Homes

Meanwhile, some potential homebuyers would like to purchase a bank-owned home rather than a short sale property. It is not that difficult to find this type of housing in Groveland. In fact, most of the foreclosed ones that the bank was not able to sell are considered a bank-owned home. Additionally, if the auction did not have any offers for the house, the bank will consider placing an ad for it. When this happens, the property will have an attractive price.

Real estate agents can provide you with the list of the homes that are for sale in this town, including the foreclosed ones. You should also visit the site that you trust the most if you want to locate the short sale or bank-owned homes in this area.

If you want to save when you buy a house, it may make sense to you to go for a foreclosed property. However, you should also know about the risks that you may encounter. When you have these necessary pieces of information, you will undoubtedly gain from the transaction. Whether it is a foreclosed property or a short sold home, you will see that you have purchased the right house for you and your family in this town.

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