Halifax Foreclosures

The Essentials Buyers of Foreclosed Homes in Halifax Should Know About

The town of Halifax in Massachusetts is located in the Plymouth County where the median home value is around $368,000, which has increased by more than six percent from last year. It is predicted that this value will keep rising at least four percent within the next few months until next year.

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Water dictates the geography of this town, thanks to the bodies of water that surround it, including the Silver Lake, Robbins Pond, and Burrage Pond among others. It also has the West Monponsett Ponds, which is just by the center of the town.

This place is considered as one of the largest towns in the Commonwealth as well as in the whole county. It is bordered by other towns, including Pembroke, Plympton, Hanson, and Middleborough. It is just 33 miles south-southeast of the capital city, Boston, which makes this area a great place to live, especially for business professionals.

Aside from that, families will also love this area because there are several fun things to do for kids. Additionally, there are many points of interest here, including the Sauchuk Farm and Corn Maze, the C.N. Smith Farm, and the Mayflower activities. With these attractions, it is no wonder that some people choose to live in this area.

Why Buy a Foreclosure in This Town

With the mentioned costs of housing above, many individuals may not be able to afford the houses here. One option is to go for a foreclosed property, which has some benefits for the buyer. The good news is that this town has one of the highest numbers of foreclosures in the state. In fact, there are more than 23 homes with delinquent mortgages per 10K. This number is enormous, especially if you compare it to the national average, which is only 1.6.

If you opt for a foreclosed home, it is vital that you understand the risks. Doing so will protect you from the sellers and the properties that may give you some problems after the transaction. Nevertheless, this town has several houses to offer, which is great for a potential homebuyer who is searching for a bargain.

It will not be too complicated to find these homes, which is usually a hassle. Most of the time, the investors see these houses, and you can no longer purchase them because other people already own them before you even try to provide an offer.

Purchasing a foreclosed home is a risky venture but only if you do not know what you are doing. It is significant that you understand what problems you may face as soon as you close the deal – or even before that. With the right information, you will see that you will profit from this transaction.

In many cases, it is only the real estate agent who is involved with the purchase. There will also be sellers who will want a pre-approval letter that should come from a lender before they accept an offer for a particular home. Foreclosed houses can be useful for those who want to save from the costs of a traditional sale.

Looking for a Short Sale

When searching for a foreclosed property, you may encounter some other types of housing, including those that are on a short sale. In this deal, you can get a reasonable price out of the homes in this town. For instance, a house in Lake Street that will typically ask for $400K to $500K can offer a discount of up to $100K.

The decrease in price will depend on a variety of factors. However, it is possible to get a meager offer, such as this property located on Summit Street. The homes here are quite expensive in which a three bedroom home with one bath in a 1,048 square foot living space usually has a price of $356K+. When a foreclosed property in this area was sold recently, it only cost $245K.

Why a Bank-Owned Property

With a short sale, you will directly deal with the owner of the home. In some cases, a representative will talk to you during the process. On the other hand, if you choose a bank-owned property, you will have to perform the transaction with the manager or a real estate agent who works at the firm. While some people may prefer working with the homeowner, there are advantages if you talk to a bank representative.

One benefit is that there are no emotions involved for the home compared to dealing with the owner. Also, the process is often faster unlike with short sales. Despite the name, a short sale is not truly short as it can take two to four months at the very least for the deal to be complete. Additionally, the bank will sell the home at a discounted rate just to get rid of it.

Buyers can take advantage of the foreclosed properties in Halifax, primarily because they can lower the sales price of the neighborhoods that have them. If you are looking for a bargain, you will most certainly find it in this town. Since foreclosed properties are much lower in prices than the customarily sold homes in the area, you have the chance to afford the property that you want in this town.

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