Hanover Foreclosures

Hanover, MA Foreclosed Homes: Are They Worth Buying?

A town in Plymouth, Hanover is at the top 240 areas in Massachusetts regarding size. It is a part of the South Shore of the state and is bordered by Hanson, Pembroke, and Norwell. It is just 20 miles from Boston, which provides an excellent location for the residents and even the visitors of this area.

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There are three waterways in this town, namely the Indian Head, North River, and the Third Herring Brook. This place also has several brooks and ponds where the largest is known as the Factory Pond. There are also parks, conservation areas, and sanctuaries that are widely spread around the town.

The town has some expensive homes for sale when it comes to its real estate market. The neighborhoods with these houses include the northern and western corners of the place, along with the town center.

The median home value here is approximately $524,105 and the monthly rental rate averages $2,107. The single-family homes mostly dominate the market, and there are also apartment complexes in the area. Most of the properties here have three to four bedrooms.

The houses here have increased in values with more than three percent over the past year and will most likely increase up to three percent in the coming months. The list price for the homes in this town is $266 per square foot, which is more affordable than the average of properties in the Boston Metro where it is $276 per square foot.

Foreclosures in This Town

With the houses in this area quite expensive and the possibility of having even much higher prices in the next few months, many homebuyers are looking for homes that they can afford. Foreclosed properties affect the values of the house in a particular neighborhood and often, the whole town itself.

In this area, more than six homes per 10,000 are considered foreclosed, which is higher than the US number of 1.6. One reason why homes go through this process is that of mortgage delinquency. It is only the first step toward foreclosing a property in which the owner fails to pay the mortgage. Less than one percent of homes have a problem with the mortgage payments, which is a good reflection on the community.

Nevertheless, about 4.3% of homeowners are underwater on their mortgage. Although it is lower than the Boston Metro, which has 6.3%, it means that some homes may be up for a short sale by the owner, while others may have been seized by the mortgage lenders or the banks.

Some houses may be up for a pre-foreclosure before it can be considered a foreclosed property. Even if the bank does not recognize it as a foreclosed home, it can still provide some huge savings for an interested buyer. You can wait for the property to be listed on the market as a foreclosed one so that you can purchase it or provide your bid.

Short Sale vs. Bank-Owned Homes

The real estate market in this town is stable, but some homes have negative equity. For buyers who may be faced with the choice between a short sale property and a bank-owned home, both can be beneficial for them.

The final decision will typically lie on how long the buyer is willing to wait for the ownership of the house.

In typical cases, a short sale can last for more than two months. Even though it is called a short sale, there is nothing short or quick about it. In fact, most of this type of transactions in the town requires an average of six months to be completed. Some even last for more than a year because several documents have to be submitted and approvals have to be achieved.

As for a bank-owned property, the sale will typically be fast. The bank or lender is quite motivated to let go of the home from its inventory. As with a short sale, a bank-owned house can cost lower than the average home in the area. You will be glad to know that both of these types of housing can give you as much as 50% discount.

If you have a home that you genuinely like, you should not waste time when purchasing a bank-owned or short sale property. Because of the low price, these houses do not usually stay on the market. They will quickly land a deal with an interested purchaser.

Some neighborhoods in Hanover may have expensive homes, but you can also find some with foreclosed ones that you can purchase at a discount. For instance, a house at a street with the same name as the town was recently bought for $400K+, which is an excellent deal considering it has four bedrooms and three baths in an expansive land.

Foreclosed homes are definitely worth-purchasing especially if you know what you are doing. With the right guidance, you should be able to locate where these affordable houses are in this town. Additionally, you will also know what you should do to avoid problems in the long run, such as whether or not you will have to keep repairing many parts of the property.

Both short sale and bank owned properties can provide huge discounts, especially for the neighborhoods in this town where they mostly cost high. Start with the listings, and you can proceed with choosing the home you know you will feel comfortable living in.

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