Harvard Foreclosures

Harvard, MA and the Foreclosure Properties in This Town

The town of Harvard is located in the county of Worcester in Massachusetts. It is situated 25 miles from the Boston area right in the eastern part of the state. It was once a farming community, but today, it is one of the most well-known regions where there are excellent public schools.

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The area is mostly comprised of wild places with some fields, wetlands, and rolling hills. It also has streams and brooks where the Bare Hill Pond is in an iconic setting. The town is known for its riding stables and apple orchards with several places adjacent to it, including Ayer, Littleton, Bolton, and Lancaster among others.

Some of the attractions in this community include the Oxbow National Wildlife Refuge, Nashua River Rail Trail, and the Assabet River National Wildlife Refuge with some public trails in the conservation area.

Real Estate in This Town

This town is considered as one of the most expensive places to live in the whole state of Massachusetts. It is primarily made of students, and young professionals and most of these groups of people are continually searching for homes to purchase in this area. However, since it is quite expensive here, it is difficult to afford the properties on the market.

One way to find a home that most people can buy without money issues is to search for distressed properties, including a foreclosure. The town has a median sales price of $653,750 where the price for every square foot is $228. Compared to nearby places, including Bolton and Stow, this town has housing costs that are hard to beat.

Additionally, most of the neighborhoods here, such as Bolton Road, Mass Avenue, and Littleton Road, have high prices of homes. With a foreclosed property to purchase, a potential homeowner may be able to afford these houses despite the high costs in the surrounding areas.

How to Take Advantage of the Foreclosed Homes in This Area

Foreclosed houses in this town are high in value, where there are almost 12 in every 10,000. It beats the Worcester Metro, which only has 8.3 per 10K and the US number that has just 1.6. If you are planning to purchase a foreclosed property in this town, you may find that some of them can give you headaches. From the first time you talk to the seller to the requirements of the whole transaction process and even the repairs that may be involved, these things will make the purchase difficult.

However, you can make it easier for you by starting with your appraisal. The discounts you get from a foreclosed home can vary significantly because of the damages they may have and their location, among the other factors. You can get as much as 30% discount from a reputable seller, such as a bank or a lender.

Unfortunately, you may need to perform some repairs, which can be equivalent to the discount you have obtained from the transaction. Therefore, it is better to settle for a smaller cut, especially if you will not have to make repairs.

An excellent technique to avoid such problems is to get an appraisal. It will cost you some money, but it can certainly help save you from the headaches associated with purchasing this type of property.

Short Sales and Bank-Owned Homes

Before the foreclosing procedure, a homeowner may face some mortgage delinquency issues. To pay the debt, he or she can choose to sell the property through a short sale. It will help avoid the process of foreclosure because they can pay the mortgage before their time to do so runs out. In this town, mortgage delinquency is present in about 0.4% homes, which is actually lower than the US value of 1.6%.

When you purchase a short sales property though, you have to be prepared to wait for some time. It is typical for the whole process to be completed for at least six months. As for bank-owned homes, the waiting time can be as long as two months since the offer will require reviewing by some companies and individuals.

For some offers, the bank or the lender may respond after several weeks. Therefore, if you cannot wait and you are not patient enough to own a home in this town, these two types of houses may not be for you.

Banks should be able to demonstrate to investors and their shareholders that they have the best price for the home. It is typical for the buyer to be met with a counteroffer from the lending institution. This situation can also happen in a short sale. In some instances, the lender or the seller may not be willing to negotiate the rate. If this is the case, you can still ask for a lower interest rate than the one they have. It is also possible to talk about a discount on the closing costs when it comes to a bank-owned home.

With a short sale, the process is typically less of a hassle because you will talk and deal with the owner of the property directly. In some situations, you will deal with the agent, but you will still make negotiations with the homeowner.

On the other hand, a bank-owned home in Harvard means that you have to discuss the offer with the financial institution. Additionally, even if the bank has accepted your offer, it can still change its mind within five to 10 days.

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