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Harwich Foreclosures

Choosing a Harwich, MA Foreclosed Home

Harwich is a town in New England in the state of Massachusetts. It is a part of the Barnstable County and right on the Cape Cod National Seashore. Its location makes it one of the best spots for those who are on a vacation trip. The town has plenty of beaches on the part of Nantucket Sound, which is an area off to the side of Cape Cod.

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Three active harbors exist in the area, namely Allen, Saquatucket, and Wychmere Harbors, which are all located in the port of the town. It has many neighborhoods and villages, including Pleasant Lake, the port, the town center, and the south part. It is home to the Wequassett Resort and Golf Club, which is exclusively for its members only.

The town is made up of a lot of water. In fact, almost 37% of it is water, and the reason for this is because this place is located on the southern side of the famed Cape Cod. The area is bordered by other towns, including the Nantucket Sound, Dennis, Brewster, and Orleans. It has an ideal location, even for those who are planning or are already working in Boston, since it is only 80 miles SE of the state’s capital.

The Cranberry Festival in this place is one of the most popular attractions where there is a fireworks display that is held every September. Meanwhile, in the summer, this town hosts the Mariners that are a part of the Cape Cod Baseball League and this team was the league champions back in 2008. Other sites to go to is the Antique Center located on the western part of town, which is a large group of shops where there are more than 40 dealers of primitive items, military, vintage, and many other pieces.

The Town’s Real Estate

The real estate market of the town mostly favors the sellers, even though the prices here are not as high as ones in Boston and the Cape Cod Metro. Currently, the home value index here is $426,210, which is a 3.5% increase from last year. With the high probability that the house prices will increase even more next year, up to 3.3%, the potential homebuyers may not be happy with this detail.

Short Sale

Thankfully, there are ways to find affordable homes, and one is through foreclosure. For the next several years, it is expected that the foreclosed properties will affect the values of houses in the whole town. In this area, it is estimated that there are about 3.4 homes that are currently foreclosed for every 10,000 properties.

Compared to the Cape Cod Metro though, the mentioned value above is still low since the metro has almost five per 10,000. One way to purchase an affordable home in this town is through foreclosure. Before a home is foreclosed, an owner may want to short sell it first. When a homeowner chooses to short sell the property, he or she is having problems paying the mortgage.

According to statistics, about 1.6% of homeowners are delinquent in their mortgage payments. Approximately four percent of people here are underwater on their mortgage. Although it is lower than the 5.4% rate in the Cape Cod Metro, the town’s value can provide potential homebuyers the chance to locate some short sale properties.

Some sellers list their homes for sale on websites, but they do not fully disclose specific information about it. Nevertheless, you will see details, including the address, the number of bedrooms and bathrooms, and the total square footage of the place.

Bank-Owned Properties

Meanwhile, a bank-owned property in this town typically means that you have to contact a bank or a mortgage lender to find out if there are available houses that you can buy. These homes are foreclosed and purchasing them is not the same as the standard process. In most cases, you will only have to deal with one real estate agent, and the seller will ask for a preapproval letter from a lending company before he or she will accept your offer.

Short sold homes will usually allow you to negotiate with the seller. However, the situation is not the same as a foreclosed or a bank-owned home. If any, there is little room for negotiation. Additionally, the property will be sold to you as-is, meaning if there are problems with the home, you will have to pay for the repairs that need to be performed.

On the upside though, bank-owned properties are mostly vacant. Therefore, moving in on the property will be a speedy process for you. For some people, purchasing a foreclosed home in this town is not easy. However, it is always the case with buying any property. The great news is that you will get fantastic pricing for the home you want.

Many neighborhoods in Harwich have expensive homes. It may be difficult to purchase them unless you have the money and the resources required. With these foreclosed properties, you can buy houses in different parts of the town, including Depot Street, Red River Road, Periwinkle Lane, and Sea Horse Road among the other expensive areas.

An example is a two bed and two bath property on Depot Street. It is foreclosed and has a total size of 1,293 square feet. Frequently, this home would have asked for at least $420K. However, since it is a distressed property, its price was only $346,900 when the new owner purchased it.

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