Haverhill Foreclosures

Why You May Want to Consider Buying a Foreclosure in Haverhill, MA

Haverhill is a city in Massachusetts that was considered by a magazine as one of the best places in the state to live in. It was in the fifth place, just behind Cambridge, Newton, and Framingham among others. The housing market was one of the factors that propelled the area close to the top spot, along with the schools, healthcare, and local economy.

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It is diversified and lies on the Merrimack River. It has a few places that will make cycling enthusiasts happy, including the Winnekenni Trail found around the Kenoza Lake. This city was once called the Queen Slipper because of the resilient shoemaking industry in its time. It has retained most of its urban qualities, but it still has rolling hillsides that you will mostly see in the southern New Hampshire. These two places share a border.

The downtown area is undergoing renovation, and just a few years back, the Bradford Rail Trail was unveiled. Residents can see that the city is investing some money in improving the downtown as well as several parts of the community. Multifamily dwellings, along with old houses found on the leafy streets, show how diversified the area is, especially with the variety of homes and attractions around it.

Short Sale and Bank-Owned Homes for Huge Savings

Many of the neighborhoods of the city have high prices when it comes to their real estate properties. Areas, such as Rosemont, Rocks Village, Ayers Village, Concord Street, and Riverside, have medium to large sized homes that are great options, especially for those who are looking for an ideal location in the city.

The market trends in the area show an increase in the amounts of properties in just the recent months and the median price is now 7.6% up from last year, resulting to an average of $304,148. According to forecasts, it is possible that the city will experience a four percent increase at least on the median values of homes.

It does seem like the house prices here are more expensive than what many people can afford. However, this city has lower rates, particularly if you compare it to the Boston Metro where the average of home costs is around $276. The area only has $184, but some neighborhoods have higher prices than others.

For this reason, some homebuyers search for ways to purchase the properties they want in the village where they like. If you know what you are doing, you can surely benefit from foreclosure in this community. With six foreclosed homes per 10K in this city, you will be able to find one in a place that you would like to call home.

The first step to foreclosure is mortgage delinquency, and this city has about 1.9% homes in this situation. The value is higher than the entire US, and about 8.8% of homeowners are underwater. The mentioned value is higher than the Boston Metro where those with problems on their mortgage are only around 6.3%.

One of the things that you may want to look for is a property on a short sale, especially if you are fine with waiting. Buying a short sale can indeed be worth it if you know what you are doing. Homeowners who fear to have a foreclosed property can choose to short sell their property, which is an agreement with a lender to accept a payoff for a mortgage that is less than what the owner owes.

If you are considering purchasing a short sale, you will be dealing with a financially distressed homeowner. Most of the time, he or she will be willing to make adjustments on the pricing, which can certainly be favorable to you.

Meanwhile, if you are having trouble looking for a short sale, another option is through a bank-owned property. What you need to do is to contact the banks in the city and ask them if they have homes to sell. In some cases, these financial institutions will hold an auction where interested buyers can provide their offers. The highest bidder will win and get the title for the property.

Both short sale and bank-owned homes have advantages for the buyer. For a short sale, the owner is mostly still living on the property, which means he or she is currently taking good care of it. On the other hand, a bank-owned home is often vacant, which can also be beneficial since you can move in faster than with a short sale.

A foreclosed property in Haverhill will give you excellent prices. With the high number of homes with some financial distress, it may not be too complicated for you to find what you are looking for in many neighborhoods here. It may take some research and going through a lot of properties, but this city may be a great location to consider even for new homebuyers.

As an example, a foreclosed house in Homer Street with two beds and two baths in a 2,797 square foot of living space will typically ask for $514,648, considering that the average pricing of homes here is $184 per square foot. However, since it was a bank-owned property, the buyer grabbed it for only $324,900. More opportunities for buyers wanting to live here are available with these affordable foreclosed properties all over the city.

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