Hingham Foreclosures

Tips for Buying a Foreclosed Home in Hingham, MA

A part of the metropolitan Greater Boston area in Plymouth County in the state of Massachusetts, the town of Hingham is quite popular for its rich colonial history. Also known as the Bucket Town, its location right on the Boston Harbor makes it an ideal place for people looking to live in an area with incredible views of the ocean.

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More than 15% of the area is made of water, and the town is bordered by other communities like Cohasset, Scituate, Rockland, Norwell, and Weymouth. It is just 14 miles southeast of Boston’s downtown area and offers lots of transportation options, including a small part of Route 3, along with other routes namely 3A and 53. The town is currently served by a ferry service that takes passengers from the Shipyard to downtown Boston’s Rowes Wharf.

Commuter rail was also restored through the town along the Greenbush Line. Two stations serve as the place where the trains stop in town, namely the western part of the area and Nantasket Junction. A tunnel was built here as part of the restoration of the train service. Currently, there is no air service in the area, but passengers can go to Norwood, Marshfield, and the Logan International Airport.

Real Estate Market Trends in This Town

The area has one of the fastest rising prices in Greater Boston over the last few years. Quite recently, its home value index has increased to almost eight percent from last year and is now $801,441. It seems that nothing will stop the real estate market here from hiking up even more as the experts suggest that there will at least be a four percent increase in the next few months.

The average price of homes in this area, $412 per square foot, is much higher than the Boston Metro, which is just $276 per square foot. The most expensive home listed over the past few months in this town is $899K.

With these numbers, it is easy to say that being a homeowner in this town can be a challenge, mainly if you are aiming to get some bargains out of the houses. Many neighborhoods, including the western area, Crow Point, Cole Corner, Liberty Plain, and the town center, have a high asking price for the homes that are looking for a new owner. For this reason, some people turn to foreclosure properties to get the discounts they want to earn out of the homes in the market.

Buying a Short Sale

Before a homeowner has his or her house foreclosed, a short sale can be performed to avoid the mentioned process. With a short sale, the seller can prevent having the dreaded F on his or her credit report. That letter can be devastating in many cases, which is why owners look for ways to skip foreclosure.

Mortgage delinquency is one of the reasons why a home gets foreclosed, in which the current owner finds it difficult to pay his or her debts. The town has about 0.7% rate of delinquent mortgages, which is lower than the US value of 1.6%. Several neighborhoods here have their mortgages underwater with 3.3% of homeowners facing this kind of trouble.

With a short sale though, a seller can stop having the property foreclosed, and the lender can agree to forgive the rest of the amount the seller owes if the home falls under the market rate. A buyer can benefit from a short sale because the house is sold for less than the current cost of the property in the neighborhood and other nearby places.

Buying a Bank-Owned Home

Meanwhile, if it a bank-owned home, it mostly means that the owner already lost the title of the property and the bank or the lender has seized it. Foreclosed properties in this area are higher than the national average, which is just 1.6 per 10,000 compared to the town’s 7.7 homes for every 10K.

The good news with this number is that the potential buyers have a high chance of finding a foreclosed home in the community – even those neighborhoods where there are ordinarily expensive properties.

When purchasing a short sale or a foreclosed home, you will see that these two options will provide you with great savings. However, it is also important to know that you may find some houses that will need repairs. The expenses do not have to be too big for you to handle. If you know about the issues beforehand, you can save yourself a lot of trouble before you sign the deal.

Often, a good real estate agent or broker can help you avoid the pitfalls of buying a foreclosed property. You may want to find an agent who specializes in this kind of home and knows the town very well. It also helps to get approved for a mortgage, and you should also be aware of the timeframe it takes for a home to sell within the price bracket you plan to purchase it.

Typically, the less expensive houses sell quickly. However, some may stay on the market even though they already have a new owner. It is significant that you know a short sale, although it is called “short,” can last for several months. While these properties are less of a hassle because you deal with the seller directly and you can get better prices, some choose a bank-owned home in Hingham because the process is usually easier and faster to complete.

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