Holden Foreclosures

Holden, MA Foreclosure Details to Know About

The real estate market of the town of Holden in Massachusetts continues to be sizzling for both the sellers and the buyers, but mostly for those who put their homes for sale. The current median home value in the area is $306,963. Although the price per square foot here, which is $194, is lower than the Boston Metro, it beats the Worcester Metro that has an average of only $169.

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Additionally, the mentioned value has gone up almost seven percent over the last year. It is also predicted that this number will continue to rise, including a three percent increase by next year. The continuous upsurge of rates of homes in this area inspires a lot of sellers to put properties on the market.

This town is a part of Worcester County in Massachusetts, and it is dominated by rivers and hills. The Quinapoxet River is considered one of the most recognizable names of bodies of water in this area. The town is surrounded by different places, including Princeton on the northwest and Rutland on the west. It is home to the Alden Research Laboratory and the rotating steel boom, which is a landmark for the ASME and is used to test hydraulic meters.

Short Sale

Although the prices of homes in the area are not too high, especially when compared to Boston and other cities, they can still be difficult to afford. Many of the neighborhoods in the area, including Dawson, Jefferson, Shrewsbury Street, Camp Kinneywood, and the town center, have expensive homes for sale. Some people may have a problem with the costs, which is why they look at other places instead.

However, short sales present an opportunity for buyers to afford the homes they think they could not purchase. About 1.2% of homeowners are delinquent on their mortgages, and 5.3% of them are in mortgage underwater.

A short seller will typically offer a home with a high price that will be difficult for you to say no to, especially if you want something that is affordable. The buyer may find a short sale a bit of a hassle if he or she does not fully understand what it is about. Purchasing the property is not just about getting a substantial discount, but also the favorable financing that may often come with it.

Bank-Owned Properties

Unlike with a short sale where the seller or the owner is actively dealing with the buyer, buying a bank-owned property means that you will have to sort things out with a representative of the bank. In this town, there are about 18 foreclosed home for every 10,000, which is higher than the Worcester Metro and the entire US, which have 8.3 and 1.6 respectively.

Buying from a bank is not the same as purchasing a typical home. You will mostly need the help of a real estate agent, and often, you have to provide a preapproval letter to get your offer accepted or even considered by the bank. Additionally, the bank may not be open for negotiations, unlike with a short sale where the sellers can often be more forgiving.

Both a short sale and a bank-owned property will have the buyer pay for the repairs if there are any since the homes are sold as-is. If a house is being short sold, the current owner may still be residing in it, which can have some benefits. One is it is possible that you will not have any problems with the condition of the building because the owner will continue taking care of it.

On the other hand, if it is a bank-owned home, it also has an upside to it, including the fact that the process is much speedier than a short sale. You can even move in quickly once the deal has been signed.

Buying a Foreclosure

When you purchase a foreclosure in Holden, you will certainly get a tremendous discount over the would-be price of the property. For instance, a foreclosed home in Salisbury Street would have an asking price of at least $831K based on the average cost of the houses in this town for every square foot. This property has seven beds and three bathrooms with total square footage of 4,288. After it was foreclosed and sold by the bank, the new owner only offered $293K for the property.

Because of the low prices of these homes, it is common for them to disappear on the market within just a few weeks. Some would also get numerous offers, especially in a favorite neighborhood. Therefore, it would cause the property to increase in its current asking price.

If you are looking to purchase a foreclosed house in this town, it helps to find an agent or broker who specializes in this type of transaction, whether it is a short sale or a bank-owned property. Additionally, it is also useful if you get preapproved for a mortgage.

Some homes sell quickly in a particular neighborhood and within a specific price bracket. You should know about these pieces of information before you give an offer to the seller or the financial institution. You can seek guidance from a reputable agent on these aspects.

Once you have decided to purchase a foreclosed home, it is necessary to study the prices of similar homes in the area. You should also remember that the homes will be sold as-is and you will be responsible for any repairs.

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