Holliston Foreclosures

Things to Remember When Buying a Holliston, MA Foreclosure

Located in the Middlesex County of Massachusetts, Holliston is a town in the Greater Boston area, particularly the western part of Boston called the MetroWest. Its location is unique as it is the only Middlesex County town that borders the other counties of Worcester and Norfolk.

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The area has a little bit of water with the Charles River passing close to the southernmost region of the place. It is precisely 21.6 miles west of Boston and is just a short distance away from the MA Turnpike, which is a part of I-90 and I-495. Other routes that pass through the town are 16 and 126.

This town has some historic districts, which should not be surprising given the area’s history spanning almost 300 years. Most of the places in the community came from post offices, along with train stops. These days, the town has two official districts with historical significance, and many residential developments use their old colloquial names.

The town has some points of interest, including the Apollo 14 Moon Tree, Casey’s Crossing, and the Bullard Farm. There are also some golf courses here, including the Pinecrest Golf Club and some playing fields and parks, such as the Goodwill Park and the Patoma Park. These parks offer an expansive area for those who want to go biking, hiking, and playing sports like soccer, tennis, and baseball. The town also has some picnic areas, playgrounds, and beaches.

Buying Real Estate in This Town

Currently, the median home value in this town I $451,645, which is almost an eight percent increase over the past year. The prices will most likely rise about four percent within the next year. Meanwhile, the median cost is $245 per square foot in this town, while the Boston Metro has an average of $276.

Although the homes in this area are more affordable than certain parts of the capital city, some people will still find it a significant challenge to purchase homes here. According to a survey, there are about 33 millionaires in this town, which accounts for almost three in every 1,000 individuals. However, not everyone here is wealthy, and those who may want to purchase a home in this place may find it difficult to afford one.

Affordable Options: Short Sale and Bank-Owned Properties

Thankfully, there are ways to buy a house here, even if you think you cannot pay for the typical price of the property. A short sale in this town is useful for homebuyers. Some homeowners have become delinquent on their mortgage payments, which is why they seek methods that will help them pay their debts – and at the same time, avoid a foreclosure.

The town has about 1.4% of homeowners who have a problem paying their mortgage. Although the percentage is not as high as the US value, which is 1.6%, it presents an opportunity for interested buyers. As you search for homes in the area, you will find a short sale property that will provide you with huge discounts.

The reduced rate of the homes will blow you away as they can take off as much as 50% off (some are even higher) the original price of comparable houses in the neighborhood. With about 5.1% homeowners who are underwater on their mortgage, it will not be too hard to discover where these properties are located.

When you try to purchase a short sale, make sure that you do not ignore problems in the house. A home inspection may be tempting to skip, but it is not advisable, especially if you want to buy a short sale property. You should also not ignore insurance and legal information. Be sure to leave enough time for closing to avoid most of these problems.

On the other hand, you can also turn to a foreclosure. This type of property is also all around the town where almost five homes per 1,000 are foreclosed. The rate is much higher compared to the national value, which is only 1.6.

A foreclosed home is considered a distressed property. You can purchase it from a bank, a mortgage lender, or through an auction. Wherever you plan to buy, these houses will also give you a large discount just like with a short sale.

It is essential to be careful when you buy either a short sale or a bank-owned property. While both can give you fantastic prices, you can find yourself in trouble if you do not know what you are doing. It is therefore helpful to seek the help of a broker and a lender. These two are important once you have made your decision to purchase a foreclosed home in Holliston.

You should be able to work with the broker, who will deal directly with the bank that has a foreclosed property. While at it, you may want to obtain a pre-approval letter that comes from a lender. Finding these types of homes in town does not have to be a chore. You can quickly filter the results so that you can see the foreclosed houses in the area.

In some cases, the homes are labeled as REO, which denotes that it is real estate owned, and these properties have already been foreclosed on. The lender or the bank owns them, and they are on the market for a buyer.

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