Hopkinton Foreclosures

Steps to Buying a Foreclosed Home in Hopkinton, MA

Hopkinton is a part of the Middlesex County in Massachusetts and is nearly 30 miles west of the city of Boston. Every year, this town is the starting point of the famed Boston Marathon, which is in April for the Patriots’ Day. The residents here believe this place is one of the best suburbs in Boston and therefore it is one of the best places for those looking for a permanent dwelling.

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This town is situated right at the intersection of routes 495 and 90, which makes going to Boston a relaxed and comfortable commute. It is home to several historical structures, and it is a good place for people to settle, especially those looking for friendly neighborhoods and ample greenery.

It proves easy access to amenities that are great for everyone in the family, including libraries, gardens, parks, and outdoor recreational centers. There are country clubs, too, where they have golf and other activities.

The Housing Market

A good stock of houses, especially the old ones, can be found in the downtown area. These homes give the town its classic New England charm. Walkability may not be this area’s strongest suit, but there is a plan that will soon change this detail.

The town has a home value index of $580,826, which is almost a five percent increase from last year. It is believed that this area will have its home prices hiking up once again next year where there could be a three percent increase.

How to Purchase Short Sales and Bank-Owned Properties in This Town

The real estate market of this town is healthy despite some foreclosures here. According to statistics, about 4.3 homes per 10,000 are foreclosed. The number is much higher than the US value, which is only 1.6.

Before a home gets foreclosed, it will be delinquent first where the owner fails to make mortgage payments. About one percent of the homes in this area are considered delinquent, and 5.2% of homeowners are currently underwater on their mortgages. Although it may be a vast number, it is still lower than the Boston Metro, which has 6.3% of its homeowners having mortgage debts.

For some people, the town center, along with other neighborhoods like Woodville, Camp Bob White, and Hayden Row, is one of the best areas to live in this place. Unfortunately, the residential homes here are ordinarily expensive with more than 37% priced at $575+ to $862K.

Buying a foreclosed home in this area can give you a lot of savings. If it is the first time that you will buy, one of the initial steps to take is to talk to a lender and a broker or an agent. As much as possible, the agent should specialize in foreclosures or a broker who deals openly with banks that sell foreclosed properties. You can then get a preapproval lender from a lender in this town unless you plan to pay for the home in cash.

As you look for a property, you will see the acronym REO, meaning real estate owned, which denotes that a property has been foreclosed on. The lender now owns this house and is currently looking for a buyer. When dealing with bank-owned properties in this town, you will typically find that these institutions have brokers who work for them to handle the REO homes.

Once you have found the short sale or the bank-owned house that you would like to purchase, it is time to make an offer. However, before you do that, you should look at the competition in the neighborhood. Find the recent prices of the homes that were just sold, mainly the comps or the comparable properties.

Sometimes, you will see that the banks price a home very low, which is why that property receives multiple offers within a few hours. However, there are also houses with high prices, which is why you need to know the pricing in the area. This way, you can provide an offer that the bank or the seller has a high chance of accepting.

For instance, if you plan to purchase a foreclosed property in Wood Street, a recently bought distressed home here was priced at $244,900. It has two bedrooms and one bathroom in 886 square feet of space. The house was quite a bargain because of its excellent location and huge size. You can use this pricing and the other recently sold homes in this neighborhood as a guideline when it comes to purchasing such houses.

Some foreclosed homes in certain neighborhoods sell quickly, which may need you to give a higher bid. Note that this type of property is sold as-is, which means that you will not get any discount if you have to pay for repairs.

Often, repairs are virtually inevitable if you will purchase a foreclosed home in Hopkinton. It helps if you contact some tradespeople who can help you assess the property that you are interested in buying.

Whether you go for a short sale or a bank-owned home, you will get benefits out of them, mainly the massive price reduction. It is difficult to find a house that has the same pricing as these distressed properties, which is why you should grab the best one as fast as you can.

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