Ipswich Foreclosures

Buying a Foreclosure in Ipswich, MA

Nicknamed the Birthplace of American Independence, Ipswich is a town in Essex County in the state of Massachusetts where the Sandy Point State Reservation and the Willowdale State Forest are found. This area is known for its vibrant residential community and lively tourism industry. It is also famous for its clams, which is why this town has a Chowderfest every year. The place is also widely recognized because of Crane Beach, which is a shoal close to the Crane estate.

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The town is the land between the Plum Island Sound and the river, which are linked together. A vast portion of the area has the Willowdale State Forest, while some parts are made of protected lands, such as the Castle Neck’s Crane Wildlife Refuge and the Parker River National Wildlife Refuge. Newburyport, Gloucester, and Salem border the town. It is just 28 miles NE of the city of Boston.

Among the top attractions in this town are the Crane Beach, the South Green Historic District, the John Whipple House, and the Appleton Farms.

Why People are Buying Foreclosure Properties in This Town

The home value in this area is close to $500K, which is why some homebuyers are looking for another place where they can purchase a more affordable home. Although the median list price here is lower than Boston Metro’s $276 per square foot, $262 is still expensive for many potential homeowners.

For this reason, some individuals turn to a foreclosed property. This town has one of the highest numbers with 118.5 foreclosures for every 10,000 homes. It is much higher than the US number, which is only 1.6. Delinquent mortgages in this area are just 0.6%, but homeowners who are currently underwater on their mortgage are approximately 4.3%.

The real estate market in this town is considered healthy. However, it has several foreclosed homes that will make it easy to find an affordable property in the area. Purchasing this type of house can be advantageous for the buyer mainly because it offers a very low price. There may be some pitfalls, but you can easily avoid them if you know what you are doing. Therefore, it helps if you have some guidance along the way.

Short Sale and Bank-Owned Homes

One of the reasons why you may want to consider purchasing a bank-owned or a short sale home is the seller wants to achieve a quick sale. Because of this motivation, it creates an opportunity for the buyer to grab the house for a purchase price that is below the market.

If you compare the homes in this area in which the average value is $498,352, you will see some homes that have a much lower price than this one. It is even possible to locate a house that has half of this price. For instance, a foreclosed property in 400 Colonial Drive that has two beds and three baths would have normally sold for $397K+. However, because it was a distressed property, the new owner only purchased it for $281,160, which means that the property was sold for just $185+ per square foot.

One of the best deals for those looking to purchase a foreclosed property in this town was the house at Broadway Avenue. It has six bedrooms and three bathrooms with the whole structure taking more than 3,000 square feet of living space. The home received tons of offers because of its classic Colonial style and of course, its low cost, which was just $389K. If it were not foreclosed, this home would have an asking price of at least $793K.

Some bank-owned homes do not get sold right away. Often, the financial institution would auction the property first and will provide the amount for the first bid. The interested buyers will have to provide their offers, and the highest one will, of course, get the house. It is the same with a short sale, in which you can provide an offer that you think will be attractive to the seller. This situation usually happens in a neighborhood in this town where the homes are selling quickly.

Some of the areas in this town that have expensive housing include Colonial Drive, Poplar Street, Linebrook Road, and 1st Street. The good news is that these places mostly have foreclosed homes, along with those that have received a notice of default from their lender. The buyers then have the chance to purchase these homes if the owners continue to fail to pay their mortgages.

The sellers of distressed properties, including the banks, are more than willing to get rid of these homes. They want to complete a sale right away, which, as a buyer, you can take advantage of. You can buy them at a much lower price, especially if there are no other bidders. The trick is to locate them immediately and provide your offer. If you have the necessary documents and other requirements, you may be able to close the deal quickly.

If the seller is in a hurry to make the sale, make sure that you take the opportunity. The town may have several foreclosed homes, but there are also many buyers in the area. Once you have found the home in Ipswich that you would like to purchase, you may want to contact the seller as soon as you can. It helps if you have some knowledgeable people by your side, such as an agent or a broker, so you get a great deal out of the sale.

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