Lakeville Foreclosures

What You Should Know about Lakeville, MA Foreclosures

Lakeville in the county of Plymouth is a part of Massachusetts and is approximately 40 miles south of the capital of the state, Boston. This town is popular for its irregular shape, along with its namesake lakes or ponds. Rochester, Freetown, and Middleborough border it. It is almost at the center of Southeastern Massachusetts, and the other towns near it are New Bedford and Plymouth.

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The Casual and Cedar swamps are located in this town, and the latter is a protected part of the Assonet Cedar Swamp Wildlife Management Area. Other conservation areas exist in this town, along with some parks and country clubs.

The town is quite friendly to potential homebuyers, since the median home value here is a little affordable, especially if you compare it to the nearby areas. The average here is $378,926, which has increased more than five percent from last year. It is possible that the value will increase next year, but it is still one of the towns in Massachusetts with the most affordable homes.

The Real Estate Market in This Town

The market in this town is quite healthy, even though about 4.8% of homes here have negative equity. It is still lower than the US average, which is 10.4% and only 1.4% in this town is delinquent on the mortgage. About 10.4 homes per 10K in this area are foreclosed, which means that buyers have a huge chance of landing a great deal out of these foreclosure properties.

Buying a Short Sale

A seller facing problems with his or her mortgage payments may want to look into short selling the property. It allows them to avoid a foreclosure proceeding. When a homeowner chooses to short sell his or her home, you will find that it is an excellent chance for you to own a house. Often, it is a much more comfortable process than when you try to purchase a home during a typical sale.

One reason is that the seller will be quite motivated to get rid of the property because he or she would want to pay the money owed. Another reason is that these homes are below their purchase price, which means that you can buy houses that are lower than the other properties on the town’s market.

Buying a Bank-Owned Property

A short sale may be more beneficial for you than a bank-owned property, especially if you do not want to make repairs. Often, a quick seller would be willing to do repairs, unlike banks that will sell the house as-is. Nevertheless, buyers often choose to go for a bank-owned property because they do not have to worry about the previous owners. The house is vacant, and they do not have to wait for the other people to move out.

A bank may hold an auction in which the other buyers will provide their offers. You will have to outbid them to win the property. The good thing about the sale is that the house will be sold based on the outstanding mortgage balance that the owner still owes. It means that the property will be available for a low price.

During an auction, you have a higher chance of winning if you are willing to pay in cash. It reduces competition and can quickly close the proceeding. When the bank or the lender owns the property, the property can be sold quickly. Both the lenders and the banks want to find the buyer for the home and most are willing to negotiate when it comes to the pricing.

It is also possible for you to negotiate the down payment and the closing costs. Some banks even discuss with the buyer about the escrow length. One of the reasons why you may want to purchase a foreclosed home is that the title will be quite clear. You will not have to worry about the liens or the mortgages that the prior owners had trouble with. If the bank gives you the title of the property, you will not deal with back taxes that the previous owners owed as well.

A short sale may be difficult to find unlike foreclosed or real estate owned homes because they are listed. Additionally, it takes a long time for the short sale to finish. Often you have to wait longer than two months for the deal to close. With a bank-owned home, it will typically close within a standard escrow.

As you can see, both a short sale and a bank-owned home have their own advantages. The most significant benefit for you as a buyer is that these houses are often lower than comparable properties in the area. For instance, a home in Cherry Street in Lakeville with two beds and one bathroom with total square footage of 690 would typically cost $137K+ given that the median price per square foot in this town is $199. However, a particular foreclosed home that was sold by the bank to its new owner only asked for $63,500.

The savings are high when it comes to purchasing a distressed property in this town. Whether you are looking to buy a home for you or your family or you want to invest in this area, you have many options. Plus, you will undoubtedly find the properties here worth buying.

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