Lawrence Foreclosures

Facts about Lawrence, MA Foreclosures

The city of Lawrence in Essex County, Massachusetts has a lot to offer for both the locals and the visitors of the area. It is located on the Merrimack River and has North Andover, Andover, and Methuen as surrounding it. It is approximately 40 miles away from Boston on the north-northwest side.

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This place is famous for its vibrant manufacturing industry, which includes products such as computers, footwear, textiles, and electronic equipment. The water features of this city, aside from the Merrimack River, include the Spicket River that flows from Methuen to the mentioned river. It has some hills, including the Prospect Hill and Mount Vernon. However, its highest point is the Tower Hill, which is approximately 240 feet above sea level.

The city also has the Den Rock Park, which is a conservation district here that offers recreation for rock climbers and nature lovers. You will also find small parks around the town. Getting to and from this area should not be a problem because the city lies along the I-495. It is served by Route 28 that passes north to south and Route 110 that moves east to west.

This area has quite a number of attractions, including the Essex Art Center, The Great Stone Dam, and the Sacred Heart Parish Complex.

When it comes to real estate properties, this city has several to offer. It is mostly a sellers’ market at the current time, especially with an almost 10% increase in home prices in just the last ten months. The average home price today is $256,696, and it is expected that this amount will increase even more – more than five percent – in the coming year.

Although this city is a sellers’ market, buyers have something to rejoice about because the prices here are quite low. Compared to the Boston Metro, you will easily find affordable homes in this area. The median list price in this town is only $175 per square foot, which is much lower than the city of Boston which has $276 per square foot.

However, the problem here is that the homes with two bedrooms can be quite expensive. Those with just one bedroom may be affordable, but those with at least two beds can be difficult to purchase for some people.

Buying a Short Sale Home

If you do not have enough funds for the homes that are on the market these days, you may want to look at the properties in this city that are on a short sale. Because these houses are being short sold, you should not expect them to last long. It is why you should get hold of the sellers who are having problems with their mortgage.

In this city, the homeowners with delinquent mortgages are about 3.4% of the whole population. Homeowners who are underwater on their mortgage comprise 13.2% of the citizens in this area. This number is much higher than the Boston Metro that only has 6.3%. Although the real estate market may appear to be less healthy than the other nearby areas, it has created several opportunities for people who want to be a homeowner. You can purchase homes here that have bargain prices compared to the real market rates.

With a short sale in Lawrence, you can immediately see that the seller is quite motivated to sell the property. One of the reasons that you will like with this transaction is that the homeowner may be willing to do repairs if needed. Often though, these homes are in good condition, primarily because the seller still lives in the place.

The seller may also be amenable to give some closing cost credits to the buyer, along with other concessions. It is also possible to obtain your desired inspections and use conventional financing for the mortgage. Since you will be dealing with the homeowner directly, you can talk to him or her about the current condition of the property, as well as with its history of repairs and other problems. In short, you will get a definite and a realistic detail about the place that you could call home.

In some cases, you can also negotiate a much lower price than what the seller is asking for – as long as it is not lower than his or her outstanding mortgage balance.

Buying a Bank-Owned Property

One reason why some homebuyers choose a foreclosed property in this town is that it is much easier to find. Foreclosures are often listed for sale, and you can only reach out to the bank or lender that owns the property. You can see the available houses that these financial institutions are willing to sell.

Another reason why you may want to choose a bank-owned home is that it is already vacant. You do not have to worry or wait for the current homeowner to move out of the property. Plus, the transaction is much faster to close compared to a short sale. Despite the name, a short sale is not quick at all since it can take several months before you can claim the property.

These foreclosure homes give the buyers bargaining power, mainly because the sellers want to get rid of the houses right away.

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