Leominster Foreclosures

Leominster, MA Foreclosures to Purchase

Leominster is a city situated in the county of Worcester in Massachusetts, USA. It is considered the second-largest city in the mentioned county and located at the west of Boston. The towns that border this area include Lancaster, Sterling, Westminster, and Princeton. Routes 13, 2, and 12 all pass through this city.

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Less than three percent of the area is made up of water, but it is nestled on a plateau just above the Nashua River that runs along the eastern part of the city. The North and South Monoosnoc Hills located in the western area of this place are currently the most prominent hills.

The city has several small villages, including the French Hill, which is famous for its apartment houses that are described as a triple decker. Other notable communities in this area are the Rice Hill, Morse Hollow, the West Side, and the Flats.

When it comes to the real estate, the city has a relatively warm market temperature in which many of the sellers thrive. The median home value here is precisely $247,401. According to the previous numbers, it has increased almost seven percent over the past year. By next year, it is possible that this number will continue to rise to more than three percent.

Currently, the median list price in the city is $156, which is less than the average of Worcester Metro, which is $169. The affordability of the houses here makes the buyers interested in purchasing real estate in this area.

Short Sale Properties

If you have trouble financing the home that you want to purchase, you may want to go for a quick sale property instead. About 2.1% of the homeowners in this area have a problem paying their mortgages. It is much higher than the value of the United States, which is 1.6%. Homeowners who are underwater on their mortgage are almost 10%, which is higher than the Worcester Metro.

With a short sale property, you have the chance to talk to the current owner and ask for a much lower price than what they may have advertised. However, you have to remember that these homeowners are in a debt. Some may be willing to do these negotiations with you, but the amount they would accept would not be lower than what they owe.

These short sale homes are quick to disappear, but the transaction can last for several months. For this reason, you should be willing to wait for the sale to close before you decide to make a purchase. Nevertheless, if you do not have a problem with the extended waiting period, you will have the house in no time.

One of the reasons why a short sale can benefit you as a buyer is that the property has a lower price than its current market value. It means that you can purchase the house with a considerable discount. Let us take a look at one example. A three bedroom home with two bathrooms in a 1,040 square foot living space in this town, particularly at Belair Heights, would typically ask for $162K at the very least. However, since the seller was short selling the property, he or she only asked for $73K+ for it.

You can already tell that the buyer got a great deal out of the transaction – even if he or she had to wait several months to get the title of the property.

Bank-Owned Properties

For those who do not want to wait for a long period to get the home, they can turn to a foreclosure. A bank-owned home can be beneficial for those who are looking to save on the average prices of houses in this city. Additionally, they do not have to worry about dealing with the present owners of the home. It is because these properties are vacant, so the buyer only has to transact with the bank or the lender. There will undoubtedly be no emotions involved.

If you want a faster transaction than a short sale, a bank-owned property is a much better option. You also get the same benefit of buying a property that is below the market rate. For instance, a foreclosed home in Brown Avenue was recently sold for only $276,973. This property has three beds and three baths with total square footage of 2,366. On an average sale, this home would have sold for almost $370K.

As you can see, you have the chance to buy a property at a lower price, thanks to both choices: the short sale and the bank-owned home. The trick to dealing with foreclosure is to know the procedure behind it. You can talk to a real estate agent or broker, and at the same time, you should also perform your own research to learn about specific details.

It also helps to know the pricing of similar homes in the area, particularly a particular neighborhood where you would like to purchase a property. Some places in Leominster have a higher price for their real estate homes for sale than the others. When you know about these details, you can have a successful deal, whether it is a short sale or a property that a mortgage lender or a bank owns.

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