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Quincy Foreclosures

Are you looking for information about foreclosures in Quincy, MA? You've come to the right place! Boston City Properties offers free access to our huge database of Boston real estate listings, which includes listings for Quincy foreclosures, bank-owned properties, short sales and more. By beginning your search with us, you can rest assured that you always have the latest and best information. We also have real estate experts who can help you locate Quincy foreclosures that suit your budget and needs.

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Tips for Purchasing Foreclosures in Quincy, MA

Just because you're buying a foreclosure doesn't mean you're getting a great deal. Special care must be taken when purchasing or investing in foreclosures in Quincy. By doing a little research ahead of time, you are more likely to have a positive experience.

Keep these tips in mind while looking for Quincy foreclosures:

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Without a doubt, the best first step when looking for Quincy, MA, foreclosures is to sign up to view listings by Boston City Properties. Once you do, visit this page to search our listings and to identify foreclosed properties that suit your budget and needs. Later, get in touch to be connected with real estate experts who can assist you further. Call Boston City Properties to get started.

Overview

Located on the Boston Harbor, this city is the direct neighbor of Boston along the Neponset River, and offers both a bustling urbanity and acres of unspoiled natural terrain in the form of the Blue Hills Reservation. The city has several distinct neighborhoods, some of which are primarily residential, while others have a more pronounced density with numerous mixed use developments. Investors should note that the largest neighborhoods in the city are Merrymount, North Quincy, Quincy Point, and Wollaston. Along the Harbor, there are also several beaches and islands, including Moon Island, Raccoon Island, and Hangman Island. The average purchase price for a bank owned property in this city is $250 per square foot, with typical short sales ranging between $160 to $200 per square foot. Most of the housing stock was built before 1940, although there are several newer luxurious developments within the city limits.

Bank Owned Properties

With a slew of properties built around 1940 in this area, bank owned sales often feature compact single family homes that have a clapboard exterior with an asphalt and tar roof. These homes typically have a small canopy near the front door which is supported by two slender columns. On occasion, these columns will be ornamented to resemble a Doric or Ionic style, although in the vast majority of cases they are left without any additional aesthetic details.

The homes generally have L-shaped kitchens that are built around a distinct dining space, sometimes referred to as a breakfast nook. The kitchens in these homes typically orient the sink so that it faces out of a window onto the structure’s surrounding yard. Kitchen islands are not as common in these homes, which tend to favor an older style of floor plan in which each room is distinct from one another, as opposed to the more modern open floor plans. The living rooms in these homes typically have a brick fireplace that can be loaded manually with logs. Baseboard heating is common throughout the house. The bedrooms tend to be compact, although built-in closets are common. The bathrooms usually are also relatively small, although they generally come with a shower mounted in a bathtub to provide a multitude of bathing options. The attic spaces in these homes are often finished, and often double as an additional bedroom or office space.

Short Sales

Many of the condominiums, townhouses and apartments in this area are fashioned out of older buildings. In some cases, these buildings are redevelopments near the city center; in other cases, they were originally designed to be residential units. Some complexes were built within the last five years, and offer numerous luxurious amenities and inspiring views of the Harbor.

Those units that are older tend to feature at least one fireplace, usually made of brick and installed in the living room. Many of the fireplaces in these units have been upgraded to meet contemporary building codes so that they can no longer accept hand-fed logs, and instead are fueled by gas flame that is safely ensconced behind a glass screen. However, a fireplace of the older type can occasionally be found. Units built before 1930 tend to feature vintage wood wall paneling and ceiling accents, sometimes made from oak or mahogany. These beautiful wood accents are frequently used to demarcate different spaces; in some units, walls have been removed to create a more open floor plan, and the wood accents become a subtle guide to the previous layout of the home.

The vast majority of residential units in this area have hardwood floors and freshly installed stainless steel appliances, as well as beautiful exterior decks that enable the tenants to enjoy either a view of the city or the surrounding natural amenities. The exterior of these structures is usually made from either clapboard or brick. The relative density of this city means that most residential units, even if they are part of a multi-unit condo complex, are located within single family neighborhoods which are highly walkable. Each home also tends to be located on a lot with at least half an acre of yard, creating numerous opportunities for gardening and other outdoor activities. Some of these properties use the additional space to install small pools or saunas. In some cases, paved asphalt is placed in front of a basketball hoop to create a semi-permanent space for recreation and play.

Bank Owned Properties

Foreclosure homes for sale are an excellent option for real estate developers looking for sound investments and first-time buyers who want to save money on the purchase of their home. The median value of homes in Quincy is $445,856. The value of homes has gone up by 7.9 percent from the previous year and are anticipated to rise by at least 4.1 percent within the coming year. The price per square foot is $346; higher than the rate of $268 in Boston. The average price of homes on the market is $492,500 while the median price for homes that have sold is $404,800.

One of the most positive aspects of buying a distressed property is that as soon as the purchase is complete, you'll start to gain equity which will continue to increase. You can make upgrades to the property while you are living in it and sell it for a substantial profit, or you can flip the house, and the property will still be profitable. Even during times when the economy isn't strong, foreclosed or bank-owned homes are a worthwhile option to look into. When you find a property that fits your criteria, at quickly. These homes are in high demand.

Although the recession is over, mortgage delinquency is a factor which will have a significant impact on home sales for the net several years. In this Boston suburb, the rate of homes that fall into delinquency and are ultimately foreclosed on is 16.9 per 10,000. This figure is higher than the national average of 1.6. However, the percentage of homeowners with delinquent mortgages is 1.4 percent which is lower than the national average. On the national level, home values fell an average of 20 percent between 2007 and 2011. A lot of homeowners are underwater, and the average in this community is higher than in Boston, which is why many homeowners choose a short sale as an alternative to losing their home.

Short Sales

When a homeowner owes more on their mortgage than the market value of their home, the bank may accept a short sale transaction as a way to pay off the loan. The seller won't get as much as they would with a conventional sale but can be beneficial to them in the long run since their credit rating isn't affected as seriously as it would be if they lose their home. A short sale is more complex than a traditional home sale, and it takes a lot more time to complete. In some cases, the sale may take six months to a year before it's finalized. Before you make an offer on a property, you should get pre-approved which shows the lender that you're serious about your offer. You should do some research and identify the most likely properties to make an offer on. The process is faster and easier if you sign up to receive updates from Boston City Properties. We have the most up-to-the-minute listings of short sales throughout Boston and Massachusetts.

Whether the transaction is a conventional sale or a short sale, having the property inspected is a necessity. If you plan to move into the home upon completion of the sale or plan to lease it to a tenant, you could have to pay for expensive repairs or upgrades if everything isn't up to code. Always work with a real estate professional with extensive experience in short sales. A lot of documentation is required, and it's essential to have the most up-to-date information about the property. One way in which the sale can be beneficial to the buyer and seller is through a cash transaction.

Geographic Location

Quincy, the largest community in Norfolk County is part of the Metro Boston region and is to the south of Boston. The city is bordered by Boston to its north, the cities of Braintree and Randolph to the south, Hull and Weymouth to the east, and Milton to its west. The city's beaches include Wollaston Beach, which is the largest in Boston Harbor. Quincy Bay is part of Massachusetts Bay and Boston Harbor. Several of the harbor islands are part of the community's territory, and a portion of the land is inside the Blue Hills Reservation. The city has a land mass of 29.6 square miles.

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