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Rockport Foreclosures

Bank Owned Properties

Rockport is all about the location. The beautiful Essex County community is a favorite summer destination. The average value of the homes is $524,798. The home values have increased by 12.9% from the previous year, and market statistics indicate an increase of 3.3% between 2018 and 2019. Homes in this community are always in demand due to the location on Cape Ann and the diverse architectural styles. Many of the conversions were single-family homes built in the 1800s and early 1900s that are now stylish condos and townhouses on two or three stories with panoramic views of the Atlantic. Condos in the $250,000 price range are expected to increase by at least 3.6 percent in the next year. A bank-owned home offers the opportunity to own prime real estate in this charming oceanside town. The rate of homes that are foreclosed is 16.9 per 10,000. The number of homeowners that are underwater is 3.3 percent, lower than the rate of 6.3 percent in the Metro Boston region. The delinquent mortgage rate is 0.7 percent. Buying a bank-owned property here is a good investment whether it will be your residence or you flip it and sell for a profit. Although mortgage delinquency rates are low in this community, it's possible to acquire properties for 50 or 60 percent below the current market value.

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Short Sales

One excellent way to purchase a beautiful home in this quaint, Cape Ann community is through a short sale. Searching through hundreds of listings online can be time-consuming, and you can miss out on the best deals on bank-owned or REO homes. We can make the process easier. When you sign up to receive listings of available properties, you'll get up-to-the-minute information as soon as the home is listed. Whether you're interested in a beach estate or a small, single-family home, we'll notify you when properties that fit your criteria become available.

A property doesn't necessarily have to be in default for a short sale to occur. In some cases, the lender may initiate a short sale if the borrower is having difficulty making mortgage payments. A bank holding the mortgage would prefer to sell the home for less than it's worth than to have the owner default on the mortgage which costs substantially more to negotiate. Sometimes a seller will choose a short sale if they're relocating and must sell quickly, or if their property has been on the market for several months, but the offer they've gotten is lower than their asking price and there aren't other prospects. The short sale differs from a conventional real estate transaction because of its complexity. The seller works with a specialist in short sales to prepare all the necessary documentation and financial disclosures. An estimate of the market value of the property must be included. The entire process can take considerably longer than a conventional sale, but you can get outstanding deals on short sale homes.

Geographic Location

Rockport in Essex County is situated at the tip of the Cape Ann Peninsula. The Atlantic Ocean surrounds this lovely community on three sides, while Gloucester is directly to the west. The town is 40 miles from Boston. The total area of the town is 17.5 square miles, with more than 60 percent water. The three islands off the Atlantic Coast that are part of the community are:

North of Land's End the terrain is mainly rocky shoreline. At the southern end of town, three of the five beaches are within a one and a quarter stretch of shoreline. The two harbors in proximity to the center of town are deepwater ports with access to local boat owners and deep sea fishermen. Pool Hill, the town's highest point is surrounded by lush, green forest. Protected conservation areas include:

One additional wildlife area is operated by the Massachusetts Audubon Society. The only nearby town is Gloucester. The seaside community is 20 miles to the north/northeast of Salem and 35 miles from Boston, to the northeast. There aren't any highways that run through the small, oceanfront town but Route 127 runs north to south from Gloucester to Halibut Point. Route 127A follows the coast from the southern side of town. The road does a loop around Land's End, Gap Head, and downtown before connecting with Route 127. The Cape Ann Transit Authority and the Newbury/Rockport line of the MBTA provide public transportation. The community is the final stop on the T line that runs from Boston.

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