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Salem Foreclosures

Bank Owned Properties

The real estate market in Salem, Massachusetts is categorized as being "very hot," The median home price is $368,003. The prices have increased by 8.3 percent in the last year and are predicted to rise another 4.1 percent within the next year. The price per square foot is $264; less than the average of $276 in the Metro Boston region. The average listing price of homes on the market is $349,000; while the median price of recently sold homes is $360,000.

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Since the Great Recession of 2008, a lot of homeowners have struggled with mortgage payments, have fallen into delinquency. The rate of foreclosures in this city is 5 per 10,000. Bank-owned properties are an excellent option for investors looking for prime properties or first-time buyers who want to buy a home well below the current market value.

An abundance of homes is currently on the market, and it's an excellent time to consider buying a bank-owned property. If you'll be living in the home, you can start building up equity which can be used later on for home improvements or renovations. If you're going to flip the house or sell it, you should get a good return on your investment. You should always work with a professional with experience in selling distressed properties. At Boston City Properties, we have the expertise and experience in locating the right property for our clients. Another excellent opportunity for buyers and investors is to consider a short sale.

Short Sales

With the continued increase in home values and prices in this Essex County community, a short sale can be one of the best real estate deals you'll ever make. You should always work with a professional with expertise in handling these sales, especially if you're a first-time buyer. Short sales are more complex than conventional real estate transactions and can take considerably more time to finalize. Although many short sales are conducted due to mortgage delinquency or default on the loan, a lender may initiate the sale if the market value of the property has drastically decreased before the buyer is delinquent on payments.

Since the 2008 recession, many homeowners are underwater, meaning that they owe more on their mortgage than their home is worth. A short sale may allow the lender to recover a substantial amount of the lien on the home and the homeowner's credit rating doesn't suffer as drastically as it would in a default on the mortgage loan. For the lender to agree to a short sale, a lot of documentation is required to prove that the borrower can no longer make their mortgage payments. It takes a considerable amount of time for all the documentation to be approved and the sale to be finalized. If you're interested in buying a property at way below the market value, a short sale could be the best option. Getting pre-approved for a loan is the most effective way for a lender to identify prospective buyers. If you're in the position to pay cash for the property, the sale may be finalized faster.

Geographic Location

Salem is a historic, seaport town in Essex County, Massachusetts. The town has a population of 41,340 and an area of 18.1 square miles. More than 50 percent of the area is comprised of water. The town is on Massachusetts Bay between its harbor, Marblehead which lies to the southeast, and Beverly Harbor. Winter Island and Salem Neck are between the two harbors. Juniper Cove, Smith Pool and Cat Cove separate the two areas. One of the inlets into the North River is another dividing point of the city. At the southwestern portion of the city, Strong Water Brook runs into Spring Pond. The city's neighborhoods include:

Two of the residential neighborhoods are historic districts. The Charter Street Historic District features a lot of recent real estate development but is in one of the cities oldest locations. The Federal Street District is between North and Washington Streets with a lot of Greek Revival architecture. The downtown area is 15 miles to the northeast of Boston, 19 miles to the southeast of Lawrence, and 16 miles to the southwest of Cape Ann and Gloucester. Beverly and Danvers are north and northwest of the city. To the west is Peabody, with Swampscott, Lynn, and Marblehead to the southeast and south. The city is serviced by the MBTA commuter rail line.

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