Salisbury Foreclosures

Bank Owned Properties

Whether you're a first-time buyer or a seasoned real estate investor, foreclosed homes in Salisbury are an option worth considering. The recession is behind us, and most of the housing crisis has passed, but the number of homeowners that have problems paying their mortgage and those who have defaulted on their loans is still a significant factor in the real estate market. Some buyers are only interested in buying a home that they can move into without making any repairs or doing upgrades. However, you can get some amazing deals on homes that have been taken over by a bank. If you buy a bank-owned home and pay for the necessary repairs or renovations, you're likely to still pay less than the current market value, so you have a great new home that's saved you money. This segment of the real estate market is thriving in Massachusetts. In fact, during a one month period, more than 600 homes became available.

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The average home value is $359,176 for Salisbury homes. Salisbury has average home values have seen increases of 6.7 percent over the past year, and they will likely rise 4.1 percent more within the next year. The average listed square footage price in Salisbury totals $268, lower than Boston Metro's average price of $276. Homes currently listed in Salisbury have an average of $429,900 and are an excellent option to consider whatever the economic conditions are at the time. Defaults on mortgages in Massachusetts will continue to be an issue over several years' time. The rate in this community is 12.1 homes per 10,000. Delinquency occurs when the owner misses payments on their mortgage. The percentage of delinquencies in this beachfront town is 1 percent, which is more than the national average of 1.6 percent.

Short Sales

A short sale differs from the sale of a bank-owned property. Short sales allow buyers to purchase single-family homes, condos, or townhouses at below the current market price. This type of transaction can have a positive outcome for all the parties involved. The lender won't receive the full amount of the original loan but can recover part of their investment. Short sales are an excellent investment since buyers can enjoy paying a much lower price than they would in a conventional sale. Some lenders may request a short sale if the market value of the home has decreased considerably. The asking price of a short sale home can reflect the actual value more closely than a traditional sale. Interested buyers should always obtain pre-approval for a loan before initiating the process. Lenders want to deal with qualified buyers and want to close the sale as quickly as possible. Homes should always be inspected when they go on the market, but this is especially true for a short sale. The property may have been vacant for a long time, and the longer a home is empty, the more likely it is to have fallen into disrepair or have damage. The primary difference between a short sale and conventional sale is that the short sale takes longer to finalize because of the documentation required.

Geographic Location

Salisbury is a favorite summer vacation town in Essex County. The coastal community is on the Atlantic Ocean, on the border with New Hampshire. The town's area is 17.9 square miles, with water covering 2.4 square miles. The town is on the north bank of the Merrimack River at the source. The borders of the town are Seabrook, New Hampshire at the northernmost section, Newburyport and the river to the south, the ocean to the east, and Amesbury on the western side. The community has three villages, with creeks and brooks running through town. Carr Island Wildlife Refuge and Ram Island are in the middle of the Merrimack. Eagle Island is the third island in the river. The coastal community is the site of a state reservation, the park which covers the entire coastline.

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