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Sherborn Foreclosures

Bank Owned Properties

Sherborn's home values average $807,850, which means there are some exceptional homes in this community. The value of the homes in this town have had an increase of 1.7 percent from the previous year and are expected to increase another 2.7 percent in the coming year. The average square footage cost is $289, marking a higher price than the current price in Boston of $276. The average price for the homes currently on the market is $927,500. The recession in 2008 had a significant impact on the housing market which is still being felt at the rate of foreclosed homes in Massachusetts communities. In this small Massachusetts community, 14.2 homes per 10,000 are bank-owned.

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With the rise in prices, you can enjoy having equity in your property that will continue to grow, and if you want to remodel the home later on, the equity that's built up can be used for a loan. You'll be able to make the necessary improvements to your home and see your property increase in value. Since bank-owned properties are a prime option for many homeowners and investors, when you find a home that meets your criteria, you should act quickly. There's a lot of competition for bank-owned homes in Massachusetts, and many of them don't last long. Get the most current information about homes in Massachusetts communities from Boston City Properties, so you don't miss out on the best deals.

Short Sales

An option that a lot of buyers aren't aware of is the short sale which allows buyers to purchase homes at below-market prices. The sales are quite different from a traditional real estate sale with the advantage to the property owner being that the lender will often accept the sale as a short-term payoff to the mortgage loan. Factors to keep in mind with a short sale is that they're more complex than a conventional sale and they usually take longer to finalize. An advantage to the buyer is that they'll be able to purchase a property at a discounted rate that may be in move-in condition.

If the homeowner wants to sell their property through a short sale, they must get the approval of the lender. Documentation must be provided indicating that the owner is no longer able to make the payments on their mortgage. The reason may be that the owner owes more than the house is worth, or they may have to quickly sell if they're relocating and can't pay the mortgage on two properties. In any case, the lender wants the sale to move forward and be concluded as quickly as possible. As a buyer, you can help the sale to proceed faster by getting pre-approved before you begin searching for available properties. A short sale may be concluded faster if you're in a position to offer cash for the sale.

Geographic Location

Sherborn in Middlesex County is a small community of 4,110 residents and is bordered by:

One of the interesting facts about this community is that many of the homes were built during the 18th and 19th-centuries, with several surviving from the late 17th-century. Approximately 77 old homes are listed on two National Register of Historic Places. The historic districts are in the Old Center and along North Main Street. Among the features in many of the oldest homes in this community are secret rooms and passages built in the 1800s as part of the Underground Railroad. The town is 18 miles to the southwest of Boston, with 16.2 square miles of land. A little more than one percent is water at Farm Pond.

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