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Somerville Foreclosures

Are you interested in buying a foreclosure in Somerville, MA? Whether you're looking for a new place to live or are in the market for an investment property, Somerville foreclosures are often great options. Find foreclosed properties that suit your budget and needs quickly with Boston City Properties. From this page, you can sign up to access our huge real estate database. Later, we'll put you in touch with skilled foreclosure experts in Somerville.

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How to Buy a Somerville Foreclosure

People sometimes assume that buying a foreclosure isn't much different from buying a "regular" property. That's not the case at all. Special considerations and steps must be made to ensure you're really getting a great deal.

A few things to keep in mind while hunting for foreclosures in Somerville, MA, include:

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Overview

Located directly northwest of Boston, this city has a relatively high urban density combined with a elegant master plan which favors city squares. The squares act as centers of both commercial business and as landmarks within the city, and include Davis Square, Union Square, Assembly Square, and Magoun Square, among others. The city is also bounded by several rivers, including both the Mystic River and Miller’s River, and has several prominent hills that create highly desirable locales for property due to their exceptional views. The average purchase price for bank owned properties and short sales in this town is $300 per square foot. A large portion of the housing stock in this area was built before 1920, and usually are single family homes. However, many newer developments with multiple units have been constructed in the last decade, and others are scheduled to break ground soon.

Bank Owned Properties

The large amount of older properties on the market creates beautiful interiors with elegant bay windows sprinkled throughout. Hardwood floors dominate, although carpeting is often employed in the bedrooms, and tile in the bathrooms. The exterior of these houses typically is clad in clapboard, although in some instances they have a slate or brick exterior. The clapboard exteriors generally have a front porch and occasionally a balcony off the master bedroom. The front porch often wraps around the corner of the home, creating a place for rocking chairs, elevated flower boxes, and wind chimes.

These single family homes tend to be sited on ample lots, which creates the opportunity for extensive patios and back yards. In many cases, homeowners have put in either an elevated deck or slate patio that is large enough to host patio furniture and barbecue equipment. The bathrooms frequently have a custom tile pattern that uses many different shades of a particular tile to create a memorable look. The fixtures in these houses are often brand new, and the countertops are granite or marble.

Three bedroom properties with a matching number of baths are typical, although houses with six bedrooms or more are common, as well. The larger houses tend to span at least two floors, with some having an additional attic or basement space that can technically raise the number of floors to four. The basements in these properties often double as recreation areas. They are frequently carpeted with recessed lighting, and have hookups for a variety of different equipment, including big screen televisions. Some basements are used primarily as storage for mechanical, electrical, and plumbing equipment. The attic spaces can frequently be used as an additional office or bedroom.

Short Sales

Depending on the age of the home, a separate laundry room may be part of the original floorplan. Not all homes preserve this room for this function. In renovations, typically a former hall closet or other storage space is converted into a storage space for a vertical washer and dryer unit, and the original laundry room is converted into a small bedroom or office space.

The newer homes and condominiums, on the other hand, tend to maximize their floor plan and the configurability of each space by using as few interior walls as possible. This is especially evident in how kitchens are often designed to flow seamlessly into the adjoining living area. This allows for an uninterrupted view from one end of the floor plan to the other. In some cases, the kitchen itself has only one wall or part of a wall, making it as open as possible. This type of design usually places the sink and cabinets near one wall, and creates an elongated island that faces the rest of the home. These islands usually provide ample amounts of seating on one side and a space to both prepare food and store utensils on the other. In some cases, the islands have their own sinks, although this is not as common.

The bedrooms tend to be large and feature an adjoining bathroom and walk-in closet. Flat ceilings are common, although occasionally a unit experiments with cathedral ceilings or a loft arrangement which creates the semblance of a second floor without closing off the room. These loft arrangements often make it possible to have a fully functional office that overlooks the principal living area. Fireplaces encased in stone or granite are common, and some of them rise from the floor to the heightened ceiling, creating a beautiful anchoring effect for the rest of the home.

Depending on the layout of the complex, a shared rooftop deck may be part of the design. These decks are traditionally open air, and have a spectacular view of the surrounding city. A wet bar or exterior structure with an adaptable frame and locked storage compartments may be included as part of the shared accessories on the roof.

Bank Owned Properties

Somerville has a thriving real estate market with hundreds of homes, condos, and townhouses for sale at any given time. One of the greatest things about the market in this city is the diversity of the homes that are available. If you love old, Victorian-era homes or want a contemporary, new home, you'll have a big selection from which to choose. Single-family homes built in the late 1800s or early 1900s are ideal as conversions. Many of the homes are close to I-93 with easy access to Boston.

Multi-family homes in the Davis Square neighborhood are close to the T, with easy commutes to Cambridge and Boston. These homes are excellent investments. If you're looking for that extraordinary property as an investment, you may want to explore the possibility of bank-owned homes. Properties owned by a bank are those that have been foreclosed and are available for sale at prices below market value. The number of foreclosed homes in Massachusetts communities has remained consistent since 2014 and shows no sign of changing anytime soon. This is good news for real estate investors and buyers looking for an exceptional home at a reduced price.

The home values in this city have gone up by 6.9 percent in the past year. The median value of homes here is $665,939. A rise of 4 percent is anticipated in the next year. The average price of homes on the market is $749,000, while the median price of homes that have recently sold is $662,900. This is an excellent time to consider purchasing a bank-owned home, especially when the price could be as much as 50 or 60 percent below the market value.

Short Sales

Another option that can be profitable for new homeowners and investors is to consider a short sale. When the market value of a home is considerably less than the amount owed on the mortgage, a lender may accept a short sale as a short-term loan payoff. The lender essentially forgives the remainder of the debt on the property. A homeowner doesn't always have to be delinquent on their mortgage if the lender initiates the sale. Another scenario in which a short sale may be a viable option is if the homeowner must relocate and has to sell the home quickly to avoid paying mortgages on two properties. Another way n which a lender may allow a short sale is if the property has been on the market for several months, but the sale fell through, or the only offers weren't enough to satisfy the remaining debt on the property.

A short sale works differently than a bank-owned sale. The owner of the property must offer signed documentation stating that they can no longer afford to pay the mortgage on the property. The reason that so many buyers find short sales to be such an attractive option is that they can buy a property at such a low price. One aspect of short sales that many buyers aren't aware of is that they can take so long to finalize. While a conventional home sale is often finalized within a few weeks, a short sale may take six months to a year to complete. It's essential to work with a real estate professional with experience in short sales to ensure everything goes according to plan.

A lender is more likely to consider an offer from a buyer that has already been pre-approved. It's in your best interest to take this step before identifying properties that are likely prospects. If you're in the position to pay cash for the property the sale may be completed faster.

Geographic Location

Somerville is one of Middlesex County's most densely populated communities with more than 75,000 residents. The city is on the western side of the Mystic River. The community is famous for its drumlins or little ridges that became the Seven Hills. They are:

The hills offer panoramic vistas of Boston. The city is bordered by Arlington, Cambridge, the neighborhood of Charlestown, Everett, and Medford. The city doesn't have a central business district concentrated in one area but features a conglomerate of squares and neighborhoods spread throughout the region. The development of the city was influenced by the early rail and trolley stops in various neighborhoods. Davis Square is a major intersection where several of the city's main streets converge. Magoun Square is a mixed-use district. Teele Square has proximity to the MBTA Red Line going into Boston. Sullivan Square is just over the line in the Charlestown neighborhood, near Lechmere and Inman Square. The city is ideal for commuters and is very walkable.

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