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Southborough Foreclosures

Bank Owned Properties

Southborough in Worcester County is comprised of three villages, Cordaville, Fayville, and Southville, and is home to approximately 9,700 residents. The community has ranked as one of the best places to live in the country. The median value of homes in this close-knit community is $651,435, with an increase of 10. 5 percent from the previous year. The market indicates that prices will continue to increase by 4.2 percent within the coming year. The listing price per square foot is $274, which is higher than the Worcester Metro price of $169. The average price of homes that have recently sold is $677,400. The foreclosure rate is considerably higher than most cities and towns in Massachusetts at a rate of 73 per 10,000. The rate for the Worcester area is 8.3 per 10,000. With rates like this, foreclosed homes are an option worth considering for real estate investors and buyers searching for a new home at prices below market value.

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Short Sales

Another option that's distinct from buying a bank-owned home is a short sale. The differences between the two types of sales are considerable. A bank-owned home may sell within a few weeks like a conventional home sale. If you aren't familiar with the process, one thing you should know is that a short sale can take anywhere from six months to a year to be finalized. However, if everything is handled by a real estate professional with experience in these sales, you'll be the owner of a new home at an exceptional price.

Since the recession that hit the housing market in 2008, a lot of homeowners are underwater with their mortgages and owe more than their home is worth. One way to avoid defaulting on their mortgage is to agree to a short sale. The good news for investors and buyers is the prices that they can buy available properties for.

One thing that's essential with a short sale is to have the most recent and accurate information about the property to prevent the sale from proceeding. If you're interested in buying a home through a short sale, you should identify the most likely properties. However, browsing through hundreds of listings takes a long time. Boston City Properties has extensive listings of bank-owned and short sale homes, condos, and townhouses throughout Massachusetts. We'll notify you immediately when properties that fit your criteria become available, so you don't miss out on any great deals.

Lenders seriously consider an offer from prospective buyers when they already been pre-approved. Getting pre-approval should be the first step before you search for likely properties. A lot of documentation is required in these sales so you'll have to be patient as the process goes along. Get the property inspected so potential problems can be handled before the sale is final, and if you can, pay cash for the property.

Geographic Location

Southborough has a land area of 15.7 square miles, with water covering 9.64 percent of the region. Towns that are adjacent to this upscale community are:

The charming, small town is mainly a residential area with a lot of open space and several villages. The main road through the area is Massachusetts Route 9.

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