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Stoneham Foreclosures

Bank-Owned Properties

Foreclosed properties are noteworthy options for investors and first-time homeowners alike. If you buy a foreclosure in Stoneham, you might luck into one of the best deals you'll ever find. With these homes being below market value, which was $527,495 in early 2018, you'll save a lot of money.

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One of the biggest advantages you'll enjoy is equity that will grow, as prices have risen about 4.5 percent since 2017 and are expected to rise another 3.9 percent. Fixing up the property to flip or to sell after you have occupied it for a while will both be good options to consider. This suburb is particularly desirable for buyers, so you're easily assured of attracting an interested buyer.

Foreclosures are still worthwhile options to consider, regardless of the economy's condition. If you make the right choices, you'll be able to make the most of your purchase.

Because these properties are prime choices for many buyers, you will need to act fairly quickly. Viewing our listings of foreclosed properties will give you more information on what is currently available.

Statistics about properties currently in default provide a lot of helpful information. For example, the rate of properties in default has risen 33 percent since the beginning of 2018 but decreased about 40 percent from the rate in May 2017.

Completed foreclosure rates were low in early 2017, representing only about seven properties. One thing this tells us is that there is another part of this story that needs to be kept in mind - the importance of short sales in the real estate market.

Short Sales

A short sale is distinct from a foreclosure, and it is important to know the difference between them when you're navigating this part of the market. Understanding the whole process is important so you can ensure that everything goes smoothly.

A quick definition of a short sale is a real estate transaction that involves a seller owing more on the property than market value. The advantage of the owner is that the bank will often accept this sale as a short-term loan payoff.

Prospective buyers who choose this option can enjoy a much lower price. Making sure all of the information on the property is accurate is essential before initiating one of these sales.

Short sales are often more complicated than people realize, with the entire process taking as much as six months to a year to finalize in many cases. Being pre-approved before you make an offer is another step you can take to help everything work more quickly.

Another thing to bear in mind is that not all property owners who do short sales are in default at the time. A greatly decreased market value can also become the catalyst for a short sale, at the lender's insistence.

The asking price for a lot of properties in this situation often reflects the property value a lot more closely. Should you choose a short sale option under these circumstances, the discount won't be that big, but you'll be more likely to get a move-in ready home.

Having the property inspected is always a necessity, regardless of whether the home is ready for a quick move-in. Cash sales can also be beneficial and are often the preference for homeowners who want to speed up the short sale process.

Work with a professional to have your short sale purchase work out as smoothly as possible. Our real estate experts know the process well and will help you get through everything as easily as possible.

Geographic Location

Stoneham is all about great location, just six miles north of Boston. A population of about 21,000 people gives the community a friendly, small-town atmosphere. Route 28 and Interstate 93 both run through the town, making it easy for residents to get to and from their favorite places.

Residents here can also easily access Interstate 95/Route 128 north of town. The town center has an MBTA Orange line stop. There are also a few MBTA bus lines that have stops in town for greater convenience.

Neighboring communities that also have MBTA rail stations include:

One of our real estate experts will be able to help you through the whole process, no matter whether you're buying a residence or getting into investment property.

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