Tewksbury Foreclosures
Bank-Owned Properties
A foreclosure is a type of property in Tewksbury that can be very rewarding but also provide some unique challenges that are unlike anything you'll find with other real estate transactions. Home values in this town average $409,787, representing a 4.2 percent increase, as well as anticipated increases in prices over the next year or so.
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Only 1.4 percent of properties have delinquent mortgages, a lower rate than in the rest of the U.S. overall. Because there is a lot of competition for these properties among buyers, you'll want to act quickly. Otherwise, you could miss out on an opportunity that won't come along again that quickly.
Most of these properties are already vacant, and there will not be a chance to request repairs before the sale completes. However, if you've always wanted to buy a property to fix up or renovate, the lower prices for foreclosures will make it easier for you to fit these upgrades into your budget.
A common misconception that many people have is that bank-owned properties only include fixer-uppers or houses in bad condition. However, properties of all kinds end up being foreclosed, including:
- Newer-construction single-family homes
- Condos with recent upgrades
- Undeveloped land
- Commercial or retail properties
You don't need to feel as though you're left with too few options when you seek out these types of properties. There are enough properties available that you should be able to find something to suit whatever your needs are.
One good thing that you can keep in mind is that you'll have plenty of notice of properties available with our listings. Another advantage of browsing the listings to see what's available is easily touching base with one of our real estate professionals if you have any questions.
Short Sales
You might have a good chance of lucking into a unique transaction known as a short sale. These sales involve a lender giving the homeowner permission to sell the property for less than they owe on the total mortgage amount, also opening the possibility of getting the property for well below the market value.
A short sale works a bit differently from a foreclosure but can be just as viable an option for finding a property at a reduced price. Understanding how these sales work can help you better decide if this is something you want to pursue in your search for a property.
You will need to remember that, like a foreclosure, a short sale involves buying a property as it is. If you're equipped with a lot of helpful information before you take steps towards buying a property, you'll have a better chance of making an offer on the right property for your needs.
A pre-approval will help make the process easier for you all around by signaling to the seller that you're in a good position to make a genuine offer on the property. Another way to show that you have a viable offer is to pay in cash.
When you're going through the steps to complete one of these sales, expert representation is essential to make sure everything turns out as you expect. One of our real estate experts will not only answer all the questions you have but will handle the process to ensure that every last detail is taken care of.
Geographic Information
With a population of nearly 29,000, Tewksbury is a small town you can find in Middlesex County. Two noteworthy points of interest are the Merrimack and Shawsheen rivers, both of which help form the northern and southern town boundaries. The Concord River also runs along the boundary with Chelmsford.
Bordering cities and towns for this small community include:
- Lowell
- Dracut
- Andover
- Wilmington
- Billerica
- Chelmsford
Although close to Boston at 19 miles away, the town also makes up part of the Lowell metropolitan area. The location is most convenient to I-495 and I-93 both running through town. Bus service from the Lowell Regional Transit Authority provides quick service to the MBTA commuter rail station.
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