5 Things You Should Know About Buying Foreclosures In Lawrence
Inventory Is Dropping In Lawrence
The first thing you should know about acquiring foreclosures in Lawrence is that the overall availability of foreclosed properties is shrinking. There are fewer and fewer foreclosures every day, and the ones that are available are getting snatched up by cash buyers that move extremely quickly. We can help you locate foreclosures in Lawrence. Give us a call at (978) 228-1068 right now.
Buying At Auction In Massachusetts
Unless you are an experienced real estate investor with a large amount of cash to drop on a property, purchasing foreclosures at an auction is probably not a good idea. At the foreclosure auction, you are not allowed to enter the house nor have it inspected, so if you do win the property, you have no idea what condition the building is in and you may ultimately lose out.
Buying Bank-Owned In MA
You can still get a good deal on a foreclosure if it is bank-owned, but you may have to make a higher bid if other foreclosures are selling fast. This means other people are acquiring foreclosures quickly, and if you really want to get in on this action, you may have to start off with an offer that is close to or at the asking price. If there are multiple offers, you may have to offer higher than the asking price and try to keep the contract contingencies to a minimum if you really want that foreclosure. Remember, location and amenities matter, other foreclosures may be selling quickly if they’re in a great spot.
Get It Inspected In Lawrence MA
In most cases, the seller of a foreclosure is a bank, so there is no traditional seller to make repairs before closing. The bank will not likely fix anything wrong with the home. They are selling it to try to make as much money back on their investment as possible. Make sure you include an inspection contingency so you can hire an inspector if you are making an offer on a foreclosure. That way, you will know exactly what you are getting into if the bank accepts your offer.
Hidden Costs In Lawrence Massachusetts
Buying foreclosures in Lawrence may come with additional costs above and beyond the purchase price and closing costs. If the owner couldn’t make the mortgage payment, you can probably assume he or she did not pay the real estate property taxes or homeowners association fees if the foreclosure is in a community. You might also become responsible for any utility bills, home equity lines of credit, or other liens on the property. Make sure the title company takes these factors into account when preparing the title commitment.
You will also have to take into consideration the additional cost of making the necessary repairs or cleaning when you acquire a foreclosure. There is no cleanup requirement when these properties are seized, and the previous owners might be a little upset about the bank foreclosing on them and take it out on the property. Repairs to the home might also increase the assessed value and raise the taxes.
Sell My House In Lawrence MA
At New England Home Buyers, we make it easy to buy a foreclosure. We can find the perfect one for you! If you wish to sell your house in Massachusetts and it’s a foreclosure, we can acquire it as-is. Whether you’re a homeowner who needs to sell your property or an investor who looks forward to purchasing foreclosures, we are more than glad to help you. We are professional MA home buyers who offer cash for houses in Lawrence and other areas in MA.