If You Are Looking for a Deal in Central Massachusetts, You'd Better Act Quickly
Over the past couple of weeks, I've been out with a number of buyers who are looking for deals. They want foreclosed properties, and they think they can get them for a great deal. It is true that foreclosed homes are usually priced below market value and can represent wonderful real estate bargains.
But what these buyers are not factoring into the equation is the fact that they are not the only buyers out there looking for deals. Along with first-time buyers who are extremely motivated, the buyers are facing competition from real estate investors. Investors who have cash in hand.
Foreclosed properties often are in need of repair. They have been sitting vacant for months and have had no one to maintain them. Often, the previous owner (who lost the house to the bank) damaged the house. Sometimes buyers who need to obtain a mortgage simply can not get financing for this type of home.
I've submitted four offers recently that were just a couple of days late. Another party had already submitted an offer and the bank had accepted it. My buyers had wanted to wait to see if the price would come down even more, and they lost out by playing the waiting game.
If you are looking for a deal, look hard and fast my friends. The real estate deals are flying off the market here in Central Massachusetts.
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Text and photos copyright Kathryn J. Acciari unless otherwise noted.
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Kathryn Acciari, RSPS, SRS, RESE, CFA
Century 21 MetroWest
45 Lyman Street Suite 14
Westborough MA 01581
Serving the Route 9/20 Corridors of Central Massachusetts
Sturbridge to Westborough
Cell: (508) 982-0686