Many first time buyers come to me very excited to look at foreclosures. They're willing to put in some time and elbow grease to fix up a property if they can get a pretty good deal on it to start with. They've heard there are a number of foreclosure properties.
One of their first questions to me is....can you show me foreclosures?
Of course, as your buyer agent I can certainly show you foreclosures.
However, there may not be as many foreclosures as you think there are - and many of them may not be suitable for you.
When I provide MLS listings to my buyers, those interested in foreclosures often follow up with where is the site that lists all the foreclosures?
The fact is - foreclosures are listed in the MLS with everything else. The other fact is, in the Canton MA real estate market there are not a ton of foreclosures. There are some but not many. Even in the height of the real estate market downturn, there were not as many foreclosures in our market as there were in other parts of the country.
Buyers reading national headlines are somewhat disappointed to find out that the Canton MA real estate market is not full of foreclosures.
And, the second problem is that many are not suitable for first time home buyers. Most foreclosures are sold "as is" and their condition is such that they are not eligible for FHA financing. FHA has strict condition requirements. While an FHA 203K renovation loan is an excellent option, buyers need to be able to afford to finance those renovation costs - and for many, that amount is beyond what they are able to afford.
So, we're not hiding the foreclosures from you. There is no "secreat list" of foreclosures. There are a few out there and even fewer of those will qualify for your financing. I'll work hard to help you find them but there is just a small supply - just like the rest of the housing market.
No matter what type of home you are looking for, your Canton MA Buyer Broker can assist you with your home search.
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