Real Estate Foreclosures on Cape Cod – Some Are Good Buys
Real Estate Foreclosures on Cape Cod are often the topic of buyers who are looking for a deal on real estate. The problem is that many of the foreclosures in the past were problem properties. In today’s real estate market, however, there are some special possibilities that could actually be good opportunities.
In July of 2017, there were 32 Order of Notice filings in the Barnstable Registry of Deeds. The Order of Notice is the first publicly formal step in the Massachusetts foreclosure process. By this time, all efforts to work out a solution between the borrower and the lender have stalled at best.
Once the Order of Notice is filed in MA, the borrower can still correct the deficiency, but it becomes harder and more expensive because of added legal costs and fees. Keeping in mind that you are following another owner’s misfortune, researching the recordings in the registries of deeds in MA can help track which properties might provide the best opportunity for a buyer. Finding the face amount of the loan being foreclosed, subsequent or additional loans, orders of conditions, other liens, etc., will be helpful in determining the value of a possible foreclosure.
Once a list of probable foreclosures is acquired, then a physical search and study of their neighborhoods can be initiated. Learning the value of a property on a specific street will be necessary when determining if a foreclosure is worth spending more time on. Choosing to extensively research only those properties that will be financially viable for a new owner, is the key to succeeding in a foreclosure purchase.
There are many other steps to successfully researching and purchasing a foreclosure. The effort can be stressful, competitive, and time consuming. And yet, there are many buyers who love the process as much as the outcome.
If you are an experienced buyer of foreclosures and would like some professional assistance, or if you’re learning and would like some experienced guidance, you’re welcome to contact us. Ask us what the new type of foreclosure is and why we think it is the special class of property to look for. We only ask you to keep in mind – only some are good buys.
Heath & Holly Coker
Robert Paul Properties