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A Guide to Cape Cod Foreclosures

A Guide to Cape Cod Foreclosures

An unfortunate side effect of the current economic climate is a rise in the number of Cape Cod foreclosures.  When finances become a struggle, the vacation home in places like Cape Cod is often the firs tthing to fall, and this results in a number of foreclosures on these homes.  While this is unfortunate for some, it is at the same time a great opportunity for those who are looking to purchase a home in Cape Cod.  Foreclosed homes are often sold at a much lower rate than those sold on the regular market.  Getting an accurate list of Cape Cod foreclosures and finding the right way to go about purchasing one can be tricky, as there are plenty of companies out there claiming to be able to help you get a Cape Cod foreclosed home for a great price.  

Cape Cod foreclosures are usually sold through the bank that has repossessed the home for non-payment of the mortgage.  These banks often use auction services to sell these homes at a reduced rate in order to recover some of their loss and quickly get rid of the liability for the house.  Because the bank is interested in selling fast, these homes can be had at much lower rates than you would normally pay for a Cape Cod home.  This also means that there is a great deal of competition for the homes that do appear on the market as there are plenty of people who are interested in Cape Cod foreclosures.  The best deals on Cape Cod foreclosed homes will go fast.

The internet is a great place to start looking for Cape Cod foreclosures, but beware of scams.  There are many sites that will ask you to pay a fee in order to get access to the foreclosure listings and promise to help you get first crack at purchasing the new foreclosures on the market.  While these are not all necessarily scams, you should be wary of any company requesting that you pay them ot provide you with foreclosure listings.  Odds are very good that they can’t give you anything you couldn’t have obtained for free, and they don’t really have any special access to let you get to a home before everyone else.

Cape Cod foreclosures are much in demand, so you will have to keep on top of the new foreclosure listings.  If you already have a realtor working with you, they should be able to help you to get the listings and jump through whatever hoops are necessary in order to get your purchase bid in on the foreclosed home you want.  If you do not yet have a realtor, you should think about seeking one out who has experience in dealing with foreclosed home auctions.

Cape Cod foreclosures offer many people the opportunity to purchase a home in Cape Cod who might not otherwise have been able to afford it.  There are som pitfalls to searching for a foreclosed home, however, so be certain you are prepared to avoid them.

Photo courtesy of PapaDunes.

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