Home Buying in Sandwich>Question Details

Jay, Home Buyer in Sandwich, MA

Any special advice about purchasing a second home, vicinity of 6A, Sandwich to mid-Cape?

Asked by Jay, Sandwich, MA Sat Jun 20, 2009

In this distressed market, are foreclosures and bank-owned homes a good choice for second homes? Why or why not?

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Answers

5
Both previous answers are on target. Not all foreclosures/bank owned/short sales need work. However, the true answer can only come from you if you are cosidering doing extensive work. You will need to truthfully evaluate your patience, cost of any and all repairs/upgrades, your true talent if you are going to do the work yourself and how you want to spend your time. Those who are willing to spend the time and money can get a good deal on a rehab property. Others want to find a home that is in good or better condition and start to enjoy it right away. Also, depending on where you live full time, you may want to consider a home watch service, which you should factor in upfront as well. Happy hunting.
1 vote Thank Flag Link Sun Jun 21, 2009
Walt's answer was a good one. One other fact to keep in mind in the areas surrounding 6A. You may have to deal with the Historical Commission if any renovations or outside painting needs to be done. You also will run into marsh areas in some sections and that will impact renovations, especially additions.
With that in mind, that area, thru Sandwich and Barnstable, is lovely and worth exploring.
Good luck with your search.
1 vote Thank Flag Link Sat Jun 20, 2009
Usually, you need to be prepared to spend a bit more for properties around 6A BUT if you are looking for a second home than you can be selective and bide your time. Short Sales and Bank Owned properties are usually a good choice as you can certainly get them below market price. If they need to be repaired, updated or rehabilitated entirely you can take your time and use resources sparingly. Doing a lot of the work yourself is also a benefit as the labor costs would be saved and you are only looking at material costs for the most part. By the way, there are not a lot of these properties along 6A at this time.
1 vote Thank Flag Link Sat Jun 20, 2009
Hi Jay- Have you ever owned a 2nd home before? There are a number of things to consider- if you are not used to it. How far away are you from it? Is it something that you would have to have a local property manager take care of and maintain, or are you close enough and handy enough to deal with that stuff yourself??
If you are looking at a bank-owned, ask the listing agent if all the water supply lines are still there. Many thieves steal copper water pipes from foreclosed homes.
Will you need financing? If so, the place really needs to be in liveable condition to qualify. Unless you want to go with a niche loan.
If you need any other help, please contact me. Thanks and good luck,

Ken L.
0 votes Thank Flag Link Fri Feb 5, 2010
They really are and foreclosures in Barnstable County are on the rise as many 3/1 and 5/1 arms written years ago baloon. Consider location, cost per sq/ft. and rehab costs carefully, and don't overlook the taxes
in Sandwich since this may be the deal breaker. If this is the case, look one town south in Mashpee.
0 votes Thank Flag Link Thu Feb 4, 2010
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