The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell
Several people have asked me what has happened to all the properties in Lowell that experienced foreclosure auctions during the past few years. In almost all cases, the buyer at the auction is also the foreclosing lender, so that entity becomes the owner of the property until it can be sold to a third party. Our initial investigation reveals that these properties take on average 29 weeks after the foreclosure to be resold and that the resale price is a startling 36% lower than the owner who lost the property to foreclosure paid for it in the first place. While the lenders selling these properties might have a variety of motives to discount the price and move the properties off their books quickly, such low sales prices will undoubtedly have a detrimental impact on non-distressed sales.
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