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Our Framingham, MA real estate website provides a wealth of information for home buyers and home sellers. Below, you will find information on the history and culture of Framingham as well as links to more detailed information such as demographics and schools. You may view a virtual tour, search homes for sale, and access information on different types of properties such as condos, farms, foreclosures, and vacation homes. This website will give you everything you need to buy or sell a home in Framingham, MA.
Virtual Homes is a full-service residential real estate company dedicated to providing a wealth of real estate and local community information to home buyers and home sellers. Our agents are ready to assist you with all of your real estate needs.
Framingham MA Community Profile & History
Framingham, Massachusetts is a diverse community located midway between Boston and Worcester. The hub of the Metrowest region, Framingham offers a unique blend of urban and rural qualities along with excellent public services and a well-respected school system.
The town has a wide range of housing opportunities and a large retail base for residents to enjoy. The vibrant retail area along Route 9 lies near quiet residential areas and the town common. The community's historic strengths have been its location and its people.
Situated along the Old Connecticut Path, a Native American trail from the Massachusetts Bay to the Connecticut River Valley, the area was first settled by Englishman John Stone in 1647. In 1660, Thomas Danforth, an official of the Bay Colony received a grant of land at "Danforth's Farms"; his holdings would eventually total more than 15,000 acres. In 1700, a year after his death, a town was created from Danforth's lands and named after his birth home of Framlingham, Suffolk. Why the "L" was dropped for the new town's name is not known.
In the years prior to the Civil War, the town was an annual gathering-spot for members of the Abolitionist movement. Every Independence Day from 1854 to 1865, the Massachusetts Anti-Slavery Society held a rally in a picnic area called Harmony Grove near what is now the town center. At the 1854 rally, William Lloyd Garrison burned copies of the Fugitive Slave Law of 1850, judicial decisions enforcing it, and the United States Constitution. Other prominent Abolitionists present that day included William C. Nell, Sojourner Truth, Wendell Phillips, Lucy Stone, and Henry David Thoreau.
From its founding in 1700, the community has supported a variety of industries. The mills and factories that flourished in the region encouraged the growth of the Saxonville area and the downtown. Currently, the major employers are primarily non-manufacturing and include medical, retail, educational, office and biotechnical industries.
Community residents value public participation; Framingham is the largest Massachusetts municipality with a town meeting form of government. The town offers recreational activities of all sorts for its residents, from the many organized sports leagues to the nationally renowned Garden in the Woods.
Framingham Massachusetts Community Information
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Different financing alternatives are available depending on whether you are purchasing a single family, condo, multi-family, or investment property. Understanding the pros and cons of each may help you decide which option is the best for you. Speak to our buyer agent professionals and mortgage partners to understand and evaluate your options.
Framingham, MA Real Estate Market Statistics
The following information was extracted from the state-wide MLS system and its accuracy is not guranteed.
Framingham Single Family Home Sales Trends:
| Year Days on Market #Sold Average Price Lowest Price Median Price Highest Price |
2006 98 498 $408347 $200000 $375000 $1315000 |
2007 104 472 $393556 $185000 $360000 $1385000 |
2008 118 469 $350153 $70000 $329000 $1550000 |
2009 106 442 $321227 $62500 $300000 $1712500 |
2010 93 429 $322233 $58000 $305500 $1075000 |
Average Selling Price of Single Family Homes in Framingham
| 2006 |  $408347 | |
| 2007 | $393556 | |
| 2008 | $350153 | |
| 2009 | $321227 | |
| 2010 | $322233 |
Framingham Condominum Sales Trends:
| Year Days on Market #Sold Average Price Lowest Price Median Price Highest Price |
2006 86 185 $204329 $52500 $204000 $371000 |
2007 113 125 $203411 $57000 $199400 $453000 |
2008 138 158 $122931 $35000 $94750 $325000 |
2009 142 173 $105085 $30000 $85000 $272000 |
2010 111 141 $131518 $31000 $120000 $313300 |
Average Selling Price of Condominiums in Framingham
| 2006 | $204329 | |
| 2007 | $203411 | |
| 2008 | $122931 | |
| 2009 | $105085 | |
| 2010 | $131518 |
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Framingham MA Foreclosures and Bank Owned Homes Buying Guide
Framingham MA foreclosures, bank owned and REO (Real Estate Owned) are terms commonly used to describe properties that are owned by a lender (investor, financial institution; typically a bank), after an unsuccessful sale at a foreclosure auction or property obtained by a "deed in lieu." The lender will then resell the real estate by direct sale or market their inventory through a Realtor. Buyers often benefit by purchasing Framingham MA foreclosures as the lender's interest is to dispose of the asset quickly and aggressively price them to reflect market conditions.
The foreclosure process begins when the homeowner defaults on their mortgage. The first step for the lien holder(s) is to obtain the right to sell at auction. In MA, this process takes a minimum of 75-90 days and if the homeowner contests the process in court or files bankruptcy the delay can be significant. Go to Framingham MA foreclosures and register to receive a list of distressed real estate.
Framingham Short Sales - Buying at Pre-Foreclosure
There are cases where a Framingham Massachusetts home owner will attempt to sell their home before the bank forecloses on the property. The home owner is either already behind on their mortgage payments or will not be able to sell for a price that the net proceeds and additional resources would cover the balance owed on their mortgage. This is commonly referred to as a short-sale and requires the lender's approval. Obtaining approval can be a long and frustrating process. Additionally, there is no assurance that the lender will accept an offer at or above the listed price or any viable contract presented.
If the Framingham homeowner has entered the HAFA program (Home Affordable Foreclosure Alternative) offered by the US Treasury Department, the process is streamlined and offers the lender, homeowner and potential buyer additional incentives. Home buyers have a better chance of purchasing the property if a Seller is participating in this program. Lenders are in different stages of implementing this process and it is important to verify this information.
Massachusetts Foreclosure Law
In Massachusetts, non-judicial foreclosure is the most common method; judicial foreclosure is rarely used. Lenders usually have a power of sale clause and must abide by stringent notice requirements. If a homeowner files for bankruptcy, the court can overturn the foreclosure sale if sold for less than market value. Therefore, lenders in Massachusetts proceed carefully and follow the requirements set forth in the law. Review Massachusetts Foreclosure law for government legislation about MA foreclosures.
Buying Framingham Massachusetts at Foreclosure Auction
For most potential buyers, purchasing at a foreclosure auction is a "risky" undertaking and, in most cases, they will opt to purchase from the lender after the auction. Experienced investors understand the process and may have success in taking the risk. As a result, not many Framingham MA foreclosure auctions end with a bidder being successful with an accepted offer. The lender takes back the title and takes possession of the property. The property is now "bank owned" and is often referred to as REO (real estate owned).
Framingham Bank Owned or Foreclosed Real Estate
After a bank (lender, financial institution) forecloses on the property (after an unsuccessful auction), they mitigate items owed by the prior borrower, such as homeowner association fees. The lender also attempts to remove any tax liens against the property. If the property is occupied, the lender will make arrangements for the owner or tenant to vacate by eviction or with financial incentives. The property is cleaned and minor repairs are made to the property. The lender hopes to obtain a higher net sales price with minor improvements.
Banks want to sell foreclosed property quickly because they don't want to tie up their money in these non-performing assets. Additionally, managing a foreclosed property may see further reductions in value and is a "headache". Lenders that have significant REO inventory often have a separate department to manage their inventory. In most cases, the lender will list their foreclosures with Framingham real estate agents who market and manage the property. Buyers have the opportunity to view, investigate and inspect the property prior to final agreement to purchase. Lenders often market property "as is" which puts the potential buyer on notice as to the lender's position on minor repairs. Go to Framingham MA homes for sale to search all listings currently for sale in the MA MLS.
State and Federal requirements regarding property disclosure must be followed by lenders. They usually disclose that they have no knowledge of the property and can make no representations as they have never occupied the property. Banks may or may not provide owner financing on their REOs but in most cases, this would apply only to property that was in very bad condition. Property that has major structural defects or will require extensive repairs will be the buyer's best value.
Buyers with accepted contracts have the option to conduct full home inspections even though the property is being sold "as is". If major problems are found, the lender usually will negotiate to either a substantially lower price or make the repair. Generally, negotiating with a lender is an easier process than negotiating with a homeowner. Lenders are typically unemotional about the process and are interested in making a "good business" decision for the company. It is not in a buyer's best interest to attempt to renegotiate a contract over trivial items that were disclosed or obvious prior to negotiation of the contract. A Framingham MA bank owned property isn't always the best value for a consumer.
Negotiating a Contract for a Framingham Property
Before submitting an offer, have your agent contact the listing agent and ask typical questions you would ask of any seller and some additional ones such as: Are there any documented inspections? Has the lender agreed to any repairs not completed? Are there required bank addendums? How quickly will the lender respond? How is the offer negotiated?
Since lenders do not typically work on weekends and due to the volume of REO inventory, the negotiating process may take longer and create frustration for the buyer. Make sure that your offer contains your "credit" approval which demonstrates your qualifications as a buyer as the lender is more motivated to negotiate with a qualified buyer. Understand that lenders will sell at "fair" market value and do not expect "fire-sales" that you have seen or heard of in the media. As mentioned earlier, properties that need substantial structural and mechanical repairs will be negotiated aggressively. There are fewer buyers qualified to buy these properties so lenders will offer greater discounts.
Virtual Homes real estate agents will assist you in the purchase of Framingham MA foreclosures and bank owned real estate for sale. In addition, as a Buyer's agent we represent your interests in the property search, research, negotiations, home inspection and closing of the transaction.