My New Blog

Dracut, MA

Situated between Lowell and the New Hampshire border, the Town of Dracut has experienced substantial growth from its early industrial roots. While some rural areas survive on the town's outskirts, Dracut has become a residential suburb with commuter access to the major highways and metropolitan areas in the Merrimack Valley and beyond.

In the 1600s, Dracut was founded as part of the Wamiset Praying Town, one of the areas set aside by European colonists for Christianized Native Americans. Once established as a town in 1701, Dracut's main industry became lumbering and lumber milling. By the mid-1800s, the milling industry expanded to produce cotton textiles and paper. As residents spread out from the nearby city of Lowell and the Merrimack Valley's commuter population increased, Dracut saw rapid housing development in the 20th century. Now the town's current population sits around 28,000, and commuters enjoy easy access to Routes 495, 93, 3 and 38.

As Dracut has grown, so has the school district. Dracut Public Schools currently serve over 4,000 students in 4 elementary schools (preK-4), one intermediate school (5-6), one junior high (7-8), and one high school (9-12).

With a modern suburban feel, Dracut also retains some of its historic charm and provides a variety of recreational activities year-round. Several historic homes still exist, including the Coburn/Cutter House that dates from 1700 and now is used as the site of annual crafts fairs. Recently the town began celebrating Dracut Old Home Day and Firefighters' Activity Day each September, which brings together crafts, food, and a variety of family activities. Dracut supports an active recreation department that sponsors many sports teams and youth activities including skiing and day camp. Only a few miles from downtown Lowell, Dracut residents can easily take advantage of the cultural opportunities and sporting events Lowell has to offer.

Several state forests and parks lie within 15 miles of Dracut, including the 1,140 acre Lowell-Dracut-Tyngsborough State Forest. The forest, a probable site of a Native American village before colonial settlement, has 180 acres of protected ponds, swamps, and wetlands and six miles of trails offering hiking, bicycling, horseback riding, cross-country skiing, and snowmobiling. The Lowell Heritage State Park, situated along the network of canals and mill buildings that remain from Lowell's 19th century industrial boom, combines recreational opportunities with historical exhibits and canal rides.

Sources:

www.city-data.com/city/Dracut-Massachusetts.html

www.mass.info/dracut.ma/about.htm

www.city-data.com/us-cities/The-Northeast/Lowell-Recreation.html

Bank Owned

There is a lot of interest and opportunity with bank-owned/REO properties these days. REO stands for “Real Estate Owned”. These properties have already gone through a foreclosure sale and now are owned by the bank. The banks hold these properties on the liability side of their balance sheet under the line item, Real Estate Owned, which is where they get their name.

Unlike buying a home at a foreclosure sale, an REO property will be free of tax-liens and occupants and generally come with title insurance and the ability for a buyer to perform a home inspection as a contingency of the sale. Homes bought at foreclosure auction are sold “AS IS” and without the benefit of a satisfactory home inspection or finance contingency. For most buyers, an REO property is a better and safer way to buy foreclosed properties.

Not all REO properties are good deals as is so often thought. When considering an REO property, a buyer needs to carefully consider the asking price, the comparable properties in the neighborhood, and how much money is required to put into the property for improvements. Chris Tryon can help you find and assess REO properties.