New Hampshire foreclosures and Short Sales, Buyer & Seller tips.

28 Jan 2012 Leave a Comment

by Don Goudreau in New Hampshire Real Estate Tags: Concord NH homes, Concord NH Realtor, Derry NH homes, Derry NH Realtor, Hudson NH homes, Hudson NH Realtor, Londonderry NH homes, Londonderry NH Realtor, Manchester NH homes, Manchester NH Realtor, Merrimack NH homes, Merrimack NH Realtor, N H realtor, Nashua NH homes, Nashua NH Realtor, New Hampshire, New Hampshire Homes for Salem, NH bank owned, NH condos, NH foreclosures, NH Home Sales, NH NH home sellers, NH property values, NH real estate, NH rentals, NH short sales

Foreclosures:

As a buyer you may be seeing more and more bank owned homes coming to the market.
Here is a brief description of some of the distressed home types on the market today:
Bank Owned: These are homes either foreclosed upon by a bank or picked up at an auction by the bank.
Fannie Mae Properties: These are homes that are owned by this quasi-government lender.
Freddie Mac: Homes owned by this quasi-government lender.
Auction Properties: These are not foreclosed upon but are in a pre-foreclosure status
It is best hiring a real estate agent to represent you in a foreclosure purchase.
They can get complicated and there are disclosures and addendums that apply.
Late fees will apply to the buyer if you can’t close on the property within the allowed period.
The fees can often be $100 to $150 per day charged to the buyer.
Inspections are allowed but the home is sold as-is and the buyer could be on the hook to de-winterize the home and re-winterize the home per bank rules. The lender will sometimes offer a 2 year home warranty if you use their finance package.
Why view and purchase foreclosure properties?
It is because there are some well priced homes on the market.
Sure very often they will need repairs but you can often pick up bank owned homes at a significant reduction off fair market value. With some elbow grease and a small investment you can make a great investment.

Short Sales:
For Sellers:
Being behind on your mortgage can be a real struggle and a frustration.
The reminder of you bills aren’t going away either, you may feel you run out of money before you run out of month. Being proud of all you have done to maintain a decant credit history and score you may feel like you are one or two paychecks away from total financial disaster in spite of a good track record.
God forbid you have unexpected expenses pop up. You fully intend to get caught up with the mortgage payments and get ahead of the bills but you may be wearing weary of the battle. Fear not there is hope.
Don Goudreau (NH Realtor) has helped over a dozen families over the last 3 years to successfully negotiate a short sale with little or nothing to pay back in order to get of a loan they no longer could afford to make anymore.
If you have been struggling for 12 months in a row you may have to decide if you could realistically every catch things up and get ahead of your bills. If you are looking for an answer and want to discuss all your options and weather a short sale is right for you please request information and request an in-home analysis on how to best deal with our pre-foreclosure options. Don will be happy to go over Loan modification options, deed in lieu of foreclosure and short sales and do a free in-home market analysis.
For Buyers:
The key to buying a short sale is don’t even entertain entering into an offer on one unless you can be truly patient and it could take 1-3 months or more from when the offer is made to get an approval from the bank.
After approval is issued they allow 30-45 days to close.
You do risk that the sellers may not like the terms of the back short sale acceptance letter and they could reject the deal.
The odds are though that in most cases the sellers will agree to the terms.
So the short sale option is ideal for the buyer that can be very patient waiting for the deal to go through in order to get a very good price on the home they truly want.

To schedule a free buyer or seller consultation simply request an in-home consultation with Don Goudreau, Realtor. www.dongoudreau.com