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How To Buy Foreclosures in New Hampshire: There is no doubt our real estate market is enjoying a lot of buyer activity it hasn't seen in many years. I think it is finally sinking into buyers' heads! There has not been a better time for folks to purchase real estate in my mere fifty years on this earth with inerest rates as low as 4.5% (5/9/2011), zero down payment programs, and an abundant inventory. Foreclosures can become an opportunity of a lifetime if a buyer is willing to put in some work.
BE AWARE: There are financially distressed properties and properties that are physically distressed as well. Your lender and Realtor can give you top advice on re-hab programs like the FHA 203K. This program and others will give buyers an opportunity to see the "potential" in a "less than perfect" home and get money added to the mortgage to make the necessary improvements with only a 3.5% down payment.
Step ONE To Buying A Foreclosure: Ask friends, family, and colleagues where you may find a reputable lender and Realtor. Speak with the lender to get advice and pre-approved for the best mortgage product to fit your budget. Sit with a Realtor who has experience in foreclosure, estate, and short sale transactions and put together a search strategy to satisfy your wants and needs. Have $2,000 in available cash as earnest money for a deposit, home inspections, and appraisals.
Step TWO: 99% of the time they are empty and you can take your time to look over every element of the homes you view. Although you may have time for the viewing, you may not have time to look very long. If you find a good one, don't hesitate to make that offer because you have some competition. Your realtor can help you determine what is a good value and help you in writing a winning offer.
Step THREE (A): Great news! They accpeted your offer! Now is crunch time and the "inspection contingency" in your contract is your friend. You need to have a home inspection done, inspect for zoning, easements, or restrictions on the property, get the property appraised, and finalize your financing all by certain deadlines. If the inspections come back unacceptable you can withdraw the offer and retreive your earnest money deposit. Your Realtor and lender are there with you for the entire process.
Step THREE (B): Home inspection found the home is in fair condition but really needs a new furnace and it can't be financed because the lender won't pay for a home without a heat source. The owner refuses to make any repairs and the buyer still wants the home. FHA 203K saves the day! Estimated range from $6,300 to $6,700 to replace the furnace. Buyer choses the contractor and $6,700 gets added to the mortgage for the repairs.
Example: Home is $180,000 with 3.5% deposit = $6,300 for a deposit with FHA financing.
Home is $180,000 + Repairs $6,700= 186,700 with FHA 203K Re-hab financing 3.5% deposit= $6,535
Only $235 for a new furnace.
New Kitchen: Let's say the kitchen needs updating-Estimate $7,500. $180,000+6,700+7,500=194,200 with a 3.5% deposit= $6,797
ONLY $262 more for a new kithen.
About the Author: Marty Patrizi is a Realtor with Virtual Homes, Inc. Marty has been buying, selling, building, and renovating properties since 1988 and he can help you acheive your real estate objectives efficiently. Marty can be reached at 603-781-4099 or by email firstname.lastname@example.org.
For FREE ACCESS to search all homes for sale in the NH MLS, visit TheNHRealtor
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.