Why Be Afraid Of Foreclosures in NH

Foreclosures In NH

Searching for homes in NH can be hard especially for a first time home buyer because often they qualify for smaller mortgages.  Many homes in the lower price ranges are foreclosures.  Often those foreclosures in NH are not only financially distressed homes but they are also physically distressed homes.  Not all foreclosures are physically distressed or in the lower price ranges.

Don't Be Afraid

When searching for foreclosures in NH, it is a good idea to hire a Realtor who has experience in foreclosure transactions.  A Realtor who has foreclosure experience knows how to find foreclosures in NH and is familiar with how the process works and the process is much different than a regular private sale.  When a bid is submitted and accepted, the time clock starts ticking and now the buyer and Realtor must perform all the due diligence of discovery with respect to researching the registry, town records, and hiring a licensed home inspector to uncover any problems with these homes.

Be Aware

Normally, bank owned properties in NH are sold "AS IS".  This means that if the property has any defects, the buyer is taking it the way it is and the banks will not be performing any repairs.  If your licensed home inspector uncovers defects that are beyond your scope of comfort, you can ask to have your contract nulled and have your earnest money deposit returned.

FHA 203K Saves The Day

The Federal Housing Administration 203K Rehab Loan program presents buyers with a fantastic opportunity to purchase that "less than perfect" home and get money added to their mortgage to handle repairs and updates.  It can mean the difference between finding a home that will suit your needs and actually having the home transformed into a home you love.   Homeowners can refinance with the FHA 203K and get money added for repairs, updates, and additions.  The beauty of this program is that buyers make only a 3.5% deposit for these loans.  Repairs and updates can amount to some significant money and with the FHA 203K, buyers only have to come up with a small fraction of that for their deposit.  For more information on the FHA 203K Rehab Loan, Visit => FHA 203K

About the Author:

Marty Patrizi is a full service New Hampshire Realtor at Virtual Homes, Inc. and his emphasis is on "service".  Marty works as a Buyer Agent and a Listing Agent.  Marty is also a building and renovation Contractor since 1988.  As a buyer's agent, Marty's extensive construction experience puts him ahead of other buyer agents because he has the ability to determine value and costs related to repairs and updates needed.  As a seller's agent, he knows that buyers come from searching on line and how to generate more qualified buyers through maximum exposure of his client's properties on the internet.  Marty can be reached direct at 603-781-4099 or by email marty.patrizi@virtualhomes.com.