Dover NH Real Estate Sold This Week 6/23/2012

Just one home sold this week.  It was one of Dover's fastest selling homes.  Buyers are hungry for new homes that are priced right because doing the research has shown me that most of the homes that sell with the least days on market are newer homes.

 Three bedrooms, three baths, attached double garage, 1,836 sqft

.86 acre,  Sold $269,900  4 Days on Market

 Dover NH Real Estate Under Contract

69 properties have accepted offers and their average asking price is $265,131.  2 properties are pending closing soon.  There are currently 200+ single family homes and condos for sale in Dover.  Take a look at the => 8 Dover NH New Listings that came to market this week.

What About Foreclosures For Sale in Dover

It's not easy to find all the foreclosures listed for sale.  Sometimes that is a factor of how the listing agent "codes" the property when it is entered into the MLS.  Sometimes they are deliberately not "coded" as a foreclosure due to the fact that it is advertising a vacant property that theives may want to target. There have been a large number of copper thefts where theives break in and steal all the copper pipes and copper wiring.  Take a look at this partial list => Foreclosures For Sale In Dover

Seven (Or Eight) Steps To Buying A Foreclosure

Step One:   The first step is the same as getting ready to make any real estate purchase.  If you are paying cash, you must have a manager's letter from your savings institution stating they have sufficient funds for the purchase.   If you are borrowing money to make the purchase, you must have a Mortgage Pre-approval Certificate from your lender stating you can borrow enough money for the purchase.

Step Two:  Unless you are a savvy and experienced investor, you'll want to hook up with a reputable Realtor who has specific experience with foreclosures.  Every lender or holder of foreclosed property has specific procedures for showings, offers, and contracts.

Step Three:  You and your Realtor scour the MLS and various other web sites to find the foreclosures for sale.  The above linked list is only a partial list of foreclosures for sale in Dover.  When you find one that you are interested in, your Realtor will schedule a showing and attend it with you.  Many financially distressed properties are also physically distressed.  You'll have to make a fair assessment of the work that needs to be done and factor that into what the after repaired value may be in order to formulate a winning offer.  Your experienced Realtor is trained to help you do this.

Step Four:  After viewing the property and condition, you want to make an offer.  Here is where the procedures are different.  Depending on who the seller is, offers can be written and submitted to the listing agent or submitted on line through your Realtor.  Hopefully your offer is accepted and if so, the real work is just starting.

Step Five:  Inspections:  It is highly recommended that you hire a licensed home inspector who is trained for this kind of work (not Uncle Joe).  Any latent defects that might have been missed in the general walk through will be outlined by the inspector.  If the home has a well, the water quality will have to be established for your lender.  If the home has a septic system, you'll want to have it inspected as well.

Step Six:   Due diligence: You'll want to make sure that there are no hidden liens, encumbrances, or other restrictions on the property that would prohibit your enjoyment of the property.  You and your Realtor can determine most of these with a trip to the County Registry and/or Town Hall and looking through the property file.  

Step Seven:   Assuming all inspections and restrictions have been satisfied, get your financing finalized and get to closing.

Step Eight:  Suppose their are problems with the property that won't satisfy the lenders crieria.  (NOTE:  The buyer has to qualify for a mortgage but so does the house.)  Let's assume the house needs a new furnace and the seller is not able or willing to replace it but other than that, you still want to buy it.  The lenders won't lend money on a house with no heating system.  Here comes the Federal Housing Adminstration to the rescue.  Through a program called the FHA 203K, buyers can get money added to the mortgage for repairs, updates, additions, and more.  With contractors in place and the FHA 203K approved, go back to Step Seven.

This report brought to you by Marty Patrizi Realtor at The Bean Group.  For more information, Marty can be reached direct at 603-781-4099 or by email marty.patrizi@beangroup.com.  Who is => Marty Patrizi