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Home > Foreclosures in Southern New Hampshire


How Do I Buy a Foreclosure in NH?

When investing in real estate, the best place to put your money is in residential foreclosures. While there are many ways to approach purchasing a foreclosure, the safest route for a first time foreclosure buyer is to utilize the services of a professional realtor.

When a home progresses through foreclosure proceedings a local real estate agent is often assigned the property by the lender, typically a credit union or bank. They become responsible for marketing the home, making sure the utilities are up to date and paid and the investment property is secured. They also make sure any and all repairs are completed.

With a foreclosure there is no seller you can meet with. Most often than not the bank that owns the property will be out of state. So it's wise to obtain a knowledgeable realtor to engage the listing agent in a dialog. This way you ensure that your interests are looked after and you protect yourself from any mistakes that you might otherwise make if you were not properly represented. Additionally, some lenders won't accept offers from unrepresented buyers.

Often it can be a little hard to find foreclosures on your own. Rarely will the listing agent advertise that a property is foreclosed upon through yard signs or newspaper advertisements. A real estate agent with experience in representing buyers interested in foreclosures will know how to look through public records and the Multiple Listing Service (MLS). They'll also be able to network with their peers to find the best investment for you.

What Are the Benefits of Buying a Foreclosure in NH?

The most obvious benefit is that you are buying a property that has to be sold because of an unfortunately situation. Some buyers cite that they think they would feel uncomfortable purchasing a home because of poor circumstances. But this is simply not the case. Most often than not the previous owner wants to wash their hands of the poor investment so that they can move on. Furthermore, the lender wants the exact same thing. A vacant property without a mortgage payment is a substantial loss and it makes the most sense to get rid of the listing altogether, even if it means selling it at a loss.

This often leads to a below market price. While you really need to do your homework when you consider purchasing a foreclosure, the benefits are many.

What Are the Cons of Buying a Foreclosure?

The biggest challenge is purchasing a foreclosure is repairs. Some foreclosed properties may have been abandoned by the previous owner and may need minor to moderate repairs. While an experienced realtor can try to negotiate on your behalf with the bank for either a price reduction or repairs prior to closing you will find that some lenders will only sell a property "as-is." "As-is" is exactly how it sounds. This makes you responsible for any and all repairs you may want.

So it is critical that a professional home inspector reviews your potential purchase prior to closing. Don't be afraid to take a good deal if you see one, though. You can always complete minor repairs or complete finishing touches yourself. There are also many contractors on the market who will bring an "as-is" home up to your standards.

What is a Short Sale?

Selling Real Estate > What is a Short Sale?

What is a Short Sale?

It's simple. A Short Sale is when a lender (a bank or credit union) and a borrower (an individual like you) enter into an agreement to sell a house for less than the amount of the mortgage owed.

A borrower may decide to proceed with a Short Sale in lieu of foreclosure. It is typically not offered by lenders until all other efforts to keep the owner in the home have been exhausted. Read more..

Foreclosure: First Steps

Foreclosure > Foreclosure: First Steps

Receiving a foreclosure notice in the mail is a pretty scary thing. It's very easy to feel like you have the whole world on your shoulders. But it happens every day. In 2009 2.8 million properties received foreclosure notices.

That's really grim news!

About two thirds of those notices don't result in foreclosures, though. This is a very surprising fact! How can this be true in today's tough market? Read more..