Buying a bank owned property ~ delays galore
March 11, 2010 by Monika McGillicuddy
Filed under General R.E. Information, Home Buyer tips, Home Seller tips
Bank owned property closing delays!
Sometimes when you buy a bank owned home you might actually close on the home and not get the keys or be able to move in.
Karen Kelley from Brokers Title and Closing company explains on the Verani Blog why there are so many delays when buying a bank owned home.
Foreclosing banks are located all over the country, and they hire asset management companies to assist them with their huge inventory of foreclosures. The asset management companies, who are also not generally local, hire more local firms to coordinate the closings. Because of this multi-layer process and the time zone constraints, delays in closing are typical of these transactions. The local firms require at least a 48-72 hour HUD review prior to closing, and will not allow deed recording nor possession of the property until the HUD is approved by their client, the foreclosing bank.What does this mean for you, the buyer? Read more…
If you are financing your purchase, your lender must give a “clear to close” and send us a closing package so that we may prepare the HUD settlement statement and send it to the closing firm within their required timeframe. Even if the HUD statement is sent to these folks within the timeframe required, they will not guarantee their client, the foreclosure bank, will approve the HUD the day of the closing. This often results in you, the buyer, signing your documents in “escrow” pending final approval of the HUD. An escrow closing means that the deed cannot be recorded nor possession granted until the approval is received.
Broker’s Title & Closing, LLC is committed to providing exceptional customer service and has extensive experience and expertise in closing these foreclosure properties. We want to prepare you with knowledge of how these properties work and make sure the expectations are clear on the process of purchasing a foreclosed property. We will work diligently with the local firms providing constant communication throughout the process to ensure the smoothest, most successful closing process possible.
Call Jay or Monika…. Now
If you’re in the market for a bank owned home and want to take advantage of the Tax Credit which expires on April 30 2010…call us NOW or it will be too late!
Call Monika at 603-548-7728 or Jay at 603-548-7685
Confused about the Tax Credit…watch this short very humorous video form WAHomeownes.com
New Hampshire Real Estate Blog
Jay and Monika McGillicuddy, NH REALTORS
Prudential Verani Realty
2 Main Street Hampstead NH
603-327-0246 direct line
603-434-2377 office
Monika cell 603-548-7728
Jay cell 603-548-7685
$8,000 tax credit ~ the clock is ticking
February 13, 2010 by Monika McGillicuddy
Filed under Home Buyer tips
$8,000 tax credit ~ the clock is ticking
Most people think they have plenty of time or that the tax credit will be extended again. But it’s highly unlikely that it will and the clock is rapidly ticking!
April 30 2009 is the deadline to be in contract
You need to be in contract by the end of April and that is a very short two months away! If you’re looking to buy a home and want to take advantage of the tax credit call me!
Monika McGillicuddy, NH REALTOR
603-548-7728
Don’t wait… low interests, plentiful inventory and the tax credit makes it a perfect time to buy.
New Hampshire Real Estate Blog
Jay and Monika McGillicuddy
Prudential Verani Realty
2 Main Street Hampstead NH
603-327-0246 direct line
603-434-2377 office
Monika cell 603-548-7728
Jay cell 603-548-7685
NH Bank Owned questions answered ~ Video
December 16, 2009 by Monika McGillicuddy
Filed under General R.E. Information, Home Buyer tips
NH Home Buyer Questions about Bank Owned Homes
Jay and I often get questions about buying bank owned homes and while there are cautions galore a prudent buyer can take advantage of some fantastic opportunities. Coupled with low prices, great interest rates and a home buyers tax credit makes this the best time to buy in years.
What should I look out for when buying a bank owned home in the winter?
New Hampshire Real Estate Blog
Jay and Monika McGillicuddy
Prudential Verani Realty
2 Main Street Hampstead NH
603-327-0246 direct line
603-434-2377 office
NH October Real Estate Market update ~video
November 22, 2009 by Monika McGillicuddy
Filed under General R.E. Information, Home Buyer tips, Home Seller tips, Videos
Whats happening in the New Hampshire Real Estate market
October stats were just released by the New Hampshire Association of REALTORS and the numbers are encouraging!
New Hampshire Real Estate Blog
Jay and Monika McGillicuddy
Prudential Verani Realty
2 Main Street Hampstead NH
603-327-0246 direct line
603-434-2377 office
$8,000 tax credit ~ extended and expanded
November 6, 2009 by Monika McGillicuddy
Filed under General R.E. Information, Home Buyer tips
Home Ownership
Home Ownership
$8,000 tax credit ~ extended and expanded
Great news for home buyers and sellers alike. The $8,000 tax credit for first time home buyers has been extended to April 30 2010 and a new $6,500 tax credit for homeowners who have used the home being sold as their principal residence consecutively for 5 of the previous 8 years.
This will bust open up the real estate market!
This will bust open the real estate market as it will encourage the move up buyer to take the leap! As long as a binding purchase contract is written by April 30 2010 the purchaser has until July 1 2010 to actually close on the property.
Income Limits raised!
The income limits have been raised as well which will include more people:
$125,000 – single
$225,000 – married
Limitation on cost of the home being purchased is set to $800,000 and that sure can buy a lot of home.
Prices-Rates and Homes – all the ingredients are there
Prices are fantastic and interest rates are incredible couple that along with the tax credits and buying a Southern New Hampshire home becomes a must do. All the ingredients are there and now all you have to so is pick up the phone and call 603-548-7728!
Click the link for a comparison chart of the old tax credit compared to the new tax credit
Call your southern NH REALTOR
Call your southern NH REALTOR, me of course, and set up an appointment to discuss how the $8,000 tax credit can impact you or learn how it can benefit you to sell your southern NH home.
Jay and Monika McGillicuddy, NH REALTORS
603-548-7728 or 603-548-7685
New Hampshire Real Estate Blog
Jay and Monika McGillicuddy
Prudential Verani Realty
2 Main Street Hampstead NH
603-327-0246 direct line
603-434-2377 office
Buying a Southern NH Bank Owned home
October 5, 2009 by Monika McGillicuddy
Filed under General R.E. Information, Home Buyer tips, featured
Southern NH Bank Owned Pitfalls
We often get asked questions about buying southern NH bank owned homes and what potential pitfalls there could be. While it’s hard to know in advance exactly what you’ll face, being prepared for almost anything is a wise idea. Some bank owned homes offer excellent opportunities for the prepared buyer and others can be a nightmare. With the $8,000 tax credit expiring soon many buyers are out actively trying to find a home and ban owned homes are very tempting.
I published this article back in April and thought it might be wise to republish it.
Pitfalls of Buying a Southern New Hampshire Bank Owned Property
There are a few pitfalls when buying a New Hampshire Bank owned property that you should be aware of. Currently the Bank REO (real estate owned) side of real estate is thriving. There are literally hundreds of bank owned homes on the market in New Hampshire and more coming daily.
A recent question sent to us via e-mail really had me thinking that maybe people really don’t know the risks involved.
This is part of an e-mail question I received…
“We found a two year old foreclosure home that appears in great shape. I know that looks can be deceiving. Anyways, the Owner/Bank only has “As Is” on all the disclosure paperwork and not allowing me to have an inspection done. By the way, a few weeks ago they finally went to de-winterize the place and found out that the furnace wasn’t done correctly and now needs replaced. Is there a requirement that I can find out what is “As Is”???”
My answer is… I’m not an attorney and you might want to hire one. But let’s look at “As Is” from my real estate agent perspective. Repeat after me…Monika is not an attorney, she is not advising anyone…get an attorney if in doubt.
Okay now “AS IS” usually but not always means that the Bank/Seller mostly likely has never lived in the home and is clueless about its condition.
Typically the buyer has the right to have a home inspection by a qualified person within a specified time frame. “AS IS” would mean that the Bank/Seller may not fix anything or renegotiate the price in the event anything turned up during the inspection. AS IS clauses are usually clearly spelled out in the agreement.
Sometimes the Bank/Seller will require the buyer to de-winterize the property at the buyer’s expense and then re-winterize it after the inspection. Often times a HUD foreclosed home will also require the buyer to turn on the unities in their own name and then turn off utilities and put them back in HUDS name afterwards….all at the buyers expense. Sometimes that can include putting fuel in the tank to be able to run the heating system for inspection…again at the buyer’s expense.
Being asked to sign a contract with an “AS IS” statement is pretty common when buying a New Hampshire foreclosed home but usually there is also an inspection clause allowing the buyer the right to inspect and to walk away from the home if the home inspection is unacceptable. An ” AS IS” clause not allowing an inspection no matter how good the place looks would make me run away.
I’m not sure if the person asking the question had a buyer agent representing them or if they bought directly from the Bank’s agent but buying a bank owned home without representation is not wise in my opinion. There are things a buyer agent can do that the listing agent simply cannot.
We closed on a bank owned home recently, after some investigation we were able to track down a former owners property disclosure of the property and while it was from a former owner and held no legal weight it still gave us a glimpse at some information we would otherwise have never known. Don’t expect the listing agent to do that for you. They won’t. Can you expect a buyer agent to try and track that information down? Yes… but realize that sometimes it’s simply not to be found. But a good buyer agent will make every effort to help their client make the right decisions.
Buying a New Hampshire foreclosed home or short sale can be a fantastic opportunity to own a home at a greatly discounted price but please don’t go it alone. Representing yourself sometimes can be a costly mistake.
Jay and Monika McGillicuddy, NH REALTORS
603-548-7728 or 603-548-7685
New Hampshire Real Estate Blog
Jay and Monika McGillicuddy
Prudential Verani Realty
2 Main Street Hampstead NH
603-327-0246 direct line
603-434-2377 office
