NH Home Buyers Fair 2009

Yesterday was the 7th annual NH home buyers fair and I was asked to speak representing the New Hampshire Association of REALTORS.

My topic was… Is it a good time to buy and the essentials of buying your first home.

I was on first thing in the morning and had 52 people sit through the presentation.  Many NH REALTORS, mortgage companies, home inspectors and other folks in real estate related professions had booths.

The New Hampshire Association of REALTORS also had a booth and gave out some excellent handouts.

The fair was put on by the folks from the New Hampshire Housing Finance Authority.

I’m not sure how many people attended the event in total but it looked pretty busy when I left at noon time.

I am sure however that many NH home buyers got some excellent advice and buying tips.

If you are a New Hampshire home buyer and have questions about the process or want to work with a REALTOR who can help you, give me a call at 603-548-7728.

Monika McGillicuddy, REALTOR

Prudential Verani Realty

Popularity: 5% [?]

New Hampshire Home Buyer Fair~April 4th 2009

New Hampshire home buyers are you thinking about buying a home and taking advantage of low prices, great mortgage rates and the $8,000 home buyer stimulus package recently approved?

Have questions about the process or simply want to get as much education before you enter into the home buying arena…then set aside April 4th and plan to attend the Home Buyers Fair offered by New Hampshire Housing Finance Authority.

I will be presenting one of the seminars and I’m scheduled to be on from 10:00 to 11:00 a.m, so come with questions prepared, admission is free and I’d love to meet you!

Details are below and are directly from the New Hampshire Housing web site.

The 7th Annual Home Buyer Fair

A free Home Buyer Fair is scheduled early each spring and is held at the Radisson Hotel Manchester - Center of New Hampshire, 700 Elm Street, Manchester, NH from 9:00 a.m. - 3:00 p.m.  In 2009, the event will take place on Saturday, April 4.

The Home Buyer Fair features exhibitors including lenders, real estate companies, non-profit housing agencies, title companies, as well as state and federal agencies. In addition, New Hampshire Housing offers a number of free home buying seminars on various topics. Attendees can learn how to look for a home, how to establish good credit, different types of mortgages and more. Individuals wishing to register for a seminar may do so the day of the event. The public is welcome and admission is free. There will even be a raffle held for door prizes.

View Fair Flyer

Schedule for the On-site seminars:

10:00am to 11:00 am

Is It A Good Time To Buy? - It is a buyer’s market, so when is the right time to buy?  What is a realistic expectation in today’s real estate market?  What does it mean to buy a “bank owned property” and what are the risks for a first-time home buyer?  Experienced REALTORS^® share tips on finding the right home for you in a distressed market. Learn the value of hiring an experienced REALTOR^® for your home search.

11:00am to 12:00pm

Mortgage Lending 2009- How will the “credit crunch” affect your home search?  What mortgage options are still out their?  How is the current market helping or hurting your opportunities for mortgage financing?  Come hear about the mortgage market and which programs may be right for you.

12:00pm to 1:00pm

“Get the Facts” Home Buyer Orientation, Dispelling the Myths of Home Buying- Learn what it really takes to become a home owner. There will be no confusing jargon, no fine print, and no sales pitch, just the information you need to better understand your path to home ownership.  Owning your own home could be much closer than you think!

1:00pm to 2:00pm

Putting Your Financial House In Order- Is money slipping through your fingers?  Learn ways to spend less and save more! Hear about tried and true examples and cost cutting ideas to help your money go from your pocket into the bank!

Popularity: 8% [?]

Should I buy a foreclosed property?

Often buyers will ask if  they should consider buying a foreclosed property? They want to know what the risks are?  If they can  lose their deposit?  Can they have contingencies in the Purchase Agreement? Would it be better to buy at the foreclosure auction?

Usually I answer by saying there are some fabulous buys out there in the foreclosed property arena BUT you need to have a stomach of steel and a ton of patience.  Nothing happens fast when dealing with a bank owned property….unless of course if they want to foreclose on you, sorry I am being sarcastic here, but it sure does seems true. If you are a homeowner facing a potential foreclosure please read this post on Foreclosure? Don’t Go It Alone.

There are many Pitfalls when buying a bank owned home and a huge amount of disconnect and yes incompetent people including real estate agents ,I’m not going to sugar coat it. There are some crappy real estate agents running around.

If you’re thinking of buying a foreclosure property then this is an excellent article full of timely and important advice.  It was written by Andrew Cadorette, Education Coordinator, New Hampshire Housing Finance Authority and is published on NH Realty Scoops  with his permission.  As Andy said the more people that read it the better it is.

Is buying a foreclosure property a good deal for first-time buyers?

As the inventory of properties on the market increases, new home buyers may consider foreclosed properties as a viable housing choice. Is buying such a home a good deal?   There are pros and cons home buyers need to consider when purchasing a foreclosed property, and there is no simple answer to this question.

A foreclosure occurs when a bank repossesses a home from a borrower who has failed to live up to their obligations on the mortgage note. The foreclosing bank then offers the home for sale at a public auction known as a foreclosure auction. Whoever is the highest bidder at the foreclosure auction purchases the property “as is” and is awarded title to the property with all liens and encumbrances that come with it. Many times the bank holding the note on the property is the highest bidder at the auction. In this case, the property becomes “bank owned” or “Real Estate Owned” (REO) property.

For the average first-time home buyer, purchasing a home at a foreclosure auction is a risky endeavor. Two potential pitfalls are buying a property without the opportunity to complete a home inspection or buying a property without even entering the home. You won’t know about any major repairs until it’s too late. Another concern is the possibility of losing your deposit if you are unable to obtain your mortgage financing by the date agreed upon at the auction sale. Additionally, when purchasing a home at foreclosure auction, you become responsible for all outstanding liens and debt against the property (such as unpaid property taxes). And if the former owners are still living in the home, it is your responsibility to evict the current occupants in accordance with the law.

A better option for the first-time home buyer may be to purchase a bank owned property.  Typically, once the bank owns the property, they address any outstanding issues including: paying all back taxes and liens, resolving any legal issues and providing basic maintenance on the property. With a bank owned property, you also gain the ability to have a home inspection done as a contingency to purchase. With that said, an REO property should still be viewed as a potentially distressed home in need of repair, because many times these properties are vacant for months. The longer a building is vacant the more likely it is there will be maintenance issues. Another consideration is that in cooler climates, such as ours, the bank may choose to turn off the home’s heating and water systems and winterize it. Beware that unless you negotiate the expense up front, you may become responsible for paying to turn those systems on and off again to conduct a proper home inspection.

When purchasing a bank owned property there are two words to keep in mind: communication and patience! There are many people involved and many decisions to be made by the bank and its investors before an REO property can be sold. By working with an experienced Realtor®, one who has dealt with bank owed properties before, you can minimize your headaches and anticipate bottlenecks throughout the process.

Purchasing an REO property also requires special negotiating skills. The selling price is set by the bank to get the most money with the least hassle. Telling the bank how much you love the property will not impact their decision. Again, this is where an experienced Realtor® can help. If the home is priced right, there is no need to place a below cost offer. Also, if it seems priced exceptionally low, you need to find out why as there may be issues with the property. What affects the price most is the changing mortgage market and the number of days the property has been on the market.

The fewer contingencies you have in your purchase and sales agreement when making an offer, the better it is for the bank; however, it is a greater risk for you. You need to find a balance between what you can live with and what you need. Many times, banks selling REO properties are unwilling to renegotiate issues that come up after an original offer is made and accepted. Selling banks have committees or individuals that review each offer on REO properties. Adding contingencies increases the time needed to review your offer, so get it right the first time. Also, be prepared for delays on the selling side when purchasing an REO home. If you need to move into your new home on a certain date, then a bank owned property is not for you. Remember, communication and patience is required when purchasing a bank owned property.

On the mortgage side: when looking to purchase a bank owned property, not only do you need to qualify for the mortgage but the property needs to be qualified for the mortgage.  Do not make an offer on a home until you are pre-approved for a mortgage. Understand and know the limitations of your mortgage. If you need bank approval or a home inspection on a property, write that into the purchase and sales agreement when you make your offer. Also, on the day of closing, always do a walk through of the property first. If the property has been vacant, there may have been changes to the property since your last visit.

Good communication between you, your Realtor® and the bank that owns the property will help to make your purchase go more smoothly. Understanding each party’s abilities and restrictions will also help you throughout the process. The Realtor® cannot make any decision about the property. Offers to purchase must be reviewed by the bank and, in some cases, its investors. To make matters even more difficult, there may be a servicing company in between the bank and the mortgage investor. These many layers of people may slow down the process. Effective communication and understanding possible issues up-front can help to speed up decisions.

Buying a bank owned property can be a good deal for a home buyer who has financial resources and time. The risk of buying a “money pit” can be real if you do not educate yourself and take all precautions to ensure that you are buying what you think you are buying. With a little work, purchasing a bank owned property can be a worthy investment opportunity if you have patience, good communication and an understanding of all the risks.

Pros to consider when looking at a bank owned property:

Good value for the price

Listed by a licensed real estate agent

Ability to view property prior to offer

Ability to have a home inspection

Cons to consider when looking at a bank owned property:

Property is distressed and may be in need of major repairs

Purchasing home “as is”

Unexpected delays in closing

May need to pay for an extension

Article written by Andrew Cadorette, Education Coordinator, New Hampshire Housing Finance Authority

Popularity: 14% [?]

Foreclosure and Short Sales updated

Our Foreclosure and Short Order sales list has been updated. Check the list out… New Hampshire Foreclosure and Short sales and if  you’d like more detail or would like to set up a showing just give us a call.

Don’t forget you can also search New Hampshire Listings right here on our Blog and while you’ll need to sign in to do so we promise that we will never sell your information OR hound you in anyway. We Hate Spam worse than you do!!! Our only request is that when you are ready to book an appointment  that you contact us…we would be honored.

Popularity: 9% [?]

Golden Age for NH first time home buyers…

Some positive real estate news for a change!

Don’t miss the golden age for first time home buyers. This is the best time to buy in 43 years! If you’re house hunting you should seriously think about stepping the process up a notch. You may not have heard much good news as far as real estate goes from much of the mainstream press but really this is a great time to buy … don’t just take my word for it. A recent NY Times article really said it all.

The article starts with these profound words..

Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rear view mirror and realize that we missed a golden age for first-time home buyers.

The article written by Ron Lieber can be read in its entirety in the NYTimes.com money section and is well worth reading.

In case you missed my recent podcast which was sort of a summary of the southern NH real estate market and my outlook for 2009. You can listen to it by clicking on the player at the bottom of this post.

Remember..

This is the best time to buy in 43 years!!!  How can you beat this… Interest rates are at historic levels, housing pricing is extremely desirable, inventory is plentiful and the average homeowner’s net worth is 46 times the net worth of the average renter. Why would you want to rent when you could own?

Call us if you’re thinking of buying and want someone who can guide you through the process…it would be our honor.

Popularity: 9% [?]

Prudential Verani Web Stats for November 2008

Our November Web advertising stats are available below.
The tables below show that our stats are down from last year, which is no surprise, but, it is interesting that we are showing more properties this November than we did in 07 and 06. With the Holidays fast approaching we are still seeing activity. It seems buyers are looking for a great buy. Home prices are still declining and with more homes coming off the market due to the holidays it would seem that buyers won’t have as much to choose from.

A lot of bank owned homes are priced well below their competition and although a bunch of them still need a lot of work, buyers seem to be willing to make the necessary repairs to purchase these homes at a lot lower price.

There are three reasons why a home will not sell.

1. Location

2. Condition

3. Price

If your home is in a great location and in great condition then it leaves only one reason why it won’t sell.

Price…

In this case you should lower the price to generate more activity. With the internet and all the information at the buyers fingertips buyers are more picky during these times.

It is a buyer’s market

November-08	Stats
Total Sessions	43,758
Page Views For Month	341,369
Page Views Per Visit	7.8
Absolute Unique Visitors	19,789
E-Leads Received	431
Broker Showings On Our Homes	1515
Verani Featured Homes seen on average 385 times!
November-07
Total Sessions	53,956
Page Views For Month	456,127
Page Views Per Visit	8.45
Absolute Unique Visitors	21,094
E-Leads Received	861
Broker Showings On Our Homes	1219
Verani Featured Homes seen on average 548 times!
November-06
Total Sessions	48,076
Page Views For Month	450,723
Page Views Per Visit	9.38
Absolute Unique Visitors	35,230
E-Leads Received	652
Broker Showings On Our Homes	1422
Verani Featured Homes seen on average 934 times!

Popularity: 6% [?]

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