Comments on: Buying a New Hampshire Bank Owned Home

By: GeneTinsley

GeneTinsley — Fri, 09 Oct 2009 21:16:15 +0000

Your blog is so informative … ..I just bookmarked you….keep up the good work!!!!

By: Should I buy a foreclosed property? : New Hampshire Real Estate Blog

Should I buy a foreclosed property? : New Hampshire Real Estate Blog — Fri, 02 Jan 2009 14:20:06 +0000

[...] 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 [...]

By: Where is the disconnect when buying a bank owned home?

Where is the disconnect when buying a bank owned home? — Fri, 21 Mar 2008 13:12:45 +0000

[...] and I have shown and sold many NH bank owned properties and most of them have been a [...]

By: Monika McGillicuddy

Monika McGillicuddy — Wed, 12 Mar 2008 13:59:00 +0000

One house we recently showed in Hampstead was pretty well stripped. The former owners just ripped everything off the walls…can’t blame them I guess as it must have been very traumatic to lose your home like that.

By: Jay McGillicuddy

Jay McGillicuddy — Wed, 12 Mar 2008 13:04:26 +0000

Hi Linda, best of luck to you trying to sell your home.

Hi Chris, you are right cash buyers and excellent credit will be important as we transition through this market.

Chris, if you like Monika and I can prepare a market analysis for you to see where you will be price wise come summer time. Just lmk

Hi Samantha, you are lucky it all worked out. I can remember houses back in the early 90’s that were stripped inside and out and liens that were never disclosed, so buyer beware.

By: Sam Robinson

Sam Robinson — Wed, 12 Mar 2008 02:53:50 +0000

We bought a house in forclosure at an auction. We are finally moved in but it was hell! Instead of evicting the tenant (previous owner that foreclosed) we rented the house to him for the mo. of Jan. He took that time to strip the house of everyhing. It was a newly remodled home and now has no kitchen at all, bathroom (even toilet,) light fictures, water heater…and so much more! We lucked out because he was our tenant when he stripped the houseso insurance will cover it, BUT when buying at an auction it is AS IS so there is time for the house to be stripped “legally.” Also be aware of any tax leans on the proporty which could effect your closing cost.

Still worth it though….good luck!

By: chris culbert

chris culbert — Wed, 12 Mar 2008 02:41:02 +0000

Also, we are selling 205 Wash Pond Road. This is listed on loopnet.com. The selling price will be lower than the asking price on loopnet. This is my personal property. I will be up there this summer and want to close in August. This is not one of my notes, I bought this 1.3 acre property with a nice 3bed 1bath cottage 3 years ago for a summer vacation spot.

Any buyers out there? 4% commish to seller.

By: chris culbert

chris culbert — Wed, 12 Mar 2008 02:29:16 +0000

The banks are so backed-up that they can’t process the basics in this market. Also with the times comes massive layoffs. The are cutting jobs at the same time when they need people who can get the work done. I have found that the more equity in a bank owned property the longer the bank takes and it seems that they are willing to let deals fall through. I have REO’S all over the country as well as pools of 1st’s and seconds. I sold 8million in seconds for 3.5 cents on the dollar just the other day. The market is not going to be back on track for quite some time and buyers, if they have cash or great credit, can make smart money in this uncertian time.

Good luck to all!
Chris Culbert
BidonNotes.com

By: Linda Webster

Linda Webster — Wed, 12 Mar 2008 01:43:14 +0000

Congratulations !!! I’m trying again in Niantic and, hopefully, will be contacting you and Jay later this year.

I feel confident that whatever we do together will turn out very well.

By: Kristal Kraft

Kristal Kraft — Wed, 12 Mar 2008 01:42:06 +0000

You certainly have to be tenacious to get some the REO’s closed. It seems to me the bank personnel take their sweet time because of JOB SECURITY! That is probably not the case, but they do everything in their power to make the deal FALL! In your example you had to have faith it was going to happen.

We have the same issues here in Colorado.

And banks want to get into our industry?

PLEASE!