I’ve been thinking lately about all the foreclosed properties on the market in New Hampshire. Last week I showed 4 of them, 3 in Hampstead, NH alone.
I have buyers who are looking specifically at foreclosed homes. They understand that there are some great buys out there and they also understand the risks. Buying a house without any disclosures is nerve wracking and many times the former home owner ended up neglecting the home. Sometimes that neglect is obvious, other times it’s not. Often times the vacant property will be broken into, used as a party house and just plain trashed. One house in Hampstead that we showed even had the sink torn out, parts of the heating system removed, lighting fixtures just pulled from the ceilings with no thought given to the damage incurred. The place basically was trashed.
Another had the windows busted out…you could tell it had been broken into. Even so, someone can get an awesome buy.
Bank owned homes can be a great buy and you should not hesitate to make a low offer. Get yourself a good buyer agent (I’m available) and follow their advice. Trust me, the Banks are not emotionally attached to the house. They want to sell but be prepared for anything. Don’t go it alone, a good agent can make all the difference!
Some statistics…
So far, January to November 2007 there have been 434 foreclosed homes in New Hampshire compared to 2006 when we had 253 for the entire year. The state expects that number to dramatically increase next year due in part to the number of delinquent sub prime mortgages in NH. The word is that by mid 2008 they expect about 900 foreclosures per quarter. That number blows me away. Back in 1991 we had 1,231 foreclosures and in 1992 we had 1,153.
If you’re a home owner in default or if you know of someone facing foreclosure be careful out there because there are a lot of scams going on and the scumbags are everywhere. Check out this video from Freddie Mac, learn to spot a foreclosure scam and find out how to avoid becoming victim to home foreclosure fraud.
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3 responses so far ↓
1 Carole Cohen // Dec 30, 2007 at 10:31 pm
For 2008 I hope we have better news about foreclosures Moni; Happy New Year to you and to Jay
2 Monika McGillicuddy // Jan 1, 2008 at 9:41 pm
Happy New Year Carole…May we all suffer a decrease in inventory.
3 Where is the disconnect when buying a bank owned home? // Mar 23, 2008 at 9:02 pm
[...] We have suffered numerous frustrations when working with bank-owned properties and in many cases their agents. Some of the disconnect is the direct result of listing agents who have too much inventory and not enough office support. I must say not all listing agents are the same, we sold a bank owned home in Salem NH where the listing agent was wonderful, she had a system in place and support staff in place who did their jobs. The fact that she works for our Londonderry office has nothing to do with it. She runs her bank owned listings like a well oiled machine. Other listing agents are sloppy, careless and lack in communication skills. How much time would it take for an agent to clean up the house a little bit? Sweep up broken glass? Get rid of smelly trash. I don’t know but some of what I’ve seen in these homes is simply shocking. [...]
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