Buying a bank owned property ~ delays galore

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

77 North Main Street, Newton NH

NH Bank Foreclosure

THIS HOME IS PENDING SALE

77 North Main Street, Newton NH is a single family bank owned home with potential galore. Hip Roof Colonial built in 2004 boasting, 3 bedrooms, open concept kitchen with granite counter tops, multi baths, huge family room and a 2 car garage all located on over 3 acres of land.

MLS # 2813102  $268,900 Come take a look….

77 North Main Street Newton NH a video tour

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

Hampstead NH Community Page on FaceBook

Hampstead New Hampshire FaceBook Fan Page

Jay and I started a Hampstead NH Community page on Facebook. It is not a sales page or real estate type page but rather a community page. We’re hoping that people who live in and/or love Hampstead decide to join and eventually add pictures and posts to the page. It’s a totally opt in page with no spamming allowed. Just go to FaceBook and fan the Hampstead New Hampshire page by clicking right here >>>>  Hampstead New Hampshire Fan Page

Of course we’d also love it if you became a fan of our real estate page by clicking this link >>>> Jay and Monika McGillicuddy Prudential Verani

Take a video tour of Hampstead (make sure your sound is on)

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

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

Some good news to share

New Hampshire home sales jump 6% in July

A New Hampshire Association of REALTORS recent press release gave us all some good real estate news as statewide residential home sales increased for the second consecutive month!  Sales data showed that residential home sales are up 6% in July 2009 as opposed to July 2008 and it further noted that it is the 1st time we’ve had consecutive increases in sales since 2005.

Home Inventory is down

At the end of January 2009 there was a solid 22 months supply of homes on the market statewide, July went out with just under 11 months worth of inventory.  A balanced market is usually 6-8 months.  Nationally the pending home sale index has shown five  consecutive months of gains. Something we haven’t seen in six years! All good news and good reason for being optimistic about the New Hampshire real estate market.

Locally even Hampstead and Atkinson have shown improvement

Year to date is Residential sales only. Rockingham County as a whole has not fared as well as Hampstead and Atkinson, showing a slight decrease over July 2008.

Median Sales Price still declining

Except Hampstead which actually had a slight increase interestingly enough

Market time is way down in Rockingham County

Average Days on the market has in most cases decreased dramatically.  Hampstead is down 27% and Atkinson down 58%. That is very good news!

Don’t forget the $8,000 dollar 1st time home buyer tax credit.

1st time home buyer mans that you CAN NOT have owned a home in the last THREE years. To qualify for the tax credit you need to close on your new home no later than on or before the last day in November. Usually it takes 6-8 weeks to close on a home, which means a buyer has about a month of opportunity left!

Don’t waste any time or you might blow this great opportunity

It is doubtful that this tax credit will be extended so if you are a 1st time home buyer wanting to take advantage of this opportunity don’t hesitate. Give me a call at 603-548-7728 or e-mail me at monika@monikamcgillicuddydotcom for more information. I would love to help you find that perfect home.
If you are a home owner curious if now is the time to list your Southern NH home or just want to chat real estate…give us a call. As always no obligation- no pressure just good solid real estate advice.

Jay and Monika McGillicuddy, REALTORS

New Hampshire Real Estate Blog

Graphics curtesy of the New Hampsire Association of REALTORS

32 Forrest Street Hampstead NH

32 Forrest Street Hampstead NH is a beautiful 2 bedroom condominium located  in desirable Eastwood Place.

Eastwood Place is a small condominium project where all the homes are set around a cul-de-sac and show true pride of ownership.

Flowers line the walkways while birds chirp nearby… all making you feel right at home.   It is a lovely setting in a popular  small town located close to the Massachusetts border which makes for an ideal commuting location.

Hampstead offers a little bit of everything and if you’re looking for something in true move in condition, a place you can be proud to call home, then you owe it to yourself to come take a look.  $249,900 MLS #2771859.

call Jay and Monika McGillicuddy, REALTORS to set up an appointment to view this fantastic home. You won’t be disappointed!

If you’re not familiar with Hampstead NH and all it has to offer please read this post. Why Hampstead NH should be my next home

Jay and Monika McGillicuddy

Prudential Verani Realty

2 Main Street Hampstead NH

603-327-0246 direct line

603-434-2377 office

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