NH Bank Owned questions answered ~ Video

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

Buying a Southern NH Bank Owned home

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

REO Spotlight ~46 Quaker Street Newton NH MLS # 2794879

Bank owned newly listed home

46 Quaker Street Newton NH is a 3 bedroom bank owned home with 2 car attached garage. Partially finished walkout lower level with bath. 3 Bedrooms, living w/fireplace, rec room, deck , private back yard with pool. Property is in As Is condition with no warranties.  Assessed for over $300,000 and located on over 2 acres of land.

46 Quaker Street Newton NH  MLS # 2794879

$230,000

Call Monika or Jay McGillicuddy for details or to set up a showing

603-548-7685

Jay and Monika McGillicuddy

Prudential Verani Realty

2 Main Street Hampstead NH

603-327-0246 direct line

603-434-2377 office

REO Spotlight 86 Deer Hill Road Brentwood NH mls 2772180

SOLD

This home is pending sale.

86 Deer Hill Road in Brentwood NH is a spacious 3 bedroom Cape style home with a farmers porch set on 2.43 +/- acre lot.  A long winding gravel driveway offers the utmost privacy perfect for the nature lover, Pergo floors, gas fireplace, open concept first floor. Easy commuting location, Exeter school system. Bank owned , sold as is , bank addendums required.

86 Deer Hill Road Brentwood NH

MLS 2772180  $265.000

Contact:  Jay and Monika McGillicuddy, REALTORS

Prudential Verani Realty

REO Spotlight * 30 Gordon Dr Londonderry NH

Prudential Verani Realty has a large REO (Bank Owned) department and often times we have some incredible buys.

When in half way good condition and priced aggressively these bank owned foreclosed homes usually move quickly. This week we’ve decided to spot light one foreclosure property that we feel offers great potential.

Very new to the market is 30 Gordon Drive in popular Londonderry, New Hampshire.

This is a one bedroom Cape style home in a small neighborhood with plenty of  potential for expansion on the second level which is currently unfinished space.

This home has 1529 sf ft of living space plus a detached garage all on an 1.50 +/- acre lot serviced by public water. This home boasts hardwood floors, large deck and a nice lot.  Price at $170,000 makes this a great opportunity for a buyer.

Call Jay or Monika McGillicuddy,REALTORS at 603-548-7685 to schedule a showing or for more information.

30 Gordon Dr Londonderry NH  MLS # 2768649

NH Foreclosure list updated

We just updated our NH foreclosure and short sale list. If you’re looking to buy a foreclosure be sure to check out the list and please give us a call if  you’d like to take a look at any of them. Buying a foreclosure can be stressful but working with REALTORS who have the experience needed to guide you through the process can make all the difference.

Call Jay and Monika McGillicuddy

NH REALTORS

603-548-7728

NH Foreclosure and Short Sale list

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