Searching for foreclosures because you might find a good deal? Good luck in New Hampshire. The Realtor’s MLS does not allow public display whether a property is a foreclosure because thieves perceive those homes to be vacant and target the for the copper pipes and other items in the home. There is only one “true” source for foreclosure listings, a licensed real estate agent. Many homes in the lower price ranges are foreclosures. Often NH foreclosures are not only financially distressed homes but they are also physically distressed homes. Not all NH foreclosures are physically distressed or in the lower price ranges. A foreclosure could be a great deal with the right information.
Don’t Be Afraid
When searching for NH foreclosures, it is a good idea to hire a Realtor who has experience in foreclosure transactions. A Realtor who has foreclosure experience knows how to find NH foreclosures and is familiar with how the process works and the process is much different than a regular private sale. When a bid is submitted and accepted, the time clock starts ticking and now the buyer and Realtor must perform all the due diligence of discovery with respect to researching the registry, town records, and hiring a licensed home inspector to uncover any problems with these homes.
Normally, NH foreclosures are sold “AS IS”. This means that if the property has any defects, the buyer is taking it the way it is and the banks will not be performing any repairs. If your licensed home inspector uncovers defects that are beyond your scope of comfort, you can ask to have your contract nulled and have your earnest money deposit returned.
FHA 203K Saves The Day
The Federal Housing Administration 203K Rehab Loan program presents buyers with a fantastic opportunity to purchase that “less than perfect” home and get money added to their mortgage to handle repairs and updates. It can mean the difference between finding a home that will suit your needs and actually having the home transformed into a home you love. Homeowners can refinance with the FHA 203K and get money added for repairs, updates, and additions. The beauty of this program is that buyers make only a 3.5% deposit for these loans. Repairs and updates can amount to some significant money and with the FHA 203K, buyers only have to come up with a small fraction of that for their deposit. For more information on the FHA 203K Rehab Loan, Visit => FHA 203K