Hollis NH Short Sales

How to Buy a Hollis, New Hampshire Short Sale

As a home buyer looking for value in the purchase of real estate you may consider a "short sale" as a viable option. The process of finding and buying an Hollis NH short sale is not a typical real estate transaction. To have success, you must work with qualified professionals and understand the process. Utilize the services of Realtors, attorneys, accountants, mortgage lenders and home inspectors as they all provide expert advice.

What is a Short Sale?

Homeowners that have financial hardships may pursue a short sale prior to foreclosure. This process may be a preferable option to preserve their credit and limit their debt exposure. In New Hampshire, the laws governing foreclosures provide incentives for lenders to work with homeowners that can no longer afford their homes. The foreclosure process takes time and money and may prove to be more costly to the lender. Under the Home Affordable Alternatives Program (HAFA) offered in 2010 by the Treasury Department, lenders and homeowners have additional incentives to consider a short sale.

The first step to a successful transaction requires the negotiation of an acceptable contract with the Seller subject to lender approval with no guarantees that your offer will be approved. In order to prevent foreclosure, the Seller is under a timeline to "sell short" and must have an offer that meets lender guidelines for lender approval. Follow these guidelines to improve your chances of a buying and closing on a short sale listing:

Are You a Qualified Buyer?

As a home buyer you must provide evidence that you qualify to purchase the property. The Seller is not likely to accept your offer without a valid credit approval as the lender will not grant approval. Obtain a credit approval from a reputable lender or if a cash buyer provide proof of funds. The approval must not contain conditions such as selling an existing property.

Pre-Qualify the Listing

Sellers selling short typically have a time-line they must meet to avoid foreclosure. If they have not communicated with their lender(s) and started the process, there may not be sufficient time to affect a sale. As your Realtor, I can pre-qualify a listing on your behalf. Information I will obtain includes:

• Is the seller's short sale package prepared for submission to the lender?
  
  
• How many liens are on the property? If more than one, what are they? Is there a plan to satisfy all the lien-holders?

If you pursue a property that is not "short sale ready" you may be restricted from buying other properties of interest.

Negotiating the Offer

The first step is to have your offer accepted by the Seller and you will be competing against other buyers. Some real estate agents market the property substantially below market value to entice buyers. Others price the property at the low end of fair market value. Price, terms and your qualifications will be the deciding factors for Seller acceptance. Sellers and lenders prefer offers with fewer contingencies.

1. Earnest Money - Sellers may be hesitant to accept your offer with a low deposit. Buyers can easily "walk away" from a contract with low deposits.
   
   
2. Home Inspection - be prepared to invest the time and money in the home inspection prior to lender approval. A seller may not want to take the risk of allowing the inspection after lender approval. If they do, they risk losing the buyer on the inspection issues and will not have time to sell the property prior to foreclosure.
   
   
3. Flexible Closing Date - once the lender approves the offer, they may require a "quick" closing. You must be prepared to meet their conditions if you want to consummate the sale.

Subsequent offers - the listing agent must submit all offers to the Seller. A contract with a higher sales price may have a better chance at being approved by the lender. The lender will give the Seller direction as to submitting additional offers. Also, be prepared to lock your interest rate thru closing so that your mortgage commitment will be valid.

Lender Approval

Lenders will do their "due diligence" to substantiate the value of the property and have no set formula to determine an acceptable price for the property. However, Freddie Mac (one of the largest secondary market lenders) has a target sales price of 88% of one or more broker price opinions (BOP).

Have realistic expectations of the time-frame for approval as it may take between 30-180 days and property values can change. If the lender and the Seller are participating in the HAFA program, these timelines will be streamlined for a quicker response.

If you are interested in pursuing an Hollis NH short sale or other listings currently on the market, please contact Virtual Homes Real Estate at 800-8562479.

How to Find Salem NH Homes and Real Estate for Sale - NH MLS Tools

Salem, New Hampshire Real Estate and Homes for Sale - All MLS Listings

The Salem NH real estate and home buying process can be complicated and you will benefit from the guidance of industry professionals. A real estate buyer's agent, mortgage lender and an attorney are the primary advisers in the purchase of Salem NH homes for sale. If you are a first-time home buyer you could be eligible for special financing programs.

Start your search be determining your price range, housing needs and lifestyle you desire. Salem NH real estate site heps you in finding the right property to meet your needs from local area homes for sale, foreclosure listings (bank-owned), country properties, land, condominiums and equine facilities -- all through the NH Multiple Listing Service (MLS). Request relocation, school and demographic information. Visit Salem NH foreclosures for a list of foreclosed and bank owned property.

The New Hampshire home search is easy with "quick search" options to search for NH real estate. Let us assist you in finding the property that meets your needs. Virtual Homes real estate agents can assist you in your search for the perfect home (800) 856-2479. You may also visit Salem NH MLS homes for sale to access the New Hampshire MLS system for a map based view of all listings.

New Hampshire Foreclosures and Bank Owned Homes - Register to receive NH foreclosure (bank-owned) listings and short sale opportunities.

Virtual Homes real estate provides access Salem NH real estate and homes for sale, as well as relocation and town information in New England states. Visit MA real estate, New Hampshire real estate, NH MLS map search and NH foreclosures for search tools in New Hampshire.

Finding Strafford NH Foreclosures, Short Sales and Bank Owned Homes for Sale

Strafford New Hampshire Foreclosures, Short Sales and Bank Owned Homes for Sale

Purchasing property at a Strafford NH foreclosure auction has many risks to a potential buyer and in most cases the bank will bid and take possession of the property at the auction. The property is then referred to as bank owned, REO (real estate owned) or foreclosed property.

A home owner may attempt a "short sale" whereby the bank agrees to accept less than the mortgage balance based on the owner's hardship and financial status. Obtaining approval can be a long and difficult process. Additionally, there is no assurance that the lender will accept an offer at or above the listed price.

Register at Strafford NH foreclosures (bank-owned) listings and short sale opportunities. We will contact you and provide:

• A list of existing real estate foreclosure (bank-owned) and short sale listings.
• Email alerts on NEW foreclosure (bank-owned) and short sale listings in the NH MLS.
• Address and mapping information.

 For community information including school reports, demographic, relocation, home buying and selling information go to Strafford NH real estate.  Strafford NH condominiums will provide access and information about condos available for sale.  For a map based view of active listings, go to Strafford NH MLS map search.

Strafford bank-owned and short sale listings are often marketed with a real estate agent and placed in the New Hampshire Multiple Listing Service (to ensure full market exposure).  To search the NH MLS listings visit Strafford NH MLS listings.  Go to Virtual Homes MLS for a map based search of all MLS listings of NH and Massachusetts real estate.

Vist NH Homes for Sale and MA Homes for Sale for direct MLS access to all listings. To obtain school, demographic, commuting, relocation, home buying and selling information go to New Hampshire real estate, For information regarding foreclosures visit Massachusetts foreclosures, New Hampshire foreclosures and Connecticut foreclosures.

Virtual Homes real estate agents provide home buying and selling services. Please call 800-856-2479 for information and assistance with Strafford NH foreclosures and bank owned homes for sale.

Somersworth NH Real Estate and Home Buying Guide

How to Buy Real Estate in Somersworth, New Hampshire

Purchasing a home can be a very stressful and complicated process especially if you are a first time buyer. Enlisting the services of experienced real estate related professionals will provide you with the information and advice to make sound decisions in buying Somersworth NH real estate. Buyers often interview mortgage loan officers, Realtors, attorneys, home inspectors, accountants and financial advisers during the process of purchasing a property.
Information regarding the home buying and selling process, demographics, commuting, school and relocation information can be found by visiting Somersworth NH Real Estate and Homes for Sale

Financing
Most home buyers will obtain a mortgage to purchase their home and there are numerous first-time home buyer financing programs offered by state agencies, local banks and national lenders. A common source for mortgage funding is the FHA (Federal Housing Administration). The major benefits of their programs include low down payment options (can be gifted by a family member), flexible qualifying, assumable mortgages, and rehab financing.
In 2009, there are four major reasons to consider purchasing your first home:

1. First-time home buyers benefit from historically low interest rates.
2. Affordability - declining values in the past three years provide exceptional price offerings.
3. Tax benefits - current tax law favors owning a home over renting.

The Home Search

Consumers in New Hampshire have the option of hiring a real estate agent to represent them in "buyer agency" and this is disclosed in a "mandatory disclosure form" required by state law. The agent has a fiduciary responsibility to represent the buyer's interests instead of the seller's. Interview two or three agents to determine their qualifications before signing an agency contract.

Your agent can assist you in searching for a property through the Somersworth NH MLS  (Multiple Listing Service) listings and homes sold by their owners (FSBO). Most property for sale, including Somersworth NH foreclosed and bank owned homes, is listed in the MLS. You may want to look for a condominium which may be found through Somersworth NH Condo. The NH MLS map search for property may be viewed at Somersworth NH Real Estate - NH MLS.

Home Inspection
Once you have found the property and successfully negotiated a purchase and sales agreement, you will probably contract for a home inspection. This will give you more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:

1. Evaluate the physical condition: structure, construction, and mechanical systems;
2. Identify items that need to be repaired or replaced; and
3. Estimate the remaining useful life of the major systems, equipment, structure, and finishes

Title and Closing
Title companies or attorneys will research the title to make sure both the lender and the buyer is protected and has "clear title" to the property. Prior to the actual closing, most buyers schedule a final walk-through with their agent to inspect the property. Once the closing is complete buyers can now occupy their new home.

Visit Virtual Homes real estate for assistance in buying Somersworth NH real estate and surrounding communities. Please call us at 800-856-2479 for assistance.