Dover NH Homes and Condos Sold Q1 2010

The Dover NH single family homes sold activity in the first quarter of 2010 indicates a slight decline in value with a 40% increase in transactions. The average sales price was reported at $245,841 as compared to 2009 values of $246,074. The peak value in the last four years was in 2007 and was reported at $347,708. The average days on market improved from 206 days to 121 days.

For a comparison to 2009 yearly activity go to the Dover NH Homes and Condos Sold 2009.

The Dover condominium market in 2010 reported an increase in sales and values over 2009. The average sales price increased from $147,767 to $151,463. The peak value for the past four years was obtained in 2008 with a value of 205,047. Condominium sales continue to be very slow as buyers are taking advantage of lower prices in the single family home segment.  In summary, the Dover NH real estate market appears to stabilizing.

Information for the Dover NH homes and condo sold report was compiled by Virtual Homes Real Estate.  Data was obtained through NH MLS (NNEREN) and is not guaranteed to be accurate.

Derry NH Short Sales

A Guide to Purchasing Derry NH Short Sales

As a home buyer looking for value in the purchase of real estate a “short sale may be your best option. The process of finding and buying a Derry NH short sale is not a typical real estate transaction. To achieve your goal, 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.

A Short Sale Defined

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. NH law often presents the lender with incentives to offer the homeowner other alternatives. The foreclosure process takes time and money and may prove to be more costly to the lender. In April of 2010, the government enacted legislation under the HAFA (Home Affordable Alternatives Program)which provided homeowners and lenders with new guidelines and incentives to consider short sales. Go to New Hampshire foreclosures for more information about the foreclosure process.

The first step in the process is to negotiate a contract with the homeowner that must be approved by the lender. If the contract is not acceptable to the lender then the Seller may not have sufficient time to sell to another party and avoid foreclosure. Follow these guidelines to improve your chances of a buying and closing on a short sale listing:

You Must be Credit Approved

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.

Finding Listings That Qualify

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, it may not be possible to close before foreclosure. Visit Derry NH Foreclosures to view short sale and foreclosed listings. As your Realtor, I can pre-qualify a listing on your behalf. Information I will obtain includes:
Has the homeowner compiled the necessary documents for the lender approval package?
How many liens are on the property? If more than one, what are they? Is there a plan to obtain releases from all the lien-holders?
Don't take yourself out of the market for a property that has no chance of closing.

Offer and Acceptance by the Seller

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 offer 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.

Earnest Money - Sellers will not be likely to accept your offer with a low deposit. A buyer that has little to lose can easily pursue another property and “walk away”. If you are serious about buying the property offer the Seller a strong deposit.
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 conducting the inspection after lender approval. The buyer can easily "walk" from the home inspection and lenders normally will not approve them.
Flexible Closing Date – Lenders often approve short sales with quick closings. 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 market conditions can change. If the lender and the Seller are participating in the HAFA program, these timelines will be streamlined for a quicker response.

Virtual Homes Real Estate agents can assist you with Derry NH short sales, foreclosures and MLS listings currently on the market. Please call us at 800-856-2479.