NH Foreclosures Are On The Rise
In New Hampshire, this current economic climate has resulted in a record number of foreclosures. For new or first time home buyers, it’s possible to purchase certain NH foreclosures at a very good price. When buying a foreclosed property, it’s a good idea to consider working with an experienced NH Realtor to help facilitate the process. Realtors typically have access to the number of days it will take for a home to sell in certain neighborhoods. This is referred to as DOM, days on market, and will help home buyers to arrive at an acceptable offer for the home you are considering. Realtors also have access to market information for similar homes that have recently sold.
Should the property require any major renovations, this will also affect the price for the home. The majority of home buyers will not be interested in purchasing a home that requires a significant investment of capital for major renovations. Buyers who have the ambition and resources to handle the challenges of a fixer upper can expect to save even more money on a foreclosed house. Your Realtor should have the experience to help you arrive at a fair market price for the home and can help you obtain an appraisal for the house. Foreclosures are also appealing to house “flippers” who hope to get a good return by reselling the home.
You should work with a Realtor who has experience and a good track record for working with foreclosed houses. It’s vitally important to be certain that you perform due diligence regarding a home’s title when you are purchasing a foreclosure. A title policy should be purchased from a reliable title insurance company when you buy a foreclosure to make certain the property is free and clear from any liens. In certain situations, back taxes may be owed or there may be potential liens on the property. Your Realtor can recommend a real estate attorney to help you with potential legal issues when purchasing a foreclosed house in New Hampshire.
It’s also important to have a thorough home inspection performed before making a final purchasing decision. A general home inspection provides an overview of the basic defects and repairs the home will need. You should also be certain to address concerns like pests, asbestos, mold, water and air impurities. If the inspection reveals potential structural damage to the house, an engineer can be called in to provide an assessment.
Overall, purchasing a NH foreclosed home can be a great way to buy a home for less than full market value once you’ve done your due diligence. Working with a Realtor who is familiar with foreclosures can save you time and ensure that you get the best deal possible. Realtors have a extensive list of professionals they can recommend such as home inspectors and mortgage brokers to help make the purchase of a foreclosure as trouble-free as possible.