Foreclosure in 03054>Question Details

Danielle Vez…, Home Buyer in Merrimack, NH

I am interested in buying a foreclosed home in Southern NH.

Asked by Danielle Vezina, Merrimack, NH Mon Mar 9, 2009

Where can I get information on how and who to talk to. This will be my first home.

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Answers

8
Hi Cheryl!!
You need a GREAT Keller Williams agent like yourself!!!
Just log onto the MLS and search in your price range in the
Towns you are most interested in!!
Regards,
Steve Mayo
P.S. Foreclosure auctions can be tricky.
0 votes Thank Flag Link Fri Nov 11, 2011
Hi Dan, I would be happy to show you what is available. What towns are you interested in? You might want to look at more than just bank owned as they aren't always the best value for your dollar. You can contact me through my web site below.
Web Reference: http://www.cheryl-nh.com
0 votes Thank Flag Link Wed Aug 19, 2009
Hello- this is for Jim M- the other poster:
Just my 2 cents on your property for Sale- You might want to see if the bank your construction loan is with will be able / willing to offer any kind of attractive financing options for the new/ pending homebuyer of this home.
If they would be willing to do a temporary mortgage rate buydown on the house for the new buyer (at no charge ?) maybe that would help attract a buyer a little easier.
Sorry that you are in that circumstance. I've been involved in similar ones. Thanks, and good luck,

Ken L.
0 votes Thank Flag Link Mon Jul 27, 2009
I am a builder of custom homes. I am about to forclose because the economy and I have anymore money to put into the home. I want to cut my losses. No Real Estate Commisions. View my house http://www.nnerern.com #2759186 I owe the Bank @ 475k
0 votes Thank Flag Link Mon Jul 27, 2009
Hello Danielle- Be careful with the type of loan program you are getting into, as if the property is not currently liveable, that may be a problem. If you need more info, please contact me. Thanks and good luck,

Ken L.
0 votes Thank Flag Link Thu Mar 12, 2009
Danielle, Here are some things to look at that might help provide you with information....
http://www.biggerpockets.com/find-foreclosure-homes.html

The Banks and the Gov. keep their databases of properties for sale (REO/Foreclosure) on sites for the public to view. These sites also have all the information on the Purchase/Bid process and a lot of other information.
All Free, sites like these.....http://www.pasreo.com/pasreo/public/propertySearch.do
http://www.wamuproperties.com/ .......http://reosearch.fanniemae.com/reosearch/ .....http://www.homesales.gov/homesales/mainAction.do
You can find links to the Bank/Gov. sites and much information here...
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp
http://www.biggerpockets.com/bank-reo.html
http://www.thedirectoriescompany.com/reos.htm

You might want to read thru this also as it really has a lot of useful tools and info...http://www.hud.gov/buying/index.cfm
Mortgage rate trends ect.....http://mortgage-x.com/general/rate_trend.asp
Foreclosure rates...http://www.responsiblelending.org/
Good Luck, Dunes
0 votes Thank Flag Link Tue Mar 10, 2009
Hi Danielle,

Your question:"I am interested in buying a foreclosed home in Southern NH. Where can I get information on how and who to talk to? This will be my first home."

Would your reason for wanting a forclosure be that you want to save money? Don't count on a foreclosure being cheap, the bank wants ALL the money and will be a tough negotiator. And think for a moment about how a house comes to be foreclosed. Usually it was owned by somebody who couldn't afford it, and who therefore probably skipped routine maintenance--so you can expect the condition to be "iffy". You might expect pipes to have frozen or the roof to have leaked.

Here's what you should do. Find a buyer agent, and "sign him or her up" to work FOR you! (I would start by asking friends who they used and if they liked the agent. If this is non-productive, visit several real estate offices and ask to meet an agent who would handle a first time homebuyer... Discuss with them what you want in the way of a house. Ask how they would represent you. Also, get pre-qualified for a mortgage. Your lender will help you with the amount of your down payment that you will need to make a purchase. While you are at it, find an insurance company, most will give you a discount if there insure your new home AND you car--in short be ready to buy BEFORE you make your offer.

You are clear in your request that you want a deal, but deals come with 1 bedroom or more, deals may or may not have a garage--see what I mean. What do you want? Figure that out and then look for that house, and then when you absolutely know what you want, look for one that's a deal--maybe it will be a foreclosure, maybe not.

This is good advice and it's free...

Good luck,

Dane Hahn
0 votes Thank Flag Link Mon Mar 9, 2009
No problem this is most of what I do these days, Just give me a call 603-867-6198.
Web Reference: http://www.frankwarner.com
0 votes Thank Flag Link Mon Mar 9, 2009
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