Home Buying in Hampton>Question Details

Francine Fra…, Home Buyer in Hampton, NH

How do I find out what homes are going on foreclosure and what is the process? Thanks

Asked by Francine Francis, Hampton, NH Tue Oct 29, 2013

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Francine, I think Suzanne has hit it on the head. I am licensed in NH and do business all over Southern NH. Please don't hesitate to contact me if you would like to talk more. I deal with Short Sales on a daily basis, and have a ton of experience with bank-owned (REO) properties as well. I also know a lot of people who frequent foreclosure sales (auctions), so I am well versed with that as well. Email me at eric@roxore.com, or call my cell anytime at 603-703-6022.
0 votes Thank Flag Link Tue Oct 29, 2013
I cannot agree more with Larry. MOST foreclosures are BAD deals. It's all about supply and demand. There are fewer foreclosures available these days and more people fighting over them. Most of the people who got the GOOD foreclosure deals are out of that market now, because it's gotten too hard to get a good deal. Everyone heard that there were great foreclosure deals, and they all came running, which jacked up the prices and reduced the likelihood of getting a good deal. You might get a low price on a property, but you're likely going to spend so much to whip it back into shape that it's no longer a good deal. My father always told me "once the word gets out, it's too late to get in". I've found he was absolutely correct! Best of luck...
0 votes Thank Flag Link Tue Oct 29, 2013
New Hampshire is a non-judicial state meaning that the lender does not have to go to court. You will need to find out what the legal organ is for your county and they publish the homes being foreclosed on 3 weeks before the sale. Here is a link to a video that explains the process. http://www.youtube.com/watch?v=thiBs1UU3DM.
0 votes Thank Flag Link Tue Oct 29, 2013
The best thing you can do is find a qualified real estate agent to work with. You can find pre foreclosure lists, however, that does not mean you will be able to purchase the home without a professional. First we have to convince the owner to sell because the bank cannot make that decision until the home is actually foreclosed on and ownership officially goes to the bank. Then, more than likely, the home will have to be 'short sold' which means we will be asking the bank to accept less than what is owed in settlement of the debt because the owner can no longer afford the payments. Almost all banks will require that the home be listed with a real estate professional anyway so that they can feel they are getting the best price possible, so, again, you will need to work with a real estate professional. Even if you find a property that is owned by the bank, they will still insist the home be listed with a realtor so, there's really no escaping the fact. Add to that the fact that short sales and foreclosure sales are difficult at best and it really just makes sense.
0 votes Thank Flag Link Tue Oct 29, 2013
Read the link below about foreclosures and do yourself a big favor and forget about them as their rarely the deal you imagine them to be. You're going to get all sorts of people who would love to sell you various lists, don't buy them, most are absolutely junk with perhaps 1 out of 10 of the properties listed actually available for sale. If you and others want foreclosed properties to be "deals" then let the banks that foreclosed on them choke on them for a while.
0 votes Thank Flag Link Tue Oct 29, 2013
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