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Home Buying in Milton Mills : Real Estate Advice

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Chuck Braxton, Real Estate Pro in Meredith, NH
Fri Jan 4, 2013
Chuck Braxton answered:
Hello, Susan:

You can follow this permanent link http://db.tt/oPFWWCXq to view the current foreclosure listing by "the bank" priced at $325,000 and one of the three prior listings by the previous owner at $795,000. There were two earlier offerings at $899,000 in 2004 and 2005.

This is still available. However, that can change quickly. With a foreclosure you would need to plan on closing within 30 days and your offer would need to include either a pre-approval from your lender or a proof-of-funds letter from your financial institution if you planned to pay cash. I would be glad to recommend NH based lenders who can respond quickly. Let me know. Offers that come in are submitted to the bank's asset manager and typically you can expect an answer in 4-7 days. However, keep in mind that other offers will continue to be submitted until one is accepted by the bank.

Also keep in mind that with a foreclosure you will be doing inspections for your own information, but that the bank will not take any corrective action or renegotiate the price. The bank will provide a lengthy addendum that you will have to accept to obtain full acceptance of your offer. as a binding contract. The terms of these addenda are non-negotiable and entirely in the bank's interest to in so many words confirm that you are buying the property as is and that you have no recourse whatsoever to the bank. I usually recommend having an NH real estate attorney review the addendum with you to ensure that you understand all of its onerous provisions even though there is nothing you can do about making changes.

There is a tax bill in this information and the bank will be responsible for all taxes up to the day of closing.

Let me know about next steps. Weekends are regular workdays for us here.

Warm Regards,

Chuck Braxton, REALTOR GRI
cbraxton@rocherealty.com
Direct: 603/677-2154 any time of day or evening
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Robert Van L…, Real Estate Pro in Derry, NH
Thu May 5, 2011
Robert Van Laarhoven answered:
Hi, I am affraid that this property has been withdrawn from the market. It was a short sale listed well over a year ago. This ussually means that either the property was taken by the bank at forclosure sale or the seller was able to make a deal with the bank.

Thank You,
BobbyVan
603-505-0518
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