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Brattleboro : Real Estate Advice

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  • Local Info0
  • Home Buying7
  • Home Selling0
  • Market Conditions2

Activity 9
Mon Apr 15, 2013
Curly Sue answered:
If you're not a Realtor then you need to hire a Realtor.
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Thu Mar 28, 2013
John Hatton answered:
Hi Rose. The Brattleboro housing market does seem to be active this year, more so than in the past 2-3 years. Under contract and closings are trending upwards. But I think it's too early to tell if prices are going up; that's something we won't know until we have more data, later in the year. ... more
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Tue Apr 2, 2013
John Hatton answered:
I'd suggest that you make an appointment at the Windham & Windsor Housing Trust - they can help you find programs that might work for you, as well as work with you on repairing your credit. ... more
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Fri Jan 25, 2013
Ray Mikus answered:
Check with local Realtors and property managers. Also craigslist seems to be a good place to look for rentals. Hope that helps. Good luck.
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Tue Jun 12, 2012
RICK JOHN answered:
What is the 0020? When valuing property you must consider the individual property with all its pluses and minuses and compare it to recent similar properties that have sold. It is not easy in Brattleboro because there are not many commercial sales. contact me for more at 800.627.2484 or info@rjohnco.com. Rick John, former commercial real estate broker, now consulting. ... more
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Tue Jun 12, 2012
Anna M Brocco answered:
You need to visit with any qualified loan officer(s) first, see exactly what your budget can handle and have your credit score checked--their scoring is often different--your loan officer may offer some great suggestions on how to best improve your credit score in the fastest time. Currently FHA loans do require a minimum score of 620 and 3.5% down--there may be some lenders willing to work with a lesser score however, the interest rate may be higher. In the meantime keep repairing your credit--pay all bills on time, dispute any negatives if needed, pay off old debt, pay down debt, keep credit cards below 50%, etc. ... more
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Thu Jun 18, 2009
Jim Bellville answered:
Barbara,

There are a few foreclosures in Brattleboro and the surrounding area. Which ones you might be interested in will depend on your purpose.

If you are looking to flip property, most of the foreclosures I can think of are not really optimum. There are a number in New Hampshire where the foreclosure laws are a bit more streamlined. However, those same foreclosures make flipping harder by offering more competition to whatever you may do.

If you are looking for a home, there are some options, however the property's condition will usually preclude being able to get financing. There are some that don't and going with an FHA Rehab loan is an option, however it can take a lot longer and is a lot more work down the road. If you are not prepared, then you may not be in the position to be able to buy the property you may want.

There is a link below to some of the foreclosures in the area. If you are interested in all of the possible properties, the easiest way is to contact me directly. I can search out the ones that we may not be listing currently and send them to you in an email.

Good luck. Let me know if there is any way I can help you in the future.
... more
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Tue Jun 12, 2012
Jim Bellville answered:
Holly,

Condo buying isn't really so different from buying a house when it comes down to it. There are a few differences.

1. The seller is required to provide you a copy of the Condo documents and you will have an opportunity to review these documents. You should pay closed attention to this as these can dictate things like the color of the grass that you are allowed to grow or the number and type of outdoor decorations that you can have. It depends on the way it was set up in the beginning. You will also get a copy of the financials. See below for more information. This is called a Resale Certificate and it is required for the sale. Ask your attorney for more information on it.
2. There are several different types of Condos. You have your sereotypical multi-building, multi-unit with either flat or townhouse style units. You have standalone buildings with common areas and Association rules in a certain development. Or you have what amounts to an apartment building that has been split into separate units with common building and/or grounds maintenance.
3. In your typical Condo that you will find in the Brattleboro area, you are dealing with multi-building developments with multiple units in each. Each unit is owned and each owner is responsible to pay the Association Fees based on what the Homeowners' Association and maintenance company set in order to pay the required maintenance, taxes on the land, insurance and any other costs that may arise. Hint: A good Association will have a capital improvement plan in place for regular replacement of the roofing, siding, road maintenance, and repair/replacement of the amenities such as pool, tennis court, or basketball court. If there isn't one in place, you should be wary.
4. In the stereotypical condo, you only own from the sheetrock in. You do not own the roof or the siding or even the windows, so keep this in mind. If the roof is leaking, the Association has to be notified to get it fixed, however, you will need to make any interior repairs in most instances.
5. In some cases, you will be allowed to do some gardening or plantings outside, in some places not. It depends on the Association rules and how they are being enforced.
6. You will have a monthly Association Fee to cover anticipated expenses. If something catostraphic happens or if the Association finances are not in good shape, you may also have Special Assesments. This is basically an emergency fee to cover unanticipated expenses and/or budget shortfalls where there isn't a capital fund.

Financing for a Condo is different in a few ways as well.
1. The Association Fee can be a spoiler. This big chunk every month can push some potential homebuyers out of the running for their financing by skewing the ratios that the banks use to determine eligibility.
2. Some types of Condos, especially in the resort areas or with special amenities, are not eligible for conventional financing due to Fannie Mae and Freddie Mac starting to enforce their rules against "Condo-tels" thanks to the mortgage crisis. A condo in a development that has too high a ratio of renters to owners or if the Association owns too many of the units, will also fall under this category. This will require someone looking to buy a Condo that falls into this type to require either a cash purchase or private financing or a "portfolio" loan that is kept by the bank issuing it. Even those are getting harder to do. Your mortgage person can explain it better and whether or not any Condo you are looking to purchase falls into this hard to finance category.

As a function of the purchase, I always advocate that you get a structural inspection, no matter what the condition of the unit may appear to be. The money spent is well worth any issues that may be found. I also recommend that you go over the Condo documents with a fine tooth comb. You should know those really well before you get to the closing. It can dictate whether or not you can have the dog that you currently own or if you can use that new $2,000 Weber Grill you just bought.

I hope that helps get you started. If you have any more questions, I would be happy to sit down with you and try to answer them or at least point you to a person that will.

Good luck!
... more
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