NH Bank owned  properties and NH Bank owned Real Estate for sale are easy to find using our quick link  format.  You can also find NH Short Sale homes for sale

As agents at NH Home Market, we have found significant buying activity in the bank owned market over the last year and believe it will continue to fill a large sector of the market, at least until the onslaught of inventory begins to be absorbed.  We project that  the quantity of NH bank owned realestate for sale, and NH short sale homes for sale are going to continue well into the next year. By keeping current on new listings and changes in policy, we can better serve the broad audience of potential buyers for these NH bank owned properties.  We offer valuable insight into the interesting world of "Asset disposition", " Loss mitigation" and "Forclosure avoidance."  Let us help you with your NH short sale, and understand why both you and the banks stand to benefit from a short sale rather than a forclosure.      

NH Short Sale  properties and NH Short Sale Real Estate for sale are easy to find using our quick link  format.

As agents at NH Home Market, we have found significant buying activity in the short sale market over the last year and believe it will continue to fill a large sector of the market, at least until the onslaught of inventory begins to be absorbed.  We project that  the quantity of  NH short sale homes for sale are going to continue well into the next year. By keeping current on new listings and changes in policy, we can better serve the broad audience of potential buyers for these NH short sale properties.  We offer valuable insight into the interesting world of "Asset disposition", " Loss mitigation" and "Forclosure avoidance."  Let us help you with your NH short sale, and understand why both you and the banks stand to benefit from a short sale raher than a forclosure.      

It should come as no surprise to the reader that over the last ten to fifteen years NH housing costs have risen dramatically and recently they have fallen significantly.

This paper will attempt to explain the following conclusions:

The housing market is normally in a “growth mode” (where new homes are required to accommodate an increasing population) or a “retraction mode” where the supply of existing homes is more than sufficient to accommodate demand.  When in the growth mode, home values are closely related to the cost of new homes (replacement value); when in the retraction mode, all bets are off.

 NH Real Estate Specialist and Consultants and home builders. 

Homebuyers today have many financing options to choose from.  From traditional mortgages to adjustable-rate and hybrid loans. When buying a home or property in New Hampshire, or anywhere, choose your lender and financing options carefully. If the recent financial crisis relative to the housing market has taught us anything, it's that the home buyer must look after their own interests.

In our current environment, it is more important than ever to use a good, reputable local lender that will be there to stand behind their commitment.  Ask your NH Realtor for recommendations.

While the different choices may seem overwhelming at first, the overall goal is really quite simple: you want to find a loan that fits both your current financial situation and your future plans. Though this article discusses some of the more common loan types, you should spend time talking with different lenders before deciding on the right loan for your situation.

General categories of loans

Most home loans fall into three major categories: fixed-rate, adjustable-rate, and hybrid loans that combine features of both. 

• Fixed-rate   mortgages - As the name implies, a fixed-rate mortgage carries the same interest rate   for the life of the loan. Traditionally, fixed-rate mortgages have been   the most popular choice among homeowners, because the fixed monthly   payment is easy to plan and budget for, and can help protect against   inflation. Fixed-rate mortgages are most common in 30-year and 15-year   terms, but recently more lenders have begun offering 20-year and 40-year loans.

• Adjustable-rate   mortgages (ARM) -Adjustable-rate mortgages differ from fixed-rate mortgages in that the   interest rate and monthly payment can change over the life of the loan.   This is because the interest rate for an ARM is tied to an index (such as   Treasury Securities) that may rise or fall over time. In order to protect   against dramatic increases in the rate, ARM loans usually have caps that   limit the rate from rising above a certain amount between adjustments   (i.e. no more than 2 percent a year), as well as a ceiling on how much the   rate can go up during the life of the loan (i.e. no more than 6 percent).   With these protections and low introductory rates, ARM loans have become   the most widely accepted alternative to fixed-rate mortgages.

• Hybrid   loans - Hybrid loans combine features of both fixed-rate and adjustable-rate   mortgages. Typically, a hybrid loan may start with a fixed-rate for a   certain length of time, and then later convert to an adjustable-rate   mortgage. However, be sure to check with your lender and find out how much   the rate may increase after the conversion, as some hybrid loans do not   have interest rate caps for the first adjustment period.

Other hybrid loans may start with a fixed interest rate for several years, and then later change to another (usually higher) fixed interest rate for the remainder of the loan term. Lenders frequently charge a lower introductory interest rate for hybrid loans vs. a traditional fixed-rate mortgage, which makes hybrid loans attractive to homeowners who desire the stability of a fixed-rate, but only plan to stay in their properties for a short time.

Balloon payments

A balloon payment refers to a loan that has a large, final payment due at the end of the loan. For example, there are currently fixed-rate loans which allow homeowners to make payments based on a 30-year loan, even though the entire balance of the loan may be due (the balloon payment) after 7 years. As with some hybrid loans, balloon loans may be attractive to homeowners who do not plan to stay in their house more than a short period of time.

Time as a factor in your loan choice

As has been discussed, the length of time you plan to own a property may have a strong influence on the type of loan you choose. For example, if you plan to stay in a home for 10 years or longer, a traditional fixed-rate mortgage may be your best bet. But if you plan on owning a home for a very short period (5 years or less), then the low introductory rate of an adjustable-rate mortgage may make the most financial sense. In general, ARMs have the lowest introductory interest rates, followed by hybrid loans, and then traditional fixed-rate mortgages.

FHA and VA loans

U.S. government loan programs such as those of the Federal Housing Authority (FHA) and Department of Veterans Affairs (VA) are designed to promote home ownership for people who might not otherwise be able to qualify for a conventional loan. Both FHA and VA loans have lower qualifying ratios than conventional loans, and often require smaller or no down payments.

Bear in mind, however, that FHA and VA loans are not issued by the government; rather, the loans are made by private lenders. FHA loans are insured to the actual lender and VA loans are guaranteed in case the borrower defaults. Remember too, that while any U.S. citizen may apply for a FHA loan, VA loans are only available to veterans or their spouses and certain government employees.

Conventional loans

A conventional loan is simply a loan offered by a traditional private lender. They may be fixed-rate, adjustable, hybrid or other types. While conventional loans may be harder to qualify for than government-backed loans, they often require less paperwork and typically do not have a maximum allowable amount.

IMPORTANT: Consult the EPA Map of Radon Zones document (EPA-402-R-93-071) before using this map.  This document contains information on radon potential variations within counties. EPA also recommends that this map be supplemented with any available local data in order to further understand and predict the radon potential of a specific area. Contact your state radon coordinator (go to www.epa.gov/iaq/whereyoulive.html and click on your state) to see if your state has more detailed information available.  If you have questions about radon in water, see www.epa.gov/radon/rnwater.html.

Purchasing a property in NH, you should perform a radon test for the existing home for sale.

The purpose of this map is to assist National, State, and local organizations to target their resources and to implement radon-resistant building codes. This map is not intended to be used to determine if a home in a given zone should be tested for radon. Homes with elevated levels of radon have been found in all three zones. All homes should be tested regardless of geographic location.  Important points to note:

• All homes should test for radon, regardless of geographic location or zone designation
 
• There are many thousands of individual homes with  elevated radon levels in Zone 2 and 3.  Elevated levels can be found in Zone 2 and Zone 3 counties.
 
• All users of the map should carefully review the map documentation for information on within-county variations in radon potential and supplement the map with locally available information before making any decisions.
 
• The map is not to be used in lieu of testing during real estate transactions.

The Map was developed using five factors to determine radon potential: indoor radon measurements; geology; aerial radioactivity; soil permeability; and, foundation type. Radon potential assessment is based on geologic provinces. Radon Index Matrix is the quantitative assessment of radon potential. Confidence Index Matrix shows the quantity and quality of the data used to assess radon potential. Geologic Provinces were adapted to county boundaries for the Map of Radon Zones.

Sections 307 and 309 of the Indoor Radon Abatement Act of 1988 (IRAA) directed EPA to list and identify areas of the U.S. with the potential for elevated indoor radon levels. EPA's Map of Radon Zones assigns each of the 3,141 counties in the U.S. to one of three zones based on radon potential:

Purchasing real estate in New Hampshire (NH) is a complex and major transaction with many details to be handled. The best way to be certain that an agent is working in your best interests is by signing a buyer representation agreement with an agent. We are expert in the local NH real estate market and can guide you through the landmines of purchasing your dream property.

• A real estate buyer's representative represents the buyer who is purchasing property in a real estate transaction. Research by the National Association of REALTORS has shown that when a buyer's representative is used, the prospective buyer found a home one week faster and examined three more properties than consumers who did not use a buyer's representative.
 
• The buyer's representative works for, and owes fiduciary responsibilities to, the real estate buyer and has buyer's best interests in mind throughout the entire real estate process. A buyer's representative will:
 
• Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
 
• Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
 
• Assist in viewing properties -- accompany the buyer on the showings, or preview the properties on behalf of thebuyer to insure that the identified specifications are met.
 
• Research the selected properties to identify any problems or issues to help the buyer make an informed decisionprior to making an offer to purchase the property.
 
• Advise the buyer on structuring an appropriate offer to purchase the selected property.
 
• Present the offer to the seller's agent and the seller on the buyer's behalf.
 
• Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's best interests inmind.
 
• Assist in securing appropriate financing for the selected property.
 
• Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services areneeded.
 
• Most importantly, fully-represent the buyer throughout the real estate transaction.

You will often find the words "house" and "home" used interchangeably. There is a big difference between a house and a home.

• A house can be a place to eat, sleep, park your car, and where you store your belongings.
• A house is a both a material possession and an investment.
• A home is where you feel comfortable, warm, safe and protected.
• A home is where you relax at the end of the day.
• A home is where you live, love and raise a family;  Where friends visit and memories are made.
• A house is something you buy logically.
• A home is almost always an emotional purchase.

When buying real estate you have to balance your emotional wants and desires against your logical needs because there will almost certainly be a time when the two will be in conflict.

When viewing a house, most people look at it emotionally and envision it as a safe, happy, comfortable home. Later, when making the offer or filling out a mortgage application, your logic may begin to kick in, instead.  The trick in buying real estate is to view all decisions with both a logical perspective and an emotional perspective simultaneously. If a situation presents itself that requires a trade-off, decide on whether there is a huge conflict or a small one between your emotional wants and yourlogical needs. Logic should win the big conflicts, but emotion will always influence your decision. 

Your Realtor can help you settle into the perfect property where you will find yourself owning a warm, happy, safe home and an investment for the future at a price you are willing to pay.

Buying a home in NH is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection by a qualified NH Home Inspector is an evaluation of a homes condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy. The inspector will:

• Evaluate    the physical condition: the structure, construction and mechanical    systems.
 
• Identify    items that should be repaired or replaced.
 
• Estimate    the remaining useful life of the major systems (such as electrical,    plumbing, heating, air conditioning), equipment, structure and finishes.

After the inspection is complete, you will receive a written report of the findings from the home inspector, usually within five to seven days, sometimes the report is given to you at the end of the inspection.

Home Inspections Are Not Appraisals

A property appraisal is a document that provides an estimate of a propertys market value. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property. Appraisals are for lenders; home inspections are for buyers.

About FHA Home Inspections

FHA helps individuals and families become homeowners by providing lenders with mortgage insurance for certain loans.

FHA does not guarantee the value or condition of your future home, and FHA does not perform home inspections. If you find problems with your new home after closing, FHA cannot give or lend you money for repairs, nor can it buy the home back from you.

Thats why it is so important for you, the buyer, to get an independent home inspection. Ask a qualified NH home inspector to thoroughly examine the physical condition of your future home and give you the information you need to make a wise decision.

The Bottom Line: Spending Hundreds May Save Thousands

When you make a written offer on a home, you should insist that the contract state that the offer is contingent on a home inspection conducted by a qualified inspector. You will have to pay for the inspection yourself, but it could keep you from buying a house that will cost you far more in repairs down the road. If you are satisfied with the results of the inspection, then your offer can proceed.