NH Homes - A RE/MAX Properties Blog

The numbers are in for January and they are looking pretty good compared to last year. RE/MAX Properties posted a 75% increase in combined sales for condominiums and single family homes compared to an overall increase of 21% in Hillsborough Country and nearly 23% statewide.  On the other hand, volume for Hillsborough County was only up 14% reflecting a nearly 8% decline in the average price from a year ago.

The good news is that pending sales rose 24% indicting a very robust first quarter of 2010. As we have said before, factors that will affect the market beyond the first quarter will be the amount of additional foreclosures that will be introduced into the market, the effects of the termination of the home buyer tax credits on April 30th, and potential increases in interest rates.  NH does remain one of the strongest states in the country with relatively low unemployment and mortgage defaults compared to the rest of the country. All in all, it’s a great time to be buying a home!
 

What happens if a landlord loses his or her property in a foreclosure? Can the tenants be evicted by the lender? Not any more thanks to a federal law that went into effect in May 2009. Under the law, (Protecting Tenants at Foreclosure Act of 2009), a tenant cannot be evicted by the lender prior to the expiration of the lease without justification.

There are some conditions, however: the lease that's in place must be an arms length transaction meaning that the parties are not related and the lease must have been in place prior to foreclosure. In addition, the lease amount must not be dramatically under market value.

The lender can terminate the lease agreement upon giving 90 days notice to the tenant in the event that the lender sells the foreclosed property to a purchaser who intends to move into the property as his or her primary residence.  The lender can also terminate the lease agreement for a bona fide reason such as the tenant has violated the terms of the lease. As always, we recommend you consult with an attorney for specific advice about a specific situation. Read more about tennant protection in a foreclosure here.

Broker owners Rick and Hank Stoudt just returned from two days on Stratton Mountain in Vermont. The pair attended the winter RE/MAX of New England broker\owner conference. The event which is held winter and fall is an opportunity to share ideas with fellow RE/MAX brokers and managers throughout New England.

The consensus of the group was that 2009 represented the worst of the real estate recession and we are slowly but surely working our way back. The group of more than two hundred was also wowed by a presentation from Bodine Balasco who, in an extremely entertaining way, provided a detailed analysis of the creative process according to recently discovered scientific principles.  The goal of the presenter was to provide to the group a system that can be used over and over to create and accomplish anything including a highly successful real estate company.

Great stuff!

Find out more about the New Hampshire real estate market here.

RE/MAX Properties held its annual kick off and recognition "Brainstorming" breakfast at the Crowne Plaza. Rick presented three special recognition awards to thirteen associates in addition to naming the company's top 15. The three special awards are: Rookie of the Year, The Rising Balloon, and The Above the Crowd!. The Rookie of the Year is chosen from those agents who completed their first 12 month period with the company during the previous year. The Rising Balloon is awarded to those agents who increased their previous year's production by a whopping 70%. The Above the Crowd! is awarded to an agent or agents who acted above and beyond to help one of our own.

The Rookie of the Year for 2009 was presented to Diane Knisley.
Congratulations again Diane!

The Above the Crowd! was awarded this year to Pat Bergeron for her cool demeanor under pressure and no less than heroic effort to save a fellow associate's life by performing the Heimlich maneuver.
Congratulations Pat!

The following were awarded The Rising Balloon in recognition of an outstanding turnaround in production over last year. Congratulations to you all!

Janet Bartolo
Kathy Boot
Steve Caldeira
Evelyn Frechette
Cathy Labrecque
John Lehoullier
Bob Martineau
Shirley Ong
Maura Parnin
Gary Rocca
Jean Yonkin
 

Can you imagine yourself in a beautiful Victorian home that has the potential to be remodeled to fit your highest expectations? This short sale property includes four bedrooms and three baths. It has everything to make your dreams come true. You can see as you walk through the home what a rewarding project it could be to take on.

Located in the heart of Milford, this property sits on a secluded road and boasts a lovely 2,500 square feet of living space. It also features a detached garage that is spacious enough for two cars and many extras.

Additionally, this home features stunning hardwood floors, an eat-in kitchen, and a gorgeous fireplace with granite mantlepiece and shelf. The dining room also features a unique built-in wooden hutch and wainscoting on the walls. It could be a commerical space with a permit - potentially a lawyer's office.

Click here for more information on this Milford NH home, including price, additional photographs and access to more Milford NH homes on the market.

Also, please feel free to request a showing of this magnificent property by one of our experience RE/MAX Properties agents.

This beautiful victorian-colonial home, located in Nashua New Hampshire is priced thousands below the assessed value. This is an excellent opportunity for buyers looking for an custom home with hand-crafted elements on beautiful property.

The home sits on 9.6 acres at the end of private cul-de-sac and is easily accessible due to it's proximity to Route 3. This four bedroom and three bath home includes an attached garage and downstairs home office.

The homes large rooms include an open-concept kitchen, family room, dining room, and master bedroom with master bath suite. The kitchen and dining room areas are perfect for entertaining any number of guests.

Extra special features include a game room with a bar and skylights, in-ground pool and cabana and a three-season porch. 

For fans of the outdoors, the property includes walking trails bordering Salmon Brook,  one of the six major tributaries of the Merrimack River.

Click here for more information on this Nashua home, including additional photographs and a virtual tour!

Also, please feel free to request a showing of this magnificent property by one of our experience RE/MAX Properties agents.

The collective refrain at the close of 2008 went something like this:

"It's over! We got through it! 2009 cannot possibly be any worse!"

Well despite the fact that the first 5 months of 2009 were worse...much worse...we still came through it all right. Sales in Nashua were actually up 16% although volume remained relatively flat due to another 8% drop in the median price for a single family home.

The encouraging news coming into 2010 is that pending sales are up a whopping 22% over what they were at the end of 2008. This bodes well for 2010 being a potential turn around year. I say potential because there are still way too many variables to be predicting a meaningful stabilizing of the market. Interest rates are still being kept artificially low due to fed policies which could change mid-year or sooner. The stimulus inspired tax credits for first time home buyers ($8000.00) and existing home buyers ($6500.00) will expire April 30.

There are also numerous foreclosures and short sales expected to hit the market throughout 2010 and beyond due to resetting adjustable loans and continuing and increasing employment. So at best it's a mixed bag for 2010, but we'll take improvement even if it comes in baby steps!

  (photo credit: http://trade-usa.net/assets/store/9741-excited%20employers.jpg)

RE/MAX International brings us this informative video on how to avoid foreclosure with the governments new short sale guidelines.

RE/MAX Properties of New Hampshire has several CDPE's (Certified Distressed Property Experts) as well as many other agents who do short sales regularly that can help you through this difficult process. Please contact us with questions or assistance with the short sale process.

When a homeowner experiences a foreclosure, unless there is a bankruptcy involved, a lender can and often will seek what is called a deficiency judgment against the homeowner for the difference between what the bank sells the property for and what the original borrower owed. They can even have the wages of the former homeowners garnished in pursuit of getting the mortgage debt repaid. However, some sellers incorrectly believe that just because a lender agrees to a short sale, and thus avoids a foreclosure, that they are completely off the hook for the mortgage. This is not necessarily the case and unless the lender has specifically agreed in writing to waive its right to seek a deficiency judgment then the lender can, but may choose not to, take that action against the seller even in a short sale.

Since one of the requirements of a short sale is that the borrower is insolvent,  typically the lender will not bother to take such action against a seller in a short sale. However, it is still a possibility and this fact is spelled out very clearly in the approval letter and the documents that the seller signs at the closing. So what is the benefit of a short sale if the lender can still come after the homeowner? The obvious one is avoiding a foreclosure which would more likely result in the lender seeking repayment of the loan.

The other benefit is that a foreclosure is a terribly damaging mark on one's credit rating. A short sale usually will result in less of a negative mark on the seller's credit rating allowing the sellers to more quickly rebuild their credit and their lives. Short sales can be a beneficial option but sellers should look at all options before making a decision one way or the other. Realtors who specialize in short sales can be instrumental in getting a seller through the short sale process if that is what the seller chooses to do.

However,  Realtors are not qualified and forbidden by law to provide legal or tax advice to a homeowners.

The days of being able to close quickly if you are financing a home are gone thanks to the new settlement disclosure rules that went into effect January 1st 2010.

Under what is called the Mortgage Disclosure Improvement Act, home purchasers who are obtaining a mortgage must be given seven business days to review Truth in Lending disclosures prior to signing any closing documents. Furthermore, if the interest rate or the total of all fees charged to the borrower changes, after the initial Good Faith Estimate was given to the borrower by more than 10% (certain fees such as transfer taxes and origination fees are zero tolerance!), then the borrower must be given another seven day period to review the changes. 

Even though these changes can and will cause delays and potential hardships for both buyers and sellers due to delayed closings, the changes are not all bad. In the past, borrowers would often get surprised at the closing by changes that could add up to potentially large out of pocket sums of money or higher than expected interest rates. The only option at the closing table was to either walk away or reluctantly close to avoid being homeless. Neither were good options. The new rules at least will insure that buyers are fully informed of what they are being charged by the lender before they get to the closing table. So long as all parties understand that the new rules exist then there won't be any surprises if there are delays due to last minute changes.