Todays question is one of the most common ones coming in to me lately. 'Can i sell my home via a short sale to my spouse, kids or relative?" The most common answer is not in all cases. The reason is most banks will ask the home owner who is on the mortgage to sign an affadavit that they are not selling to a spouse, relaitive or family member.The person to ask is the person a home owner hires to conduct the short sale on their behalf. The home owner can also contact the home retention department for a list of any requirements, rules or guidelines that their bank sets for short sales.Please see my blog "How to get a short sale approved" for more advice and tips on short sales.http://www.trulia.com/blog/scott_godzyk/2010/06/how_to_get_a_short_sale_approvedBlog Updated October 24, 2010Blog ... 10/24/2010

I entered into a spirited debate with another agent over the question "Do you attend your home inspections either as a Listing Agent or Buyer Broker?".   I need to know what you think.As a listing agent i think it is important to attend the home inspection. You want to be there to see first hand anything that inspector may find, see how bad it is, if it can be fixed, how much to be fixed and the reaction of the buyer or their agent if this may become a problem. You can then contact the seller before getting that dreaded home inspection letter from the buyers agent.As a Buyer Broker it is really important to be there to guide your buyer through the home inspection as soem buyers may not understand the terms the inspector is using and most important to decipher what they find and if it sh... 10/20/2010

One of the most common questions i have been asked recently is, WHERE DO I IS START IF I WANT TO GET A MORTGAGE?The first thing any potential buyer needs to do when they start thinking they want to buy a home, is to contact a local and trusted mortage broker, bank or credit union. STAY AWAY from the internet lenders. You really want to be able to put a face to a voice and have a local source to be able to get information and drop off any paperwork or financials. A good local loan officer will pre-qualify you at no cost. They will look at your credit score but more importantly your whole financial picture. This includes your credit report, current income, debt and employment history. They will let you know what programs you may quailify for and what the down payment and closing costs for... 10/20/2010

This Mornings question is "My home was listed less than 2 weeks ago, i have an offer but it is lower than my asking price. What should i do?" The first thing you should do i be happy you received an offer where many houses are not even receiving showings.Hopfully you at BPO or appraisal on your home and set your asking price at or just below market value. You can never use a straight percentage of how much less than an asking price you should accept. Only you know what you need to sell your house for to move on, the rule of thumb is a house is only worth what a buyer is willing to pay for it. If you only have 1 offer work with that buyer, try a counter offer to get the price in the middle of what you were asking what they offered. Ask why the offered what they did, what did they base th... 10/17/2010

One of the most common questions form home owners is "When is the right time of the year to sell?"  and "Is there one time of the year that is better than another?"The first answer is that there are more buyers looking in the spring and summer, especially in the northern states where cold weather and snow disrupt our selling season. So listing early in the spring will subject your listing to more potential buyers than listing in the late fall or winter. On the other side more people place their homes for sale in the spring and summer so there is more homes for saleMany time fall is a even better time to sell if you are a home owner as there are less homes on the market. There is still a great deal of buyers with families with youn g chikdren moving, relocations and seniors looking to mo... 10/16/2010

PRE FORECLOSURES ARE SIMPLY THAT, A HOUSE ENTERING INTO THE FORECLOSURE PROCESS...are they a deal?Well If you are looking to buy one, you need to know some things...One of the biggest myths in foreclosures is "getting a deal on a preforeclosure". Let me tell you why, most houses are not even for sale, most home owners owe more than the house is worth in todays market and unfortanately if in a preforeclsoure situation, there is not enough time for them to complete a short sale. One of the most important things when buying a home is to have a willing seller, with most preforeclsoures, the homeowners are being forced from their homes, they have tried everything to save their home to no avail or have all but given up. Knocking on the door of one of these homes with a home owner in this situ... 10/16/2010

Manchester New Hampshire Real Estate Market Report 3rd quarter 2010 Condominiums and Townhomes In the 3rd quarter of 2010 there were 53 condominiums and townhomes that closed in Manchester New Hampshire. This is a decrease of 16 condos, as there were 69 condos that closed in the 3rd quarter of 2009. The median list price for the condominiums and townhomes that closed in Manchester for the 3rd quarter of 2010 was $139,900. The median list price for the condominiums and townhomes that closed in Manchester for the 3rd quarter of 2009 was $149,900. The median sale price for the condominiums and townhomes that closed in Manchester for the 3rd quarter of 2010 was $135,000. The median sale price for the condominiums and townhomes that closed in Manchester for the 3rd quarter of 2009 was $142,0... 10/15/2010

Manchester New Hampshire Real Estate Market Report 3rd quarter 2010 Single Family Homes In the 3rd quarter of 2010 there were 119 homes that closed in Manchester New Hampshire. This is a decrease of 81 homes, as there were 200 homes that closed in the 3rd quarter of 2009. The median list price for the homes that closed in Manchester for the 3rd quarter of 2010 was $219,000. The median list price for the homes that closed in Manchester for the 3rd quarter of 2009 was $204,900. The median sale price for the homes that closed in Manchester for the 3rd quarter of 2010 was $209,900. The median sale price for the homes that closed in Manchester for the 3rd quarter of 2009 was $199,950. The median market time for the homes that closed in Manchester in the 3rd quarter of 2010 was 77 days. The m... 10/15/2010

One of the most common questions is "If i am behind in my mortgage, how will this moratorium in foreclsoures affect me? What can i do? The first thing you need to know is there is not a moratorium with all banks and there is not a moratorium in all states. The states that require judicial review for a foreclosure meaning the bank needs to go before a judge to get approval to foreclose, have been halted, but in those states like NH, foreclosures have not been halted.What this has done is given home owners the opportunity to work with their bank for a work out. Home owners need to know there is help out there, if they have any ability to pay the banks can help them stay in their home by asking for the home retention department, it may take daily calls, but it is well worth their time and ... 10/15/2010

Todays question was from a potential buyer wondering why a buyer would purchase using cash rather than just getting a mortgage as interest rates are so low. The top reasons are speed of the transaction and ability to purchase properties where mortgages can not be obtained on them as they may need too much work.  With cash the buyer can close in 7-14 days as opposed to a 45 day average for obtaining a mortgage. Sellers will usually choose cash offers over an offer with contingincies as the cash sale is final, the buyer has no contingincies and the seller has a better chance knowing it is going to close where as the buyer with the mortgage can back out if the house doesnt appraise or if the bank declines them or decline the property iteself for needing too much work. These buyers can then... 10/15/2010

A common problem that has recently gotten worse with the increase in vacant listings is the lockbox. Agents are taking it upon themselves to go into houses without contacting the listing agent. Some are so bold to give the codes to their buyers while others cant seem to remember to put the keys back.Just becuase the home is vacant does not mean it does not deserve the same care and diligence you would give to an occupied house. It actually should require a higher degree of attention by that agent going into that house. It is respect, respect for the listing agent, respect for the home owner and respect for yoy being a professional who should treat any home you enter like your own.I have had agents leave the door wide open never mind just leaving it unlocked. leaving lights on, windows o... 10/13/2010

One of the most confusing part of a sale involving an REO (Bank owned home) is the banks disclosure addendums. With a bank owned home, your offer is usually presented to the listing agent in your standard purchase and sales agreement. That offer is loaded into that banks system by the listing agent. if the offer is accepted, the bank will then send their version of the seller addendum or seller disclosure. They can range form 2 pages to 24 pages. They bascally outline the terms of the sale and include any state and federal disclosures that all basically state the property is sold AS IS.The number one thing you need to know as a buyer or buyers agent is: You can not cross out or change anything on those bank addendums.What is being sold "as is"?It means the bank is not making any warrant... 10/11/2010

This morning a home owner writes in "WHAT EXACTLY IS A LOAN MODIFICATION AND HOW CAN IT HELP ME?" In simple terms a  loan modifcation is when teh bank rewrites the terms of your mortgage "modifying" things such as interest rate, monthly payment, the balance you owe or changing it from an adjustable to a fixed rate mortgage.Most commonly needed if you find yourself having difficulty making yoru current payment amount, if you owe more than house is currently worth or if your house is an adjustable and has adjusted upward raising your monthly payment. If you fall into these or similar categories, your best option is to contact your current lender, ask for the home retention department and ask them to complete a loan modifciation on your loan. You should gather some info before calling, you... 10/11/2010

This morning's question comes from a homeowner who is being relocated for their job. They wrote " Everywhere i look or read the stats say home sales are down, I need to sell my home, how can i succeed?'No matter what state you live in, total sales may be lower in some areas for this year from past years. However there are sales. Houses are selling. There are buyers who are ready, willing and able to purchase a new home. You should first enlist the services of a listing agent in your area.  The key is listing your house at or just below market market value. A good lisiting agent will assess what your home is worth in todays market, they can assist you in setting a listing price that is competive to assist you in selling your home quicker and at the best price obtainable. As the home owne... 10/11/2010

If you complete BPO's maybe you can relate to what happens during the journey to get these BPO;s completed. if you do not complete them or have just started, you can learn from my experiences. The most common Broker Price Opinion is called the driveby. it where you drive by the house, take a picture of the front, side, address and of the street. While doing this you need to assess if the house is occupied ior vacant and any damage that can be seen from the road. In theory this sounds like an easy task, right? I try and complete 2-4 BPO's a day, i have completed as many as 13 in one day, i have completed that accomplishment 3 times. In my travels i have come accross alot of different scenarios and attacks. I have come up with some tips. Make sure you always drive by the house first, asse... 10/10/2010

One of the most asked questions is HOW DO I MAKE AN OFFER ON A SHORT SALE AND HOW CAN I HAVE A CHANCE IN GETTING IT ACCEPTED? Buyers and their agents often ask why wasn't this offer accepted and why did it take so long. First there is no law that states the bank has to complete a short sale, they only lose money and make it as hard as possible. While that is the thought of most, if submitted correctly, you have a very good chance of making it work and if submitted incorrectly or missing anything, you may be doomed from the start.  Buyers before entering into a short sale sceanario, you need to ask: Is this house in foreclosure? if so chances are there isnt enough time for a short saleHow many loans or liens are on this property? Hopfully you have a buyers agent who can pull a copy of th... 10/09/2010

Saturday Oct. 9, 2010 the City of Manchester NH will be offering free waste disposal at the transfer station between 9am and 2pm. You must provide proof of residency and will be allowed up to 10 gallons of liquids or 20 lbs of solids. you can bring paints, stains, sealants, most pesticides, cleaning products, poisons and pharmaceuticals. liquids should be in containers no larger than 5 gallons and be labeled.Updated Oct. 6, 2010Blog written by:Scott GodzykGodzyk Realty GroupManchester NHwww.ScottSellsNH.com 10/06/2010

I have read countless articles and blogs where agents and brokers are standing up and denouncing banks and mortgage companies. Agents are asking how anyone can complete bpo's and how anyone can take bank owned listings...Unfortanately the majority of homes that ARE selling are bank owned homes. In order to get bank owned listings from the majority of banks you need to complete BPOS's in order to get them. The problem is to stand up on a soapbox and declare all bpo or reo agents as evil as the bank is not right. I know if i dont take that bpo order or if i dont take that bpo listing, there are others standing in line who will. Standing up and refusing to take bank listings or to complete bpo's hurts me, my business and my family. Taking these listings does not go with out a cost both lit... 10/06/2010

This mornings question is "What is the difference in price from a home that was repaired versus a home that needs work that is being sold as is?" It comes from the responses of buyers who were looking at bank owned homes, the most common response is "It needed too much work". WHO PRICED THESE HOMES?When pricing a home whether bank owned or owned by a private seller, that homes value is assessed using size, condition, neighborhood and amenities or upgrades in that home. It is only natural that a house that needs more work would be priced much less than a home that was repaired, remodeled or does not need any work. It is frustrating when people look at a bank owned home and they respond "this needs alot of work" the common response most agents would love to respond with is that is why it ... 10/05/2010

One of the most asked questions as of late is " SHOULD I BUY A HOME THIS FALL OR SHOULD I WAIT?" One answer may not be correct for all potential buyers, for some this is the greatest buyer opportunity in a long time, for others it may not be right and they should wait. The right answer if now is right to buy, is whenever YOU are ready. You are ready when you find what suits you and your family, you find what you like and find it at a price that is right for you. The KEY is that the property you are buying should be priced at or below the current market value of that property. In some areas prices have stabilized, some are still in decline and in a few they have started to rise slightly.Is there a time of the year that is better than another for buying?As far as buying most sources, they... 10/05/2010