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

This morning's question is "Would you show a house to a buyer who was not prequailified?"Every agent faces this problem and most handle it differently. From sellers who demand all buyers are prequailified to agents who make it part of their practice to only show homes to buyers that have been prequailified. This leads us to the second question of 'How do you ask the buyer without upsetting them?I make it part of my routine:Are you working with a loan officer yet? If yes... Do you mind if i ask with who? Did they prequailfy you? If no ...I work with a great loan officer, can i give you their number so you can get prequailified, the bank requires a prequailfication letter in order to submit an offer. I can then guage by their response how ready willing and able they are to purchase.SO HOW... 10/03/2010

    The dog days of summer may be hot, hot, hot, but this weekend in Manchester New Hampshire, it will be getting Chili.      Manchester New Hampshire will host the 2010 World's Champion 44th annual Chili Cookoff on Friday - Sunday, October 1-3.  Manchester beat Las Vegas and it will be the first chili cookoff in New England.  The cookoff will take place at Veterans park, Elm Street, Manchester.       For $5.00 you can attend the event and receive 5 chili sampling tickets.  Free for children under 10. $1.00 from each ticket will be donated to 3 local charities.       Twenty New Hampshire restaurants made the initial cut and there will be 150 cooks competing for the grand prize! 10 NH restaurants on Saturday and 10 on Sunday. Public sampling will be between 2-4pm each day.          On Fr... 09/29/2010

I personally have gone throught the short sale process and it ended up being a nightmare. In the end we ended up with the house for agood price, but it took a lot of patients.   Short sales are a great way to buy a cheap first home or turn a profit with flipping, but are they right for everyone? Not always. Like any other money making opportunity, the buying and reselling of short sale properties does have its pros and cons. So, what are they? The Pros You should get a good value for your money. Since short sales involve selling a property for less than the outstanding amount due on the mortgage, there is the potential to get a good value for your money. In dire circumstances, the home's appraised value is not considered, just the amount the lender will lose through foreclosure. Can be ... 09/26/2010

If you are in the market to buy your first home, you may have already realized that the process involves many different levels of knowledge and understanding. Chances are many steps of the process are completely foreign to you. By arming yourself with an arsenal of important questions, as well as with a team of professionals, you are sure to avoid some of the most common first-time homebuyer mistakes. 1. Hire the Right Agent. Personalities and experience levels range greatly, just as with any profession. Consider interviewing several local agents before deciding on which one to hire. Do you want a new agent who is sweet, patient, and ready to answer lots of questions? Or would you prefer a seasoned agent who gets you the best deal, but has less than stellar people skills? The choice is ... 09/17/2010

ELVIS HAS BEEN SIGHTED IN MANCHESTER NH!!!The New England Elvis Festival returns to the Radisson Hotel Manchester, NH for their second annual event from September 3-5, 2010. Featuring a three day Elvis Tribute Artist Competition. Saturday's Headline show for 2010 will be "Rock 'Til You Drop."  This wild night of Rock and Roll entertainment stars Dwight Icenhower performing his tribute to Elvis' later years and features last year's New England Elvis Festival champion Jim Barone with his tribute to Elvis' early years.This year you can also see tributes to other Rock and Roll legends with Dwight Icenhower performing as Elton John, Irv Cass' tribute to Tom Jones and Jesse Aron performing as Roy Orbison.  All this backed up by the Change of Habit Tribute Band and master of ceremonies Ronny C... 09/03/2010

Downtown Manchester is the place to be Saturday Sept. 4, 2010 for 10th Annual Cruising Downtown. Elm Street will be closed to traffic as Classic cars will line one end of Elm Street to the other. Elm Street stores and restaurants will be open offering specials, sales and entertainment. Elm Street will be buzzing with the car show, vendors and entertainment from one end to otherGuest sand drivers are asked to bring a can of non persishable food for the New Horizons soup kitchen food pantry. There will be donation bids located throughout..Hope to see you there..Another reason why New Hampshire is a great place to live, visit and play...Updated Sept. 3, 2010blog Written by:Scott GodzykGodzyk Realty GroupManchester NH 09/03/2010

A sure sign of fall is when the local Apple orchards open up to pick your own apples or purchase fresh locally grown apples in their farm stands.... Wait fall... It is still summer... Especially with a week of 90 degree weather this week... Well the leaves are not turning red yet, but the apples are.  Spring came a good 2 weeks earlier than normal this year with the trees flowering in all their beauty, that accompanied with the hot and sunny summer, have produced an early crop of Apples. Even the local favorite (and mine) the Macintosh are ready to pick. Growers are reporting the apples to be good size and abundant... I know i will be there.. bring on the apple crisp, apple pie and fresh apple cidar.Another reason why New Hampshire is a great place to live, visit and play...Please add a... 09/03/2010

This mornings question is: DO I NEED A NEGOTIATOR WHEN BUYING A SHORT SALE?When you are the buyer, you definately want to hire a buyer broker who is experienced in short sales, you can usually do so at no cost to you, they usually get paid their commission from the fee advertsised in MLS by the listing agent and paid at closing. This way you will have someone assisting you through each step of the short sale buying process. The bank will have a negoiator on it's behalf, the seller should have a negotiator on their behalf, you really need someone looking out for your best interests. Short sales are not always easy, and there is things you can do to make them easier. In brief you need to make sure:Is the house priced at or near market value, too low of a sales price is one of the top kill... 09/02/2010

This mornings question is: WHAT IS HAPPENING WITH THE SALE OF CONDOS?Market condition from area to area are different. Here in the northeast there is a demand for condos but the sales have been slow.  Right now there are 2 factors. Prices on single families are as low as many condos, buyers are choosing single families over condos. The 2nd factor is banks are not loaning as freely on condos, this is hampering condo sales to people that are ready and willing to buy, they just are not able, Condominiums are a way of life, people who do not want to cut the grass, shovel snow or perform exterior maintenance love condos. They offer more amenities than you could get with a single family such as a clubhouse, gym, pool, tennins and basketball courts so they attract the young professionsal and r... 08/30/2010

Manchester NH Real Estate Market Activity August 2010 We are taking a look at homes sold data for the last four years verses the last twelve months to determine where the market is headed.  There were 1,327 homes sold in 2006 with a 14.6% decrease in homes sold in 2007 at 1,133 homes.  During that period homes were taking 69 and 79 days to sell, respectfully.  While the recession was in full bloom in 2008, the number of homes sold fell 20.6% to 899 and and the days on market climbed to 109.   While the Federal Home Buyer Tax Credit was in effect in 2009, we saw the number homes sold go up a measely 2% to 918 but luckily homes were selling quicker at 82 days. Manchester NH Real Estate Average Sales Price 2006's average selling price was $214,653 and dipped slightly .5% to $213,647 in 200... 08/29/2010

With the first day of school for Manchester public schools coming up next Thursday Sept. 2, 2010 the school board is excited to announce their new conduct and dress code policies for teachers and students. The Manchester Union Leader reported that committee wanted to create a policy that was easier to understand, that was uniform throughout the district and spell out consequences for breaking them.Teachers and administrators look forward to the policies enhancing the great schools we enjoy in Manchester. The code of conduct and dress policy will be handed out on the first day of school and can be viewed on the Manchester school districts website.UPDATED August 28, 2010Blog written by:Scott GodzykGodzyk Group RealtyManchester NH 08/28/2010