Manchester, NH Real Estate News

By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
Todays question is how and why banks would want to hide the fact that a property is bank owned and why they would want to do so?Some lenders are adding wording in their listing contracts with agents that the listing agent can not use the words bank owned, reo or foreclosure or any similar terms. Why would they want to do this?The banks believe that using bank owned in the marketing, automatically puts the house at a disadvantage over non reo homes, and it is destined to sell for less.How will they bring up the value of reo properties?They are spending the extra money and time to bring the listings up to par with non reo properties. They want their properties to be at their best condition. They are completing repairs that most banks overlook. They are replacing furnaces, hot water heater...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
Todays most popular question is 'What is the 90 day flipping rule and how does it apply to my purchase?"Last year FHA imposed a 90 day waiting period from the time a property is sold until a new buyer can than apply for a fha mortgage. Various banks instituted their own versions of the FHA policy for non FHA loans while some take it case by case and do not seem to have this rule. The rule is most affecting investors who purchase a house, fix it up and put it back on the market when finished. Some may do little work while some investors may rebuild the entire home.How it is affecting buyersIt is affecting buyers when they put in an offer on a home, neither they or their agent knows or realizes the house was bought within the last 90 days, and after applying for a fha mortgage, the loan o...
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By Jim Miller, Realtor, Southern NH Real Estate
(Bean Group)
Manchester New Hampshire Real Estate Market Report 2nd quarter 2010 Single Family Homes In the 2nd quarter of 2010 there were 200 homes that closed in Manchester New Hampshire. This is an increase of 15 homes, as there were 185 homes that closed in the 2nd quarter of 2009. The median list price for the homes that closed in Manchester for the 2nd quarter of 2010 was $199,900. The median list price for the homes that closed in Manchester for the 2nd quarter of 2009 was $199,900. The median sale price for the homes that closed in Manchester for the 2nd quarter of 2010 was $198,200. The median sale price for the homes that closed in Manchester for the 2nd quarter of 2009 was $190,000. The median market time for the homes that closed in Manchester in the 2nd quarter of 2010 was 70 days. The ...
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Manchester New Hampshire Real Estate Market Report 2nd quarter 2010 Condominiums and Townhomes In the 2nd quarter of 2010 there were 78 condominiums and townhomes that closed in Manchester New Hampshire. This is an increase of 10 condos, as there were 68 condos that closed in the 2nd quarter of 2009. The median list price for the condominiums and townhomes that closed in Manchester for the 2nd quarter of 2010 was $140,950. The median list price for the condominiums and townhomes that closed in Manchester for the 2nd quarter of 2009 was $140,450. The median sale price for the condominiums and townhomes that closed in Manchester for the 2nd quarter of 2010 was $139,000. The median sale price for the condominiums and townhomes that closed in Manchester for the 2nd quarter of 2009 was $140,...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
Today's question of the day is: IS IT BETTER TO HAVE A BUNCH OF AGENTS ASSISTING ME TO FIND A HOUSE OR JUST 1 AGENT?This question is actually very common, you can have a bunch of agents all using part of their time, effort and resources looking for houses for you with all of them knowing deep down you may buy through someone else resulting in them not giving it their all. Or you can get 100% of an one agents time, resources and knowledge assisting you with every aspect of buying a home. In most cases you can hire a buyer agent at no cost to you, the buyer agent gets paid their commission from an amount listed in MLS by the listing agent and gets paid at closing. They can assist you in getting prequailified for a loan, they can provide listing sheets on potential homes, show you the home...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
HOW TO MAKE THE BEST OFFER ON A PROPERTY AND GET IT ACCEPTEDThe first rule of thumb is you should never make an offer based on it's listing price. You do not know if that asking price is listed at current market value, if it is priced way above or already priced below todays market value.Before you make any offer on a property, you need to assess what its value is in todays market. Any good buyer broker can assist you with pulling comparable listings and solds in the area of the property you want to purchase.If you want to buy on your own, a little reserach can really pay off. You can reserach the tax card and well as a copy of the deed through online resources or at the city hall. Most people do not know, but you can hire a buyer broker at no cost to you. They get paid their commission...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
For the 4th consecutive month New hampshire's unemployment falls, this time dropping 1/2 percent to 5.9% in June as reported by the Economic and Labor Market information Bureau reported this week. The job gains have lead to state newspapers reports that the state's economic recovery is on solid ground here in New Hampshire.Another reason why new Hampshire is a great place to live and work.Updated July 15, 2010blog written by;Scott GodzykGodzyk Realty GroupManchester NH
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
As the Union Leader reported plans for the 2010 WCCC are well under way, On October 3, 2010  an expected 30,000 people will descend on Vetran's park in downtown Manchester for this 3 day event.  Another reason that makes Manchester a great place to live. For more information on attending or becoming a vendor check out www.yourmanchesternh.com/chili 
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
I cant tell you what they did with it, but i can tell you all those billions didnt get used to train their customer service reps....  check out this recent email.... A lady died this past January, and Citibank billed her for February and March for their annual service charges on her credit card, and added late fees and interest on the monthly charge. The balance had been $0.00 when she died, but now somewhere around $60.00. A family member placed a call to C***bank.    Here is the exchange : Family Member:   'I am calling to tell you she died back in January.' C***bank:  'The account was never closed and the late fees and charges still apply.'  Family Member: 'Maybe, you should turn it over to collections.' C***bank: 'Since it is two months past due, it already has been'  Family Member:...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
What does it mean if my home ispector states "it has reached the end of its EXPECTED life"?One of the most common problems faced with a home inspection is when the inspector states a very generic statement all most home inspectors use that "it has reached the end of its EXPECTED life". Most common this is referred to the roof and the furnace/boiler.  The key thing you need to take into consideration before panicking is it functioning, and functioning properly? THE ROOFIf the home inspection states the roof has reached it's life expectancy, you need to assess. Is it leaking? From the ground can you see worn, missing or peeled up shingles? If not... then is the house priced accordingly, if you are paying top dollar you would want to ask for a new roof, if you are getting a deal or paying ...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
"NEW LISTING" IN DESIRED SOUTH MANCHESTER      Newly remodeled Colonial, 8 rooms, 3 bedrooms and 2.5 baths       Square feet; 2168   Year Built:      1990   2 car garage, Finished lower level, fireplace, 3 decks, ag poolnearly 1/2 acre lot abuts conservation landTaxes:      $ 5,122.00      Full:        Public Rems:      Beautiful home nestled on a cul-de-sac, nearly 1/2 acre lot that abuts conservation land, fireplace, mud room, 3 decks, above ground pool, finished lower level that could be a 4th bedroom. A must to see!!!             Directions:      South on Brown Ave, Left on Charlotte, Rt on Brent Rt on Surrey                   
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
The most asked question by a potential buyer who thinks they are ready to purchase a home, is "Where do i start?"Your first step should be to meet with a local and trusted mortgage broker, whether you choose a local bank, credit union or mortgage company, choose a name you know and please stay away from internet lenders. GET PREQUAILIFIEDThe first step is to get prequialified. The loan officer can preauailify you at no cost to you, after looking at your financials and credit score they can let you know what programs are available to you, what the costs associated are with purchasing, what the down payment requirement will be for you, what an estimate of your closing costs will be, what an estimate of your monthly payament will be and lastly what sales price range you should look in. WHA...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
One of the newer questions i have been receiving is how can a broker have a sign in front of a property but they have no price or are stating a market value instead of a price?Often times a broker gets assigned a foreclosure listing from the bank and the bank mandates they palce a sign in front of the property immediately.  Before a price can be set though, the occupant needs to be evicted, the house needs to be cleaned, the deed needs to be cleared of any liens and any repairs will be completed to make the house safe and show at its best. An appriasal and usually 1 or 2 bpos are ordered. It usually takes a couple of weeks for this alone as well as the time it took to get the occupant out and place cleaned up. During this 30-60 days there is no asking price however the house can be show...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
Buyers and sellers are always asking if window treatments are included and then what exactly is a window treatment?Window treatments is a term that covers all window coverings, mini blinds, shades, verticles or curtains.For various reason sellers want to leave or take the window treatments with them. they may be grandma's old curtains, or they were a gift or home made or $10,000 custom curtains.The most obvious reason the buyer wants them to remain is when they move in, they would like teh windows to have coverings, they can change them in time, but at least they do not have to go out and buy them and put them up when they are strapped for time and money.ADVICE FOR SELLERS:My advice is as a seller make sure you specify in your listing what will remain, what will not remain or what you m...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
A common question is "Should the appliances be included in the sale?"FROM THE SELLERS POINT OF VIEWWhen selling a home the seller wants to get the best price for their house, they often do not want to include appliances for sentimemntal reasons or are trying to sell them seperarately to get some extra money for the move. In most mortgage requirements that any potential buyer will have, they house is required to have a stove, If the dish washer is built in then most purchase and sales agreements to call for all fixtures, which means items built in or attached to stay which would include the dish washer unless specified otherwise.As a seller you should incklude the dish washer and stove and make the refrigerator, washer and dryer negotiable.FROM THE BUYERS POINT OF VIEW:A buyer is looking...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
THE QUESTION OF THE DAY IS; "Would you present an offer you received verbally to your seller?"I have heard both sides of the argument and feel strongly on how i practice Real Estate. The scenario is either a buyer agent calls you or a buyer calls you directly with an offer on your listing, The hous eis listed at $199,900 and they are offering full price except need 3% back towards closing costs, they want an answer back tonight.What should you do with that call?Do you relay the offer to you seller immediately so you do not lose this potential buyer.I would not call my seller with that offer, i would encourage the buyer broker to write the offer on a purchase and sales agreement, get the buyers signature and a deposit check, they could scan and email it to me or fax it it as well for me ...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
If you are looking to rent to own a home, here are some tips to get you started.It is a good idea as the first step, to get prequailified. Meet with a local and trusted bank or mrotgage company. Stay away from internet lenders. You need to find out how long it will take you to get a mortgage so you know how long of a lease your need. As well as what you will need to do to be quailified by the time that lease is up. You can get prequailified at no cost at most truste dlenders.Then you need to know what price range you will be able to purchase in. you do not want to lease a home out of your price range as you may never be able to purchase it. You may not have the resources to find the properties that are not being offered as lease purchase already. Your next step should be to work with a ...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
Just Listed today... Desired North Manchester area...Bank Owned home, large yard, ready for your paint and flooring to make this a showplace...EASY showings available.... Residential 4010818 Active 3 Stockholm St.Manchester, New Hampshire  03104  L$150,000                Rooms: 6 Bedrooms:3    Baths: 1 Year Built: 1984   Color:  Beige  Taxes:$ 4,541.04 Tax Year: 2009   Garage 1 car  Lot Acre:.21   Apx Fin Above Grd: 1,296  style:  Raised Ranch , Split Entry  Public Rems; -BANK OWNED OPPORTUNITY AWAITS... NORTH END HOME, HARDWOOD FLOORS, FINISHED LOWER LEVEL, READY FOR YOUR PAINT AND NEW FLOORING. PRICED TO SELL... SOLD 'AS IS"Directions:      -north on mammoth rd rom Wellington Rd/Bridge Street intersection and left on Stockholm                     
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By Fred Doleac, Real Estate in a Virtual World
(Fred Doleac - Bean Group)
How to Buy a Manchester New Hampshire Short Sale As a home buyer looking for value in the purchase of real estate you may consider a "short sale" as a viable option.  Buying a Manchester NH short sale is a difficult and most often a frustrating process. To achieve your goal, you must work with qualified professionals and understand the process.  Expert advice can be provided by real estate agents, attorneys, mortgage brokers or bankers and home inspectors.  Visit Manchester NH real estate as resource to obtain city information about schools, demographics, home buying and selling guides as well as a virtual tour of the city. What is a Short Sale? Homeowners in financial distress often consider various options, including a short sale, prior to foreclosure. Their goal is to negotiate futur...
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By Scott Godzyk, One of the Manchester NH's area Leading Agents
(Godzyk Real Estate Services)
I know everyone in the Real Estate Industry from Realtors, mortgage people, appraisers, home remodelers, buyers and sellers would all like to see another Tax credit.Could it happen? maybe, Will it happen ? maybe What are the chances: 50/50How do i come up with such nonsense? Well it is not nonsense, it is an opinion and a wish. you see stimulating buyers to purchase homes, stimulates the core of our economy. it is great for everyone. So if the politicians can see through "well politics" and see that it would be good for all, maybe just maybe they will bring it back this fall.I was reading an interesting OP ED about what Obama and dems will have on their agenda... More important what battle to pick next... there is of course the housing crisis, education, jobs, health care, war and debt ...
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Manchester, NH Real Estate Professionals