New Hampshire Bank-Owned Homes
Are you a buyer looking to buy homes in the Portsmouth NH area? Don't be afraid of bank-owned homes if you are!
Bank-owned properties do usually come with some issues that a home owned by a home-owner might not necessarily have, but if you are working with an experienced REALTOR who knows the area you're looking to buy in, you can find some great buys on bank-owned properties.
I just recently closed on a bank-owned home here in the New Hampshire Seacoast, and the new owner got himself a great buy. The property had been listed for $249,900, and then was reduced a couple more times until it got down to $199,900. And of course, all kinds of buyers wanted to see it at that point.
If you were to walk in the front door of this home, you'd have no clue this was a bank-owned home. It sits on a gorgeous lot, the home had been nicely maintained inside and out - not at all the image conjured up by most of us when it comes to bank-owned homes. At the peak of the market here in the Portsmouth new Hampshire area, this lot couldn't have been bought for that asking price, never mind a lot that beautiful with a house on it!
I put it under agreement, we made it through the home inspection just fine, and then the first buyers I was working with just got cold feet - first time buyers and they just got scared. It was such an incredible buy that I got right on the phone and began calling other potential buyers I had that this home would be great for, including some investors I had talked to about investment property. Yep, this home would have been an incredible buy for investors, too!
I quickly had another offer on this property, and we put it under agreement right away. When we closed recently, this buyer had an instant amount of equity to the tune of about $60,000, based on the appraisal that had been done by the lender. And that was an accurate appraisal, too!
So, the point of this post is if you see that a property is bank-owned, don't shy away from it if it looks like it has potential for you.
Sure, there are plenty of bank-owned properties out there that are in very sad condition, and those are the properties most of us think of when it comes to bank-owned real estate. But, and this is a big BUT, not all of them are in deplorable condition.
I've written a couple of other posts about what you might expect when looking at bank-owned properties, and this post is to let you know that they aren't all scary and to give them a little consideration instead of shying away from them just because you're told it's a New Hampshire/Maine bank-owned property.
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Are you looking to buy a home in the Portsmouth New Hampshire-Southern Maine areas? If so, send me an email or give me a call - Id love to help you find just the right home for you!
Ann Cummings, Maine and New Hampshire REALTOR
RE/MAX Coast to Coast
Portsmouth NH
ann@anncummings.com
888-349-5678 x 3839
Servicing the Coastal Areas of NH & Southern Maine 
Let me put my years of experience here in the coastal areas of NH & southern Maine to work for YOU! Servicing the greater Portsmouth, Hampton, Exeter, Dover, NH areas & the southern tip of Maine.
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Ann,
They can be great buys as long as you have someone with knowledge who can help you negotiate with the bank or the investor. We sold an REO a few months ago and have a few shorts hopefully that will also give someone the opportunity to come in and take advantage of the very low prices we have here. I see your area has some opportunity as well.
Wow, your bringing back old memories. I lived on Seabrook Beach for 5 years and worked in Portsmouth on Maplewood Ave.
Ann It is great when you come across a real nice value for a buyer and you are able to put the deal together. A bank owned home can be a tricky proposition and it makes sense to working with a knowledgable Realtor - Good job!
Ann--I don't think buying a bank owned property is for everyone. But there are some wonderful deals out there for the buyers that understand the marketplace. This is where having a great Realtor by your side can really make the difference. Good information!
You made the point about working with an experienced Realtor a priority..just as it should be!
People should not be trying to do these on their own!
Ann, great article! You are absolutely right. We too, have bank owned homes that are in great shape and what a deal for the home buyer. I wish I had an endless bank account and could scarf up some of the deals I see. They are not all bad, like you said.
Ann~
Especially attractive is the idea that the "buyer had an instant amount of equity to the tune of about $60,000, based on the appraisal that had been done by the lender. And that was an accurate appraisal, too!"
Lucky buyer to have found you.
Ann you are absolutely right buyers should not shy away from bank owned properties, but the problem around here seems to be that everyone thinks that they can steal a bank owned property. Banks are not about to give their properties away, every once and a while you can run into a great buy like this one, but most of the time they seem to be priced right where they should be.
Short Sales are the ones that want to make me run away .......... LOL
Ann, I have found several bank owned properties to be awesome investments. I don't know why so many overlook the great opportunity. Just because the bank has it, doesn't mean something is wrong with it.
Ann: Great information and it's crucial to have a real estate professional who knows how to handle short sales and foreclosures. Here in my market, anything priced under $200k is going fast.
Ann,
I agree!
another point, even though most are "as is" I would still recommend an Inspection as some can have alot of hidden damage. With economy as it is I have also inspected several bank owned that are in excellent condition.
Use a Realtor and get it inspected!
Carla
Ann, my daughter's condo that I posted Before and After photos of was bank owned. She had to jump through some hoops and the process was by no means smooth, but she got a great deal. If you are patient you can get a great price.
Ann- you're absolutely right... there are some nice bank owned properties out the for those who are willing to look.
Hi Chuck - buyers just need to have their eyes wide open, and they'll find some great buys out there!
Thanks for commenting,
Ann