New Hampshire Real Estate Blog

203k renovation loan; what to look for when buying your New Hampshire home

Tue, 01 May 2012 13:58:43 -0700

How to use a FHA 203k loan and what requirements for items you might overlook when searching for your new home

A 203k loan is simply a FHA loan with a twist. An ordinary FHA loan referred to as a 203(b) in the mortgage industry. Adding renovation or improvement costs to the loan you get a 203k. Through this loan program, renovations are completed after closing of Escrow by using a portion of the loan proceeds to cover improvement costs. Funds are held in a managed account with the mortgage company, earning you interest during the renovation period. "Draw requests" throughout stages of renovation release funds to your contractor's as the work progresses.

Here is a list of items an appraiser will be looking for to make sure your selected property meets the HUD minimum property standards.

Streamline 203(K) checklist

Peeling or chipping paint
Any signs of mold or mildew
All windows freely open and close
Missing electrical fixtures, switches/outlets and switch/ outlet plate
Missing flooring, including missing tiles
Flooring that is in disrepair
Handrails if there are more than three steps
Approximate remaining life of the roof (there should be at least 2 years)
Water stains on walls and ceilings
Missing bathroom fixtures and/or cabinet doors
Signs of termite damage
Missing screens on windows
Missing door knobs
Missing kitchen fixtures and/or cabinets
Exposed wiring
Missing gutters
Damage to the exterior of home including, soffit, fascia and siding
Utilities must be turned on and checked for operation
Adequate caulking and weather stripping on doors and windows
Missing built in appliances
Dampness or water in basement
Hot water heater - make sure it has a relief valve
Well/septic - does the inspection report state needed repair
Cracks in foundation- note, if present you will need to use a different renovation program instead of the Streamline 203(X).

Many of the foreclosures and shorts sales we see in New Hampshire and parts of Maine look to be overwhelming based on the repairs that might be needed. If you take a step back and think about the great programs, such as a 203k loan, many of these properties could be your “diamond in the rough”!

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

HUD home for sale, New Durham New Hampshire

Mon, 30 Apr 2012 12:53:00 -0700

Property is owned by Housing and Urban Development (HUD) Case# 341-093430 - IE - Property qualifies for FHA 203(b) with ESCROW REPAIR or FHA 203(k) if financing with an FHA loan product. Newer Construction, 3 bedroom, 2 Bath, Granite counters split entry with large deck on very private lot. Property to be sold in as-is condition. Neither owner nor agent makes any warranties or representations. Property is sold “AS IS AS SEEN”.

Village Name: Copple Crown NH Style: Split Entry Year Built: 2008 Square Feet: 1144 Finished Sq Ft Above Grade: 1144 Construction: Existing Foundation: Concrete Exterior: Vinyl Roofing: Shingle-asphalt Electric: 200 Amp, Circuit Breaker(s) Garage Capacity: 1 Garage Type: Under Driveway: Circular, Gravel Heating and Cooling: Baseboard, Hot Water Heat/Fuel: Gas-lp/Bottle Sewer: Private Lot Size/Area: 0.60

New Durham is most fortunate to have within it’s boundaries, a large number of water bodies, the largest of which is Merrymeeting Lake, famed for it’s pristine waters. The purity of the water led to New Hampshire Fish and Game Department setting up a fish hatchery. The Community is also fortunate to have panoramic views of Mount Washington, Mount Chocora, Mount Bett, Mount Jessie, Mount Rattlesnake, Mount Rand, Mount Caverley and Prospect Mountain. Much of the land space is still open and avails many recreational opportunities to the community residents such as snowmobiling, hiking, mountain bike riding etc. The natural splendor of the mountains and lakes attracts many visitors and seasonal residents.

Current population is just a little under 2,500 and growing, but has a good hometown atmosphere.

There are many active farms in the area involving Christmas Tree growing, peaches, berries, apples, greenhouse plants, and dairy produce.

New Durham is well served by Route 11 providing the community with gateway access to the seacoast of New Hampshire thereby making it commutable to Rochester, Dover and Portsmouth.

For more information, or to arrange a showing, contact Bill Somerset, Avalar Advantage Real Estate by email at bill@avalarnh.com, or by calling 603-512-5971

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

lake winnipesaukee New Hampshire condominium short sale

Wed, 16 Jun 2010 13:52:13 -0700

Photo Gallery

Front

Back

Dock for beach

Beach

Living room

Family room

living room

Kitchen

Description

Imagine this, a 3 bedroom, 2 bathroom townhouse with it's own private access to the lake! You don't have to imagine anymore, here it is. Great value for this Mineral Springs home. Large wood deck off the back, full walkout basement, and low, low condo fees. Did I forget to mention your own private access to lake Winnipesauke!

Features

Bedrooms: 3Bathrooms: 2Parking Spaces: 2Year Built: 1986Subdivision: Mineral SprintsFloors in Bldg: 3Square Footage: 1623Agent Name: Bill SomersetBroker: Century 21

Location

36 Cumberland Road Gilford NH 03249

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

Lake Winnipesaukee condominium price reduced. 6 Cumberland Road, Unit #36 Gilford NH

Tue, 08 Jun 2010 14:21:12 -0700

Photo Gallery

Front

Back

Dock for beach

Beach

Living room

Family room

living room

Kitchen

Description

Features

Bedrooms: 3Bathrooms: 2Parking Spaces: 2Year Built: 1986Subdivision: Mineral SprintsFloors in Bldg: 3Square Footage: 1623Agent Name: Bill SomersetBroker: Century 21

Location

36 Cumberland Road Gilford NH 03249

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

New listing, Rochester NH home for sale

Fri, 27 Apr 2012 13:47:16 -0700

Adorable ranch on a .22 acre lot with a fenced in yard and detached garage. Recently remodeled kitchen with stainless steel appliances and wood floors through out. The Lilys of the Valley surround the entry way giving way to a beautiful aroma to welcome you home to your new home and your large backyard awaits your barbeque.

Take a virtual tour!!!!

Style: Ranch Year Built: 1983 Square Feet: 768 Finished Sq Ft Above Grade: 768 Construction: Existing Foundation: Slab w/Frst Wall Exterior: T-111 Roofing: Shingle-asphalt Electric: Circuit Breaker(s) Garage and Parking: 1 Parking Space, Detached Garage Capacity: 1 Garage Type: Detached Driveway: Paved Heating and Cooling: Hot Air, In Ceiling Heat/Fuel: Gas-natural Sewer: Public Lot Size/Area: 0.22 Lot Description:

City Lot, Fenced

For more information, or to shedule a showing, contact Bill Somerset, Avalar Advantage Real Estate by email, bill@avalarnh.com or by phone 603-512-5971

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

Great neighborhood, great house, great price!

Mon, 23 Apr 2012 11:22:58 -0700

Colonial home located on a cul-de-sac, hardwood floors Huge family room with gas fireplace, spacious kitchen, formal dining room, large living room , Master bedroom with master bath, close to spaulding turnpike and schools. 2 car garage and a full basement waiting for your ideas.

This property is located in the desirable Harlans Way neighborhood of Dover NH. Dover is nestled between the mountains and the ocean. The community is close to the University of New Hampshire, Pease International Tradeport and harbors a local airport. The city is a short drive to the Port of New Hampshire, the state's only deep water port, scene to industrial barges escorted by tugs, importing and exporting goods to and from the Granite State. Dover is a quick commute to the metropolitan area of Boston, and less than an hour's drive to Boston's Logan International Airport. In addition, there is easy access to rail and highway transportation routes.

Style: Garrison Year Built: 2000 Square Feet: 3296 Finished Sq Ft Above Grade: 2400 Finished Sq Ft Below Grade: 896 Construction: Wood Frame Foundation: Concrete Exterior: Vinyl Roofing: Shingle-asphalt Electric: 200 Amp, Circuit Breaker(s) Garage and Parking: 4 Parking Spaces, Attached, Direct Entry Garage Capacity: 2 Garage Type: Attached Driveway: Paved Heating and Cooling: Baseboard, Hot Water Heat/Fuel: Gas-natural Sewer:

Public

Lot Size/Area: 0.32 Lot Description:

Level, Subdivision

For more information, or to schedule a private showing, contact Bill Somerset, Avalar Advantage Real Estate by phone, 603-512-5971, or by email bill@avalarnh.com

Subject to errors, omissions, prior sale, change or withdrawal without notice. The agency referenced may or may not be the listing agency for this property.

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

Agency relationships in New Hampshire; There are some questions GOOGLE can't answer!

Tue, 03 Apr 2012 10:00:42 -0700

Understanding Representation

It's important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transaction. Ask your salesperson to explain what type of relationship you have with him or her and with the brokerage company. Laws and relationships vary by state, but generally fall into these categories:

1. Seller's representative (also known as a listing agent or seller's agent). A seller's representative is hired by and represents the best interests of the seller. The relationship usually is created by a listing contract.

2. Buyer's representative(also known as a buyer's agent).This type of licensee is hired by prospective buyers to represent them in a real estate transaction. The buyer's rep works in the buyers’ best interest throughout the transaction. The buyers can pay the licensee directly through a negotiated fee, or the buyers’ rep may be paid by the seller or by a commission split with the listing broker.

3. Disclosed dual agent. Dual agency is a relationship in which the brokerage represents both the buyer and the seller in the same real estate transaction. Dual agents typically owe limited duties to each of the parties. Because of the potential for conflicts of interest in a dual-agency relationship, it's vital that all parties give their informed consent. In many states, this consent must be in writing. Disclosed dual agency, in which both the buyer and the seller consent to the agent representing both of them is legal in most states.

4. Designated agent. This is a brokerage practice that allows the managing broker to designate which licensees in the brokerage will act as representatives of the seller and which will act as representatives of the buyer. Designated agency avoids the problem of dual agency. The designated agents give their respective clients full representation. The broker has the responsibility of supervising both groups of licensees.

5. Nonagency relationship. These relationships vary considerably from state to state, both as to the duties owed to the consumer and the name used to describe those practicing it (i.e., transaction broker or facilitator).

Source: NAR Legal Affairs

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

Dover New Hampshire foreclosure; Colonial home located on a cul-de-sac

Mon, 02 Apr 2012 12:54:05 -0700

Dover is nestled between the mountains and the ocean. The community is close to the University of New Hampshire, Pease International Tradeport and harbors a local airport. The city is a short drive to the Port of New Hampshire, the state's only deep water port, scene to industrial barges escorted by tugs, importing and exporting goods to and from the Granite State. Dover is a quick commute to the metropolitan area of Boston, and less than an hour's drive to Boston's Logan International Airport. In addition, there is easy access to rail and highway transportation routes.

For more information,or to schedule a showing, contact Bill Somerset, Avalar Advantage Real Estate, by email at bill@avalarnh.com or by phone at 603-512-5971

Subject to errors, omissions, prior sale, change or withdrawal without notice. The agency referenced may or may not be the listing agency for this property.

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

Somersworth NH Bank owned bargain

Sun, 01 Apr 2012 11:37:41 -0700

Property is owned by Housing and Urban Development (HUD) Case # 341-085311 IE. Property to be sold in as-is condition. Neither owner nor agent makes any warranties or representations. Property is sold “AS IS AS SEEN”.This property can be financed with a FHA 203b-insured with escrow loan or FHA 203k loan if financing with an FHA loan. This charming single family 3 BDRM, 1 BATH, features a sunny kitchen, some hardwood flooring, celling fans, vinyl windows, enclosed porch w/a level fenced yard.

Room Level Approx. Size Master Bedroom: 12 x 28 Bedroom 2: 1 12 x 10 Bedroom 3: 1 12 x 10 Dining Room: 1 11 x 15 Kitchen: 1 13 x 13

For More information, or to schedule a showing, Contact Bill Somerset, Avalar Advantage Real Estate, Rochester NH by email at bill@avalarnh.com, or by phone at 603-512-5971

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

HUD home for sale, 12 Drew Road, Somersworth NH 03878

Mon, 06 Feb 2012 13:51:54 -0800

New listing, HUD home for sale, 12 Drew Road, Somersworth NH

Property is owned by Housing and Urban Development (HUD) Case # 341-085311 IE. Property to be sold in as-is condition. Neither owner nor agent makes any warranties or representations. Property is sold "AS IS AS SEEN".This property can be financed with a FHA 203b-insured with escrow loan or FHA 203k loan if financing with an FHA loan. This charming single family 3 BDRM, 1 BATH, features a sunny kitchen, some hardwood flooring, celling fans, vinyl windows, enclosed porch w/a level fenced yard.

This home may also be eligible for special purchase though HUD’s program “Neighbor Next Door”.

Buying a home through HUD's Good Neighbor Next Door initiative is designed to encourage renewal of revitalization areas by providing an opportunity for law enforcement officers, firefighters, emergency medical technicians and teachers to purchase homes in these communities. HUD provides a substantial incentive in the form of a 50% discount off the list price of eligible properties.

For more information, or to schedule a showing, contact Bill Somerset, Avalar Advantage Real Estate by email at bill@avalarnh.com, or by phone at 603-512-5971

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

New listing, Bank owned property located in Somersworth NH

Thu, 02 Feb 2012 12:14:14 -0800

New Listing, Bank owned property located in Somersworth NH

Investors take note. This property may be a great opportunity for a rehab project. With a little bit of work, this 3 bedroom, 1 bathroom cape will make you money when tenant occupied.

Somersworth is centrally located just a short trip from New Hampshire's numerous attractions- the Atlantic Ocean coast, the snowy peaks of the White Mountains, and the scenic expanse of the Lakes Region - Somersworth offers a bounty of historic and natural scenery, excellent schools, and numerous opportunities for outdoor recreation and leisure.

For more information, or to schedule a viewing of this home, contact Bill Somerset, Avalar Advantage Real estate at 603-512-5971, or by email at bill@avalarnh.com

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

Certified HAFA specialist. New Hampshire and Maine Real Estate Agent Bill Somerset

Thu, 19 Jan 2012 14:33:56 -0800

I have recently completed the Certified HAFA specialist training program provided by Assetplan USA.

This 3 to 4 hour program provides a high level overview of the current US distressed housing market and an in depth review of Treasury’s Home Affordable Foreclosure Alternatives (HAFA) program per Treasury Supplemental Directive 09-09. HAFA was revised by Treasury on March 26, 2010 and the program is fully updated to reflect those changes.

What does it mean for you as a homeowner? Exit Gracefully

If the cost of homeownership has become too much to bear, the MHA Home Affordable Foreclosure Alternatives Program (HAFA) allows you to transition out of your home and avoid foreclosure with $3,000 in relocation assistance and peace of mind. In many cases, a short sale is a dignified exit strategy where the borrower can sell the home and avoid the negative impact of foreclosure on their credit report and return to a better financial position.

Contact me today for your personal consultation and to discuss your options.

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

Deal of the week, Rochester NH bank owned property

Tue, 10 Jan 2012 15:27:42 -0800

Deal of the week, Rochester NH bank owned property

This beautiful 3 bedroom Colonial on 1.53 acres features a family room with fireplace, 3 baths, formal dining room, 2 car garage, walk up attic, large kitchen and a deck overlooking a field.

Features:

· 3 bedrooms

· 2 ½ Bathrooms

· 2 car garage

· 1.53 acres

· Built in 2004

· Fireplace

· Master BR with private bath

· Formal dining room

· Walk up attic for future potential living space

· Low taxes, just over $5000 per year

List price: only $210,000!!! This is a steal in Rochester for a bank owned property. Clean and neat, move in ready. Take your shoes off at the door, you won’t want to mess up the hardwood floors!!!

For more information, or to schedule a showing, contact Bill Somerset, Avalar Advantage Real Estate at 603-512-5971, or by email at bill@avalarnh.com

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

New Hampshire home buying seminars

Tue, 10 Jan 2012 13:39:17 -0800

Presented By: NeighborWorks Greater Manchester(NWGM)

Description:

Guest speakers from the financial community and real estate industry will share their knowledge and expertise.

Educators will review the "9 Steps to Home Ownership" that guide you though the "step by step" process of buying a home.

The 9 Steps to Home Ownership:

Pros and Cons of purchasing a home
How much can you afford? - 4 C's, Capital, Credit, Capacity, Collateral
Get pre-approved for a loan by a lender
What kind of home do you need and want
Begin looking for a house
Sign an offer to purchase
Get a professional inspection
Apply for a mortgage
Close your loan

The Home Buyer Seminars are FREE and open to everyone. If you have been thinking about buying a home and are not sure where to begin, join us for the next Home Buyer Seminar. Home Buyer Seminars are offered on Saturdays.

For More Information Call 603-626-4663, ext. 31

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com

Somersworth NH bank owned property for sale

Wed, 28 Dec 2011 12:35:40 -0800

Somersworth NH bank owned property for sale

REDUCED, on 1/9/12

New price $107,350

Beautiful neighborhood setting close to commuter roads. Nice level front and back yards. 2 Full bathrooms an open concept kitchen that flows into the dining area. Plenty of bedroom and closet space on the 2nd floor. Property could use some work to turn it into your next home. Take advantage of this great opportunity before it is too late!

Location, Somersworth NH
Living Sq. feet, 1400
Lot size, .92 acres
Year built, 1980
Annual taxes, approx. $4500
Bedrooms, 3
Bathrooms, 2

This wonderful home is located in the desirable Cinnamon Ridge neighborhood of Somersworth NH. Centrally located, Cinnamon Ridge provides easy access to all major shopping area, schools, and highways. This price may seem too good to be true, listed at only $113,000!!!!,

Contact Bill Somerset, Avalar Advantage Real Estate today for your private showing, or to receive more information, call me at 603-512-5971, or email bill@avlarnh.com

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Information provided by Bill Somerset, Avalar Advantage Real Estate

New Hampshire Realtor® New Hampshire real estate and homes for sale

Search for your next home in New Hampshire or Maine right on my website, www.billsomerset.com