Bank Owned Condo at Cranmore Birches in North Conway NH real estate

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QUICK LOAN MATH: $146K loan at 3.5% for 30 yrs. = $656/month + $400/month est. taxes and insurance + $142/month condo fee = $1198/month for a $2300sf townhouse with plowing and trash fees included!!

Bank Owned Cranmore Birches 3 Bedroom + condo in good condition. Deck and 2 balconies. Attached Garage. 1/4 mi. to Cranmore Mtn Resort. Townhouse style condo at Bank Owned prices!!
Call Me, Bill Barbin at 603-986-0385. I am the listing agent and will do my best to help you get this property. Work with any other agent and you will not get my help.

Listing Price: 163312
Address: G1 Cranmore Birches II
City: North Conway
State: NH
ZIP: 03860
MLS # (if any): 4196411
Square Feet: 2300
Bedrooms: 3-4
Bathrooms: 2.5
Basement (full, 1/2, finished, unfinished): Full, Finshed, Walk out

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Homeownership: The American Dream

Posted: 18 Jul 2012 04:00 AM PDT

As a real estate professional, it’s important to understand, and remind yourself, that homeownership really is the American Dream and your job is be the guardian and guide to make that dream a reality. This is especially important in a market where some people may be misinformed about the benefits and possibilities of buying a home.

The good news is 96% of homeowners see homeownership as a positive experience and 88% of renters aspire to own a home. This is true in the United States more than any other country. Owning a part of our country has always been the American Dream and as an agent you are instrumental in this dream. It’s your job to help guide people to their ultimate goal of homeownership.

The first thing you must realize is that homeownership is NOT about the money. In fact, if we look at Fannie Mae’s quarterly National Home Survey, as far back as we can go, the top four reasons for buying a home are the same. The top four reasons people buy a home are:

  1. It means having a good place to raise children and provide them with a good education
  2. To have a physical structure where their family feels safe
  3. It allows for more space for their family
  4. It gives them control over what they do with their living space including renovations and updates.

Homeownership means something more to people and their families than just financial considerations. It’s up to you to be ready to communicate ALL the advantages to homeownership, not just the financial ones.

In tomorrow’s post, we will address more advantages of homeownership.

Everybody Calm Down! The Sky Is NOT Falling

Posted: 05 Jun 2012 04:00 AM PDT

After weeks of continuous good news about the housing market, the naysayers jumped all over this month’s Pending Sales Report from the National Association of Realtors (NAR). Pending sales were down from the previous month. This must be proof that all that other positive news on real estate should be ignored – right? WRONG!!

It is true that this month’s numbers were down from last month. However, we must realize we are comparing the numbers to the best month in two years. The numbers are 14.4% higher than the same month last year. Below is a graph showing the pending sales numbers over the last two years. You can decide whether it is showing a recovering market or not.

Everybody Calm Down! The Sky Is NOT Falling.

Vacant Homes Pose Risks for Agents by Inman News

Vacant homes pose risks for agents

Squatters — or worse — may be lurking in REOs

By Inman News, Tuesday, June 19, 2012.

Inman News®

<a href="http://www.shutterstock.com/pic.mhtml?id=28422466">Vacant home</a> image via Shutterstock.Vacant home image via Shutterstock.

By DAVID W. MYERS

It was a typical balmy Southern California afternoon when veteran agent Stephanie Janeshak of Tarbell Realtors in Corona stopped by a modest-sized foreclosed home to give it a preview before showing it to one of her clients.

She had toured dozens of vacant properties before and was comfortable with the task — so much so that she brought her 2-year-old toddler with her because a babysitter wasn’t available.

The front of the home was in fairly decent shape, Janeshak recalls, so she retrieved the keys from the lockbox on the door and walked in. The kitchen looked OK, and so did the living room; there were no broken windows or graffiti on the walls, two tell-tale signs that the home might be occupied by squatters or drug dealers.

And then, she opened the door to the bedroom.

http://www.inman.com/news/2012/06/19/vacant-homes-pose-risks-agents

Nearly 16M Homes Are Now Underwater

Posted: 30 May 2012 04:00 AM PDT

Zillow just reported that their data shows nearly 16 million homes in this country are now in a negative equity position where the house is worth less than the mortgages on the home. This number is dramatically higher than the approximate 11 million reported by other entities. Why the huge difference? Zillow professes to take into consideration ALL loans on the property not just the most recent loan (purchase or refinance).

The key findings in the study:

  • Nearly one-third (31.4 percent) of U.S. homeowners with mortgages – or 15.7 million – were underwater on their mortgage.
  • A slower pace of foreclosures after the robo-signing issues of 2010 contributed to slower progress in working down negative equity. Foreclosures cause homes to come out of negative equity when a bank or third party takes ownership.
  • Nine in 10 homeowners continue to make their mortgage and home loan payments on time, with just 10.1 percent of underwater homeowners more than 90 days delinquent.
  • Nearly 40 percent of underwater homeowners, or 12.4 percent of all homeowners with a mortgage, owe between 1 and 20 percent more than their home is worth.
  • An additional 21 percent of underwater homeowners, or 6.6 percent of all homeowners with a mortgage, owe between 21 and 40 percent more than their home is worth.
  • About 2.4 million, or 4.7 percent of all homeowners with mortgages owe more than double what their home is worth.

How can negative equity impact the housing market? In the report, Zillow Chief Economist Stan Humphries explains:

“Not only does negative equity tie many to their homes, by making homeowners unable to move when they may want to, but if economic growth slows and unemployment rises, more homeowners will be unable to make timely mortgage payments, increasing delinquency rates and eventually foreclosures.”

Nearly 16M Homes Are Now Underwater.

All Gave Some. Some Gave All.

Posted: 26 May 2012 04:00 AM PDT

North Conway NH

All Gave Some. Some Gave All..

Sales Are Up. Prices Still Have a Way To Go.

Posted: 15 May 2012 04:00 AM PDT

We believe the housing market is recovering. We believe that sales will be robust through the rest of the year. However, we also believe that the increase in demand will not impact prices in a big way as we think there will also be an increase in the supply of homes coming to the market. This increase in supply will offset the increase in demand. The increase in supply will be fueled by two categories of inventory:

  1. Foreclosures entering the market as a result of the National Mortgage Settlement
  2. Pent up supply of homeowners who have been unable to sell their homes over the last several years

There have been several recent headlines making strong statements about home values in the country. We must be sure to read the ENTIRE report – not just the headlines. Here are four headlines and the portion of the report that reflects the caution in their ‘cautious optimism’.

HEADLINE:

LPS Home Price Index Shows U.S. Home Price Increase of 0.2 Percent in February; Early Data Suggests Further Increase of 0.3 Percent is Likely During March

CAUTION:

“Reasons for caution are clear, as we’ve been here before. Non-seasonally adjusted prices increased for a few months in early 2009, 2010 and 2011 – trends that all ended by summer, after which all the gains – and then some – were lost. As is true this month, those temporary increases were on low sales volumes – about 30 percent lower than at any point since 1998. Furthermore, the inventory of distressed homes remains high, which will continue to put a drag on prices.”

HEADLINE:

Foreclosure hotspots show signs of housing turnaround

CAUTION:

“However, much will depend on the continued health of our economy, specifically job rates, and how lenders will release their foreclosure inventories now that the 49 state AG Agreement has been signed.”

HEADLINE:

Fiserv Expects Home Prices to Stabilize

CAUTION:

“On the other hand, nearly one-half of the metro areas, or 191, saw prices decrease by more than 2 percent, including double-digit losses in Atlanta (-12.8 percent), Reno, Nevada (-10.8 percent), and Tucson, Arizona (-10 percent).

In the fourth quarter of 2011, the average price of a U.S. single-family home fell four percent from the year-ago period, and Fiserv Case-Shiller projects a further decline of 0.8 percent by the end of 2012.”

HEADLINE:

Home Prices in March Show Monthly Gain: CoreLogic

CAUTION:

“Even with price gains above 5 percent for leading states and CBSAs, Capital Economics said in response to the CoreLogic report that over the year, prices are more likely to stabilize rather than make a dramatic climb.

“There are fears in some quarters, triggered by recent disappointing GDP and payrolls data, of a sharp slowdown in economic growth which could derail the fledgling improvement in the housing market,” said Paul Diggle, property economist for Capital Economics.”

Sales Are Up. Prices Still Have a Way To Go..

Finding a Short Sale Expert

Posted: 11 May 2012 04:00 AM PDT

This week, we have spoken about the importance of using an agent trained in the short sale process when selling or buying a home as a short sale. Today, we want to address how to identify those agents who are truly qualified. There are many local instructors who have done excellent work in this field. We appreciate their dedication and commitment. However, there are three designations recognized on a national basis. Here they are:

Certified Distress Property Expert (CDPE)

One of the first designations available in the field, CDPE has reached the milestone of 40,000 real estate professionals trained in foreclosure avoidance tools and strategies through the Certified Distressed Property Expert (CDPE) Designation course. CDPE is the fastest-growing independent designation in real estate industry history.

The CDPE designation is administered by the Charfen Institute which educates and trains real estate professionals and small business owners to find opportunities in chaos – either by providing solutions to the foreclosure crisis or empowering entrepreneurs with strategies to embrace their companies’ full potential.

The growth of the CDPE designation has been assisted by the support of top brokerages, including RE/MAX, LLC, Keller Williams Realty Inc, and Century 21 Real Estate LLC, as well as industry icons such as Chairman and Co-Founder of RE/MAX Dave Liniger, RealtyTrac, Realogy, Fannie Mae and Founder of Buffini & Company, Brian Buffini.

Short Sale and Foreclosure Resource Certification (SFR)

This is the designation offered by the National Association of Realtors (NAR). The SFR Certification is NAR’s short sale training program developed and continuously updated by industry leaders. The training covers both the seller and buyer side of the short sale transaction. Designed to prepare the agents for the short sale process from the first meeting with the seller through the marketing, contract writing and submission of the short sale package it has prepared over 50,000 REALTORS® across the country to successfully navigate the distressed property waters.

Short Sale Certified (SSC)

A newer entry into the field, the Short Sale Certified designation (SSC) focuses on local laws and trends in the agent’s footprint. The course was developed by Brandon Brittingham, a top producing agent who has personally completed several hundred short sales, and Gee Dunsten, a former national CRS president who has instructed and written short sale courses all over the country and is considered an industry expert.

SSC has just announced an alliance with the Leading Real Estate Companies of the World to offer short sale training to the 100,000+ agents in the network. This will include live training as well as distance learning.

Finding a Short Sale Expert.

Are You a Buyer Looking to Purchase a Short Sale?

Are You a Buyer Looking to Purchase a Short Sale?

 

Posted: 08 May 2012 04:00 AM PDT

 

 

It seems that there is a significant amount of confusion when it comes to purchasing a short sale. There are many misconceptions when it comes to this type of transaction, so below I have provided some information to potential buyers of short sales. If you are looking to purchase a short sale, understand that it is not the same as a normal sale and the approach is very different.  There could be several parties involved and issues that are unknown to the buyer and buyer’s agent that can affect the transaction. If you are looking to purchase a short sale here is some helpful information.

 

1. On average, to get a short sale approval, it can take 60-90 days.

 

There could be mortgage insurance and an end investor on the loan as well as the servicer, which means it has to go through three different processes. Bank of America could be the servicer on the loan but they do not actually own the loan, so, the short sale has to pass their guidelines, then go to the mortgage insurer if there is one, then to the end investor like Fannie Mae and Freddie Mac. If you are a buyer and can’t wait at least 60-90 days for an approval and then another 30 days to go to closing, then you need to look at other houses. The worst thing you can do is tie up a house that is in a short sale with no intention of being patient while waiting for a short sale approval. Approvals can come sooner than 60 days, but industry standard is at least 60 days to get an approval or denial.

 

2. There is a general assumption that you can purchase a short sale for 40-50% under its listed price.  In a short sale the bank comes out and does a valuation of the property and will expect a slight discount, but will not accept a huge amount under the market value.

 

Hopefully, if the agent who is handling the sale is experienced, they will have already gotten an approved list price from the bank by the time you are interested in making an offer. The bank will usually be willing to negotiate on that price, but will not, in almost every case, take 40-50% off of that price. To that point, you may be able to get a reasonable deal on a short sale, though it will not be, in most cases, as much of a deal as you may be able to get on an REO (foreclosed property). Also to that point, most short sales will be in better condition than an REO. When you look at the potential repairs a comparable REO needs and the time and expense it can take to do those improvements vs. a short sale being sold at a slight market discount with improvements already made, the investment could even out. There are REO properties that can be picked up for a huge discount, but require massive repairs that a comparable short sale may not require.

 

3. Short sales are a very difficult process and it takes a qualified person to handle this type of transaction.

 

With this type of transaction it takes a very experienced agent on the listing side as well as the buying side. Make sure before you move forward on the transaction that the listing agent has ample experience dealing with these types of transactions, or you could be tied up in a contract for months that never goes to settlement. There are several different types of short sale processes and each bank’s process is somewhat different; it takes a professional who has had experience with all of these different types of short sales to help facilitate a successful transaction.

 

4. In most short sale transactions the properties are sold “as-is” and no repairs will be made.

 

Although there are some exceptions to this rule, speaking in general, short sales are sold “as-is” and no repairs will be made even if they are found during a home inspection. In most short sale transactions the bank will require both the buyer and the seller to sign an addendum that states the property is being sold “As-is” and no repairs will be made.

These are just a few short pointers for buyers who are looking to purchase a short sale as they are a reality in every market, and if you have the patience you may be able to get the home you are looking for at a discount!

Are You a Buyer Looking to Purchase a Short Sale?.

Short Sales Will Increase Dramatically in 2012

Posted: 07 May 2012 04:00 AM PDT

We believe that short sales will be a major part of the real estate market in 2012. That is why we have dedicated this entire week to posts exclusively on this subject. We hope that by the end of the week you have a better handle on the need for short sales and a better understanding of the process. – the KCM Crew

It seems that the banks have finally realized that a short sale is a better option than foreclosure for them, the homeowner and the neighborhood. It is for this reason we believe that 2012 will come to be known as the year of the short sale. CNN Money reported on this exact point:

“We believe 2012 could be a record year for short sales,” said Daren Blomquist, vice president at RealtyTrac.

Banks are showing signs of being more open and willing to approve the deals — even if it means accepting less money. The average sales price for a short sale was $174,120 in January, down 4% from December and 10% year-over-year.

Market Watch also addressed the short sale situation recently:

Fitch expects the increase in short sales to continue because of the potential benefits afforded to both lenders and borrowers. Some borrowers may prefer short sales because, though they cannot stay in the property, they often walk away with cash incentives from lenders and healthier credit reports unmarred by foreclosure. For lenders, short sales provide a more efficient and cheaper alternative to the increasingly lengthy and costly foreclosure process.

Why Are the Banks Now Leaning Towards Short Sales?

The simple answer is that the banks lose less money when doing a short sale. The CNN Money article mentioned above explains:

Typically, banks get about 20% less for a foreclosed home. Foreclosure can also take years to unload, during which expenses, like property taxes, insurance and other expenses, mount up.

The Market Watch report breaks it down further:

Short sales…are currently getting completed 20 months after the last payment made on the loan, approximately 10 months less than the average time to foreclose. Shorter timelines reduce lenders’ carrying costs (i.e. accrued loan interest and property taxes, insurance, and maintenance) and eliminate most of the legal expenses associated with foreclosure and liquidation. As a result, loss severities tend to be considerably lower. Historically, for loans with similar attributes, short sales have severities 10%-15% less than REO sales. As the proportion of short sales increases, we expect average loss severities to improve further.

How Many Short Sales Could Be Completed?

JPMorgan has projected that over 500,000 short sales will be done this year. Also, NECN.com recently reported:

RealtyTrac estimates that if the January numbers it found hold up, there would be about 105,000 “pre-foreclosure” sales of homes, most of them short sales, during the first quarter of this year, and at that rate something like 400,000 for the year.

How Long Will Short Sales Be a Major Part of the Market?

The NECN article shows us that short sales are here to stay for some time.

According to the Mortgage Bankers Association, there are nearly 3.5 million homeowners delinquent on their mortgages by at least one month, including 1.5 million who are 90 days or more behind on paying their mortgage. And there are 12.5 million homeowners still who are “underwater,” owing more on their mortgage than their home is worth. That suggests that at the current rates, barring some spectacular economic recovery, it would take years, even decades, for short sales alone to clean up the mortgage mess that remains.

Short sales are here to stay. We must accept this fact and work hard to learn the process and apply it where it makes sense.

Short Sales Will Increase Dramatically in 2012.

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Bill Barbin, Residential and Commercial Real Estate Broker with Badger Realty of 2633 White Mountain Hwy. North Conway NH 03860 - Office: 603-356-5757 Cellphone: 603-986-0385

Copyright 2013 Northern New England Real Estate Network, Inc. All rights reserved.

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Data last updated 5/20/13 1:02 AM PDT


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