New Hampshire and Maine Homes and Condos

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 inspections 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!  Actually there had been 2 appraisals done, and both showed that amount of equity!

So, the point of this post is if you see a bank-owned property, 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.

Read also:

• New Hampshire Bank-Owned Properties For Sale

• Buying Bank-Owned Real Estate

                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 - I’d 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                    



                                    

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