Distressed Property in NH

 Definition of distressed property:  The definition of a distressed property can vary, but it usually means that a property is about to be foreclosed on do to the owner being unable to keep up with the mortgage payments or the property is not producing sufficient income.  The property can also be in a distressed situation because of the dilapidated physical condition of the property.

If you are thinking about purchasing a distressed property in NH it is important to consider the following:

1)      Do your due diligence and learn as much as you can about the property you are interested in.

2)      Go to the Town Hall and find out as much as you can about the property.

3)      Have a home inspection done on the property and make sure all utilities are turned on before the inspection to allow for a thorough inspection.

4)      Have a Title search done and make sure the property has a clean title.  Any outstanding liens and fees can be transferred to the new buyer so beware of any issues.

5)      Find out who initiated the sale and what your State Law is regarding junior and senior liens.  Be familiar with your State Law.

6)      Have a CMA(competitive market analysis) done on the property to help you determine what the market value is on this home, your agent can provide this for you.

7)      Always seek legal advice and your accountant's advice if you are unsure or have questions on the process of purchasing distressed property.

8)      Rely on your real estate agent for guidance through this process as well.

9)  Factor in cost for repairs and any unseen problems

When searching for a new home or an investment property in today's market you should look at all the homes that are on the market, but you should also pay close attention to all the homes that are considered to be distressed properties.  Distressed properties can be foreclosures/short sales/estate sales and any other type of property where the seller needs to sell the property fast or they could loose it.  With my experience I have found ways to search for these homes and usually find them before most investors do.  To find out how I can help you find these distressed properties in the Nashua and Manchester NH areas call me at 603-440-5850 or fill out the form below.