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Blog :: 05-2014

What Do I Need To Disclose About My Dover NH Home?

Protecting Yourself Against Liability In Your Dover NH Home Sale

The time has come to sell your home. Youre working with your real estate agent, getting your house cleaned up and ready to sell, and looking for your next home. But, as the offers start rolling in, what types of information about your Dover NH home sale are you required to disclose to potential buyers? Not so long ago, the world of residential real estate was buyer beware. But, in more recent years, sellers are being held legally responsible when they dont disclose a major flaw that they have material knowledge of, and the buyer later discovers the flaw and wants restitution. In fact, 75% of real estate agents who took the National Association of Realtors 2011 Legal Scan survey said that this issue is among their top three current and future issues, and growing. Although the laws can vary significantly from one state to another, there are some issues that, if you have knowledge of, should always be disclosed to a potential buyer, including: Repairs. Disclose any repairs youve made to the roof, plumbing, electrical, heating and air conditioning, or foundation. Include any repairs that were done by previous owners. Also include any maintenance that needs to be done on a scheduled basis and is unique to your property. Water damage. Any water issues must be reported. Some common issues include a leaky roof, flooded basement, dampness, and prior mold treatments. Termites and other pests. Termites are one of the most common hidden issues in a home. Let the potential buyer know how many times youve treated your home for termites, and when the most recent treatment was. Lead. Federal law requires that all homes built before 1978 must disclose any and all knowledge of lead-based paint in the home. This is one of the strictest federal laws as it relates to seller disclosures, and penalties are steep. Additionally, youre required to give the buyer a 10-day period to do lead testing before closing. Natural hazards. In some states, including California, sellers are required to tell potential buyers if the home is susceptible to specific natural disasters, like wildfires, mudslides, or floods. Infamous past. The laws on this fall into a gray area, but if your home was the site of criminal activity, someone died inside, or even if your home has a historical designation that would limit a new owners ability to renovate, most real estate agents recommend that you disclose this type of information to potential buyers. The bottom line is this: You should always disclose issues that could significantly lower the value or desirability of a home. Laws and standard practices do vary state by state, so make sure to ask your real estate agent whats required in the area where you live. And, even if youre listing your house as-is, you dont get to bypass disclosure laws. Selling a home as-is just means that youre not willing to negotiate the price of the home based on any deficiencies. However, there are many things youre not required to tell a potential buyer. Information like personal details about you, the reason youre moving, pending foreclosure action, illness, and divorce are the most common. Dont be afraid of disclosing anything you know about your home. Disclosing doesnt necessarily mean youll be on the hook for fixing all deficiencies, it just means its open for negotiation. Plus, put yourself in the buyers shoes. Wouldnt you want to know the history of the home you were buying?
About the author: This Dover NH Seller Disclosure article was created by Dick Cook- SRES. Dick is a realtor with over thirty years experience working for customers in the Granite State. Specializing in Senior Real Estate Services, Dick covers the NH Seacoast & Lakes Regions, servicing the following communities and many others:

Taste of Dover 2012

content_taste_ In Town around June 2nd Searching for that Special Home? Try Dovers 9th Annual "Taste of Dover" to get a great sampling of what Dover Tastes can offer. Tour Starts at the Rebel Chef Cafe ~ 3rd Floor of the Cocheco Falls Millworks Building - (Directly across the street from the Coldwell Banker Peggy Carter Team Office at 400 Central Ave). June 2nd 12:00pm - 5:00pm Tickets are $35.00 Every 20 mins a tour group will departto tour 12 local restaurants(Over 17 Restaurants Participating) Many other local restaurants will be letting you taste thier cuisines at the Rebel Chef Cafe.
Tickets available online thru Taste of Dover at the Dover Main Street office (Suite 150 in the Cocheco Mill) or you can call (603) 740-6435 to order by phone. Sorry Must be 21+ to attend, positive ID Maybe we will see you there!

Coldwell Banker Peggy Carter Team ~ 603.742.HOME

Dover NH Real Estate Year-To-Date Market Report

Year-Over-Year Dover NH Real Estate Sure is Hot!

Through the end of April, Dover NH Real Estate has posted significant gains year-over-year in terms of the number of homes sold and their median sales price. The market in Dover NH is really heating up! There have been over 15% more Dover NH homes sold year-over-year through April 31st compared to 2011. The pace of increased activity locally is palpable- I can say I have certainly been busier in the first four months of this year than last, and colleagues in the business are reporting the same thing. The best part is that not only has the number of sales increased, so too has the median sales price at which these homes have sold: The median sales price is the point at which half of the homes sold have sold for less, and half of the homes have sold for more. It is considered a more reliable assessment of a market as it serves to reduce the impact on unusually high and low priced homes affecting the average price of a market. Seeing such solid increases year-to-date in both the number of properties sold and median sales price is very encouraging. Looking at other metrics that we consider in assessing the health of the Dover NH Real Estate market, we see that the average number of days that a property spends on the market before going under contract has remind more or less the same year to date: content_Dover_NH_YTD_AVG_DOM_Chart It is encouraging that in the face of rising median sales prices, buyers were still moving to contract on a similar pace as the first four months of 2011. The final metric that shows how well the market in Dover is doing is the listed versus sold percentage of Dover NH Real Estate: content_Dover_NH_Real_Estate_YTD_List_Sell_Ratio Year-to-date Dover NH Homes are selling for approximately three-fourths of a percent more of their listed price than they did during the first four months of last year.

#1 State of New Hampshire

Peggy Carter Coldwell Banker Dover NH Recieves the #1 State of NH Award Number One Sales Associate By State ~ New Hampshire 2011 Presenting the award are Bob Hedgi Executive Business Consultant Coldwell Banker and Rose Forcillo Broker & Owner Coldwell Banker Peggy Carter Team Dover NH. From all of us at the Peggy Carter Team - Congratulations! You Earned It!

#1 State of NH

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How to Compare Multiple Offers For Dover NH Real Estate

content_ContractComparing multiple offers can be a confusing process for Dover NH sellers. The habit is to focus solely on price, but that may not be in a sellers best interest. There are many different terms in an offer that sellers should contemplate in order to identify the best offer. This article contains some techniques to help you in comparing multiple offers on Dover NH real estate.

An Overview Of Comparing Multiple Offers On Dover NH Real Estate

Offer Components

It is normal for conditions such as an inspection and mortgage approval to appear in an offer. Sometimes special contingencies are added by buyers. Fewer conditions lead to a better chance of closing. Furthermore, some contingencies are more risky than others and can depend on the status of the real estate market.

Pre-approvals

There is a dramatic difference between a pre-qualification and a pre-approval, especially when comparing multiple offers. A pre-approval is traditionally issued after a mortgage company verifies a buyers credit. A pre-qualification includes no such verification. Pre-approved buyers are, therefore, better positioned to get final approval for a loan. Sellers will lose valuable time from buyers who cannot get financing and back out of a sale. The type of loan is also important since some types of loans have strict guidelines on the borrower and property, or can take longer to process.

Deposits

Deposits express a buyers good faith. It also protects a seller from a buyer backing out from a purchase for a reason unrelated to contingencies. Lastly, the amount of escrow monies may indicate a buyers financial stability. The amount of deposits must be closely evaluated in comparing multiple offers for these reasons.

Beyond Price

Sellers should avoid making price the primary consideration when comparing multiple offers, particularly if closing promptly is a goal. Delays can be expensive and therefore affect the net earnings from the same of a home. Furthermore, a home that gets re-listed after an offer terminates will likely sell for less due to loss of momentum. An experienced real estate agent can help you carefully evaluate all the terms of contracts and properly compare them. This blog post with an overview of comparing multiple offers on Dover NH real estate was prepared by Dick Cook at Coldwell Banker Peggy Carter Team.

How to Compare Multiple Offers For Dover NH Real Estate

Comparing multiple offers can be a confusing process for Dover NH sellers. The habit is to focus solely on price, but that may not be in a sellers best interest. There are many different terms in an offer that sellers should contemplate in order to identify the best offer. This article contains some techniques to help you in comparing multiple offers on Dover NH real estate.

An Overview Of Comparing Multiple Offers On Dover NH Real Estate

Offer Components

It is normal for conditions such as an inspection and mortgage approval to appear in an offer. Sometimes special contingencies are added by buyers. Fewer conditions lead to a better chance of closing. Furthermore, some contingencies are more risky than others and can depend on the status of the real estate market.

Pre-approvals

There is a dramatic difference between a pre-qualification and a pre-approval, especially when comparing multiple offers. A pre-approval is traditionally issued after a mortgage company verifies a buyers credit. A pre-qualification includes no such verification. Pre-approved buyers are, therefore, better positioned to get final approval for a loan. Sellers will lose valuable time from buyers who cannot get financing and back out of a sale. The type of loan is also important since some types of loans have strict guidelines on the borrower and property, or can take longer to process.

Deposits

Deposits express a buyers good faith. It also protects a seller from a buyer backing out from a purchase for a reason unrelated to contingencies. Lastly, the amount of escrow monies may indicate a buyers financial stability. The amount of deposits must be closely evaluated in comparing multiple offers for these reasons.

Beyond Price

Sellers should avoid making price the primary consideration when comparing multiple offers, particularly if closing promptly is a goal. Delays can be expensive and therefore affect the net earnings from the same of a home. Furthermore, a home that gets re-listed after an offer terminates will likely sell for less due to loss of momentum. An experienced real estate agent can help you carefully evaluate all the terms of contracts and properly compare them. This blog post with an overview of comparing multiple offers on Dover NH real estate was prepared by Dick Cook at Coldwell Banker Peggy Carter Team.

Analysis of Renting VS Buying Dover NH Properties

scale3There are many considerations when evaluating Dover NH renting vs. buying, and it may differ depending on the real estate market and your personal situation. This article is an analysis of renting Vs buying Dover NH properties so that you can make an educated decision on which alternative is beneficial for you.

Dover NH Renting Vs. Buying

Renting Dover NH Properties

Renting is a better alternative if you do not plan to live in the Dover NH neighborhood for more than 5 years, are uncertain about job security, have poor credit standing, or basically do not want to manage the upkeep of a residence. Unless the Dover NH real estate market is hot and/or on a rapid upward trend, it traditionally takes five or more years to build equity in a piece of real estate. If the market is on a downward trend or you are uncertain about how long you plan to to keep a home, renting could be the better option. Job security is another factor. If you rent in Dover NH, you can adjust to the losing of a job by changing to a smaller rental and reducing recurring expenses. On the other hand, a mortgage is not as easily modified. If you have poor credit, that can lead to higher monthly mortgage payments, making purchasing a home a less appealing option to begin with. Lastly, taking care of a Dover NH property takes significant time, energy, and financial resources. There are routine costs related to property maintenance. You may conclude that taking on those tasks are not desirable or not realistic for you.

Buying Dover NH Properties

Purchasing Dover NH properties has many advantages such as possible tax deductions for mortgage interest and local taxes, creation of equity over time, and ability to change your home features. In most cases, buying a home costs as much as or less than renting. If you intend to live in Dover NH for a lengthy period of time, real estate ownership also historically builds equity for a beneficial return on investment. A declined market is a great opportunity to purchase since listed prices are reduced and the promise of increasing values is higher. Finally, purchasing real estate allows you to customize the space. You can switch your appliances, flooring, fixtures, and other amenities to create a personalized and comfortable space. These perks make home ownership very appealing both personally and financially.

Analysis Of Renting Vs. Buying Dover NH Properties

When considering Dover NH renting vs. buying, estimate the cost of renting vs. buying (based on current home prices and interest rates). When home prices decrease, rental rates do not automatically follow so a low real estate market may be the opportune time to purchase. The above analysis of renting vs. buying Dover NH properties is offered as a general overview. Before making a decision, speak with a real estate professional for up to date details on the real estate market and a mortgage professional on interest rates and possible payment amounts. Only with accurate data can you make an informed decision on renting vs. buying in Dover NH.
About the author: This Dover NH Short Sale article was created by Dick Cook. Dick is a realtor with over thirty years experience working for customers in the Granite State. Specializing in Senior Real Estate Services, Dick covers the NH Seacoast & Lakes Regions, servicing the following communities and many others:
Dick blogs about NH Seacoast & Lakes Region real estate and can also be found online at SeniorLivingNH.com, offering a wealth of information and resources on downsizing, rightsizing and relocating for the NH Senior Community.

Evaluating Dover NH Home Inspection Results

content_Dover_NH_Home_Inspection (1) Property inspections can be a challenging step in the Dover NH home buying process. Buyer emotions tend to be high and there is a lot of information to process. Having knowledge of how inspections function will make it easier to deal with when the time comes. In order to assist you in your next home purchase, following is some guidance I have assembled on evaluating Dover NH Home Inspection results.

Inspections at a Glance

Inspections afford buyers an opportunity to thoroughly review the major systems in a residence, analyze more closely the homes features, and learn how everything in the home works. Buyers should find a Dover NH certified inspector to complete this process. They ordinarily inspect the electrical, heating/cooling systems, roof, plumbing, appliances, floors, windows, doors, and structure of a property. Inspectors carry out differing approaches to these tests, but most will check the full exterior and interior of a property and prepare a detailed report. Buyers should follow the inspector during this process and see as much as they can about the Dover NH property. If any issues are identified, buyers should see the area in question for themselves and get a full explanation of the inspectors assessment. Keep in mind that although inspectors attempt to perform a complete evaluation of all areas of a home, they cannot see inside walls and other unreachable areas, so inspections always have a list of limitations.

Dover NH Property Problems

When Dover NH buyers see a property, they commonly only recognize the most obvious defects. A trained inspector will locate issues that may not have been noticeable or disclosed and document those issues in a report. Buyers must then form an opinion about the depth of the issues. Again, attending the inspection will facilitate this.

Recommendations for Renovations

Also included in Dover NH inspection reports are basic recommendations to home owners. These are not necessarily pressing items, but rather upgrades that will protect against future problems or improve the benefits of a home. For instance, an inspector may suggest that the exterior grading around a foundation be changed to reduce the chances of water entering a basement.

Evaluating an Inspection Report

Buyers must interpret inspection reports and distinguish problems from recommendations. Buyers can attempt to negotiate defects in a home, but it is unreasonable to ask sellers to perform upgrades. Homes are normally priced based on their age and features, and certain elements of a home simply come with its age. If upgraded with all modern systems and amenities, it would likely sell for higher than its current price. For items that are in fact issues, a negotiation process must be followed.

Guidance On Evaluating Dover NH Inspection Results

Discuss the inspection results with your real estate agent for guidance on how you should proceed. Remember that inspection reports cover both problems and general recommendations, and that attempting to receive upgrades is almost never successful. Inspections are not a way to renegotiate price but rather to resolve serious issues that were previously unknown. Discuss different strategies and expected outcomes with your agent.
About the author:This guidance on evaluating Dover NH Home Inspection results was offered by Dick Cook at Coldwell Banker Peggy Carter Team. Dick is a realtor with over thirty years experience working for customers in the Granite State. A certified Senior Real Estate Specialist focused on Rightsizing, Relocating and Financing, Dick can be found online at SeniorLivingNH, offering a host of services for NH seniors and their families. Dick covers the NH Seacoast & Lakes Regions, servicing the following communities and many others:

Senior Living Options: How To Assess a NH Senior's Living Needs

Deciding If It Is Time to Move- Where to Start

A set of basic questions helping guide the assessment of a seniors living needs is essential to a thoughtful review of the situation. Considering senior living options can be a stressful and anxious task. After all- assessing our own housing needs is a difficult challenge to take on! Understandably, many people find approaching the subject with their senior family members to be incredibly difficult. There are many factors to consider- just as our interests and passions change over the years, so to do our housing needs evolve throughout our lives, so it is important to look at how needs will change. When they start out singles need a place of their own to establish their independence and begin to form their lifestyles. Growing young families often move to suburban areas to get more house and yard space for their children. Later, first generation retirees may want less home maintenance responsibility, and in many cases look to condominiums and other communities offering common area maintenance. Finally, housing options for second generation retirees may be dictated by a need for greater support and services. Many seniors choose to stay in their old homes and are perfectly satisfied to be there. Some find their desires turning to a new home, perhaps even to a totally new way of life. Yet others remain in their familiar homes while they are independent, but plan ahead to move to assisted living housing when physical limitations or healthcare needs dictate. Lets take a look the main considerations necessary to determine if you or older family members have reached the point where a move might be the best strategy:
  • ARE YOU OVER HOUSED?
Are you rattling around in your empty nest, paying more than you want for taxes, utilities and maintenance? If retirement means a reduction in income, would a lower-priced home, townhome or condominium be easier to manage on your resources?
  • DO YOU NEED THE EQUITY FROM YOUR HOME?
For many senior home owners the equity in their home is their main retirement savings. Giving the decline in the US property market over the past few years this can mean a significant reduction in resources to accommodate a seniors needs. Sometimes a move is necessary to convert that home equity into cash and income to be secure for the years to come.
  • IS YOUR HOMES UPKEEP MANAGEABLE & FINANCIALLY SUPPORTABLE?
Do you have the time, energy or interest to paint, clean, mow, etc.? Will the roof need replacing soon, or the heating/AC need repair? Are these repairs a wise expenditure of funds, or are they simply delaying major repairs that you can ill afford?
  • DOES YOUR HOME STYLE MATCH YOUR PHYSICAL ABILITY?
Are there too many stairs or step down rooms in your current home? Do you or will you need a wheelchair accessible residence? Is the yard more than you can handle? Are the safety, security, lighting, heating/AC systems adequate for retirement?
  • HAS YOUR NEIGHBORHOOD CHANGED?
If friends, relatives, neighbors, doctors and merchants have gone, maybe its time for you to consider moving also.
  • DO YOU WANT TO BE CLOSER TO FAMILY?
Do you want to spend more time with your children and grandchildren that live elsewhere? Maybe you would like to cut down on long trips to visit them.Perhaps they would like to have you closer in order to be of more assistance to you.
  • ARE YOU LOOKING FOR A LIFESTYLE CHANGE?
If extensive traveling appeals to you, for example, you may want to relocate to a more economical, lower-maintenance home (lock and leave, as we say in the business). You may want to be in a warmer climate to be more conveniently located for activities such as beaches, golf, fishing, or walking and biking trails. Or you may just want to move near old friends in a community where you can make new friends with interests similar to yours. Advance planning and sound, expert advice are crucial to a successful move. Seniors considering their living options- or their loved ones helping in the process- should consult their financial adviser or accountant to help assess needs and plan for the future. Please feel free to call me about senior real estate options that exist in NH, so that I can help you start the process with the necessary information. As a Senior Real Estate Specialist, I have received focused education to help seniors through lifestyle transitions involving relocation, refinancing, and selling the family home. I have a wealth of experience both first hand and with clients and can be your single point of reference to help prepare for and execute a successful move. Help seniors and their families navigate this process is a passion of mine and I look forward to working with you.
About the author:This look at Assessing NH Senior Living Needs was created by Dick Cook. Dick is a realtor with over thirty years experience working for customers in the Granite State. A certified Senior Real Estate Specialist focused on Rightsizing, Relocating and Financing, Dick can be found online at SeniorLivingNH, offering a host of services for NH seniors and their families. Dick covers the NH Seacoast & Lakes Regions, servicing the following communities and many others:

How to Buy Dover NH Short Sale Real Estate

content_Dover-NH-Short-Sale-Advice Dover NH short sales are not like the normal home sale process. Before considering or buying a short sale in Dover NH, it is vital that you understand what they are and what the process involves. The following is some general advice on buying Dover NH short sale real estate listings.

Short Sale Defined

A short sale refers to real estate listings where the funds from the sale will not cover what the property owner would need to cover expenses, and the Dover NH owner has no financial resources to cover the shortage. This can include the mortgage(s) on the home, broker commissions, bank fees, and other related fees. The lender on the Dover NH property would be shorted what is due/owed to them, which is where the term short sale comes from. Real Estate Listings offered as short sales do not guarantee that they can actually be sold. The lenders currently maintaining the liens on the property must all agree to the short sale in order for it to go through. This is where it can get complicated. Sellers must submit their financial and personal information, explanation of hardship, and an offer from a home buyer to get approval from the mortgage companies, and if there are multiple, all of them must approve.

Advantages of Short Sales

There are many short sales on the market in Dover NH due to the down economy, providing home buyers with many options. Also, short sales are often an opportunity for buyers to get a great deal on real estate listings. However, short sales do not accommodate the needs of all Dover NH buyers.

Disadvantages of Short Sales

Short Sale Time Frames

Dover NH prospective buyers must move forward with an offer without any guarantee as to whether it will actually be approved. It can also take a lengthy amount of time to receive updates on the approval status (easily several months or even up to a year). Buyers needing to close within specific time frames should not consider short sales.

Condition of Short Sales

Short sale real estate listings can often require significant repair and are sold without any concessions for problems since the owner has little money and the lienholders are already being shorted. Buyers of Dover NH short sales should be prepared to complete repairs on their own.

Buying Dover NH Short Sale Real Estate Listings

Short sale real estate listings are not for all buyers, and prospective buyers should be aware of the benefits and risks before considering or making an offer on a short sale. For home buyers with flexible timelines and the ability to make repairs on their own, it can be a great opportunity to get a reduced price on a home. Consult with your buyer agent for additional advice on buying Dover NH short sale real estate listings in your state.

Dover NH Short Sale Real Estate Available Now

Short Sale- 8 Glencrest Dover NH 03820 8 Glencrest Dover NH 03820 is a PRE-APPROVED SHORT SALE. Priced at $185,000, this three bedrooms, two bathrooms home has a total of 2337 square feet of living space. This is a beautifully maintained Cape with an addition that added a living room and extra room above with the possibility to be a master suite. The home has a fireplace, enclosed porch, one car attached garage and a spotless finished basement presently used as a family room. Short Sale- 153 Back Road Dover NH 03820 153 Back Road Dover NH 03820 is a short sale priced at $179,900. This home is a unique multilevel contemporary offering an open floorplan with spacious maple kitchen with tile & breakfast bar, living room with hardwood, incredible master suite with cathedral ceilings, beams, loft sleeping quarters & custom bath with oversized whirlpool tub. The home features a separate ground level game room that could be an ideal home office. Subject to third party approval. Short sale- 41 Bellamy Road Dover NH 03820 41 Bellamy Road Dover NH 03829 is a short sale priced at $164,900. This four bedroom, two bath property is a well built home in a fine neighborhood within walking distance to Dover High School. The property features central a/c, newer appliances, natural gas fireplace, a beautiful deck, in-ground pool and large patio. Subject to third party approval.
About the author: This Dover NH Short Sale article was created by Dick Cook. Dick is a realtor with over thirty years experience working for customers in the Granite State. Specializing in Senior Real Estate Services, Dick covers the NH Seacoast & Lakes Regions, servicing the following communities and many others:
Dick blogs about NH Seacoast & Lakes Region real estate and can also be found online at SeniorLivingNH.com, offering a wealth of information and resources on downsizing, rightsizing and relocating for the NH Senior Community.