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
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.
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.
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:
Dick blogs about NH Seacoast & Lakes Region
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:
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.