Ask the Expert

HOW do I win the bid on the property I really Want

The seller doesn’t care if you have to bring more money to closing!          

The appraisal can be arbitrary if you need “a” loan and you want the property.

I realize I will get some flack from the appraisers who will read my post, but let me tell you where the above statement comes from.

I am selling a 3 bedroom condominium, and share what I believe to be the best three comparable closed sales with my seller as we discuss an [...]

How The Heck Does A Quarter Share Work

Hi Mr & Mrs Quarter - share Buyer... let me run down how this ownership works.

I get inquiries almost every day on these Quarter-share condos most buyers think it is full ownership...and love the price ($12,000 to $48,000).

In fact the 13 weeks are spread out every fourth week from your start date..you would be buying a deeded property for week A,B,C or D 4 owners...

What went wrong with my Mortgage Discharge

A Title defect can take many forms, for this entry we will focus on an improper discharge. When a mortgage is paid off, the lender issues a discharge which then has to be put on record to let the world know the loan on that particular property has been satisfied and no further payments are being sought. Sounds easy and it should be…what could go wrong you ask?

1) The discharge is not recorded in the county the property resides in

2) The discharge goes to the mortgagor after payoff but never is recorded

3) The lender (bank) is purchased, is then folded in to a new bank and when they receive the payoff balance of the loan they issue an improper discharge.

 

Lets talk more about case #3… big banks are gobbling up smaller banks as of late and one of the casualties is an improper discharge that is recorded at the registry of deeds. How does that happen? The next buyer / owner hires a title company (or real estate attorney) and  read more here

Deed Restriction in New Hampshire, the good the bad and the ugly...ask the expert.

Deed restrictions and Covenant – good the bad and the ugly- ask the expert?

 

Many subdivisions have strict bi-laws to prevent owners from pitching a tent on their site and camping out. This Covenant comes in the form of “no” a temporary shelters provision. One step further we often see no mobile homes, or a minimum square footage requirement. These guide lines were intended to ensure a homogeneous design and value of homes in a given neighborhood. They were and are a good idea in most cases still.

With the advent of tiny homes, and the idea of lowering ones carbon foot print some (many home owner associations don’t allow clothes lines for example) of these deed restriction make certain subdivisions unsuitable for the new environmental-friendly buyers. That may offer an opportunity for a land owner thinking about completing a subdivision.

As a Realtor I have served on several subdivision boards and walked them through the town approval process… I personally would like to see less restriction required when filing for approvals. But at the same time no restrictions can lead to major heart aches between abutters.

 

I can think of a scenario where we assume people will do what is best for their neighbors, and you will quickly understand not everyone sees a vintage muscle car in parts as a lifestyle choice that doesn’t affect the house next door from selling at top dollar. So maybe not allowing unregistered vehicle to be outdoors is still a good restriction to keep on your deeds.

If you are looking to build a tiny home, a mansion, or a new subdivision in New Hampshire give me a call and let’s talk about your best options. Steve Loynd - 33 year Veteran Realtor... Ask the Expert. 603-745-3601 / steve@alpinelakes.com

 

 

New Hampshire Condominiums purchased with second home loan…ask the expert.

New Hampshire Condominiums purchased with second home loan…ask the expert.

 

A great choice for many looking for a family get away is an association managed property; this most often comes in the form of a condominium. But can also be a single family property within a home owners association.

 South Peak on Loon Mt, Lincoln NH

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What you need to know when seeking financing:

Fannie Mae is the Quasi-governmental entity that controls the mortgage markets in the U.S. they generally offers the most competitive rates when seeking a property loan. The down side when it comes to condominiums is they sell there note on the secondary market so the property has to be squeaky clean and vanilla in flavor.  The risk of putting your eggs in this basket is the Mortgage Originator (your loan officer) will require a condo questionnaire to be completed and reviewed by the underwriting department.

This can take a lot of time if this lender hasn’t completed a loan in this project before…and the pit falls are many.

            Deer Park , Woodstock NH

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 Issues that can derail a Fannie Mae loan on a condo:

1) If there is an on-site rental program, or if a simple on-line search shows one or more condo owners are advertising their units for a private rental (Air B&B or other sites)

2) If with in the entire master plan project there is any timeshare units with in the association

3) If one owner owns more than one condo and that number exceeds 10% of the total projects gross # of units.

4) Similar to above…if 10% or more are for sale (or) 10% or more are delinquent in their dues.

 

The Solution…is a portfolio loan. This is not a shady back room loan shark deal. In fact many times your same lender has in-house money they can loan on properties that your bank’s local committee can use to accommodate real estate not qualified for Fannie Mae consideration. The key here is to work with a lender that has both and can switch you to a program that works. If your independent mortgage broker can only place secondary mortgage market loans…please don’t go down that road – you’ll miss the contingency dates and can lose the property or even lose deposit money in a worse case.

    Jack O Lantern Golf Resort, Woodstock NH

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Hire Alpine Lakes Real estate to help you buy or sell and condominium, we know what to look for, and can create a smooth transaction for all.

 

A few other helpful hints when looking at Condominiums:

 

* ask to review the minutes of the last  2 homeowners meetings, more time than not up coming special project and expenses are a topic of these meetings and a new $10,000 roof is an important factor in buying.

* ask to see the current budget and monies held in capitol reserves for future common area projects under consideration for your condo project.

* Ask about on-site pet policies, as some projects don’t allow pets of any kind, while others allow owners but not renters to have a furry friend.

 

          Forest ridge Lincoln NH

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Call Alpine Lakes Real Estate co Inc. 800-926-5653