Home » Real Estate

Click here to view
the full print edition
of Avenues
View Property Transfers


AVENUES PARTNERS:
NH homes for sale



Search MLS

Courtesy of


Type:
Residential
Condominium
Multi Family
Land
Mobile Home
Commercial
Rentals

Towns & cities:
Price:
Low:   $
High:   $
Villages:

Locate open houses

Search By MLS #

Classifieds


 ♦ REAL ESTATE
 ♦ APARTMENTS
 ♦ HOME SERVICES
 ♦ HOUSEWARES

Click to place free online ad for items valued under $500.

Opinion

April 24. 2014 11:49PM

Real Estate Corner: Remove risk in loan process of home buying


MARYPAT BILODEAU 

What happens if prospective buyers of my house do not qualify for a mortgage to purchase it?

This happens at various stages of the loan application, and sometimes at the very end.

Can a seller or the borrower ever be assured they will get the money to purchase?

No.

Can the risk be considerably eliminated?

Yes, it can.

First of all, the buyer should be carefully screened for eligibility to borrow at the very onset of their house hunt. The buyer agent has the responsibility to ask preliminary questions, and prepare the buyers for what to expect before they meet with a lender’s loan officer.

Prior to even stepping a foot into a home marketed for sale, buyers should be as financially qualified as possible, before the actual application for their loan occurs.

It is important the buyers receive a pre-approval letter from at least one lending institution. Caution is advised not to ask for multiple letters because multiple credit checks affect the loan eligibility.

After consulting with a loan officer and with a letter in their pocket, they can be taken by their Realtor to a home.

By the way, you should ensure your Realtor is asking the buyer’s agent if the buyer is “preapproved.” These preapprovals are a measurement of what price range a buyer can afford.

At the time of the offer, read the loan commitment dates closely. They include: when the escrow check is to be delivered, when loan application has to be made, when home inspections must be conducted and signed off, when any contingencies must be met, when will the lender provide loan commitment, (the buyer’s approval to obtain the loan they have applied for) and, of course, the final closing date.

Put those dates in or on your calendar. Your listing agent will be following the process very closely and keeping in very close communication with you.

There is not a lot of the process your Realtor can control. But by keeping track of the process, it can be seen if there is any thing holding up the loan process, and what can be done about it.

By hiring a knowledgeable and experienced Realtor, the seller can be prevented from getting involved with a buyer who can’t get a loan.

A home purchaser should ask when interviewing a potential real estate agent, “What steps do you take to ensure that you bring us a qualified buyer? and how do you follow up the loan process?”

Sellers should also educate themselves about the deposit clause, and what it actually means. In some instances just because a buyer is refused a loan, that deposit does not automatically return to the would-be buyer. Neither side of a transaction is guaranteed to receive the deposit money.

Not getting the loan is a disappointing occasion, and it is very expensive both to the buyer and the seller. Bank fees are still paid by the buyer whether the loan is granted or not.

Do not learn the hard way.

What’s the answer to “what happens if my buyer can’t get a loan to purchase?” You could lose the sale, you could lose some time, and you could lose some money. Do your best to prevent this disappointment by using these tips.



.

Marypat Bilodeau is a member of the Greater Manchester/ Nashua Board of Realtors. This information has been provided by the Greater Manchester/Nashua Board of Realtors in conjunction with the New Hampshire Union Leader’s Advertising Department. Readers with questions about the content, or who wish to pose a question for a column, can contact the realty board at 166 S. River Road, Bedford, N.H. 03110 or email: communications@gmnbr.org.




Real Estate

State Real Estate Commission chairman resigns his post

READER COMMENTS: 0

Commission chair charged with deceptive practices and unprofessional conduct in a sale of Hampton condominium.

Travis York of Griffin York and Krause holds architectural plans for the redesign of the Sullivan Cigar building he purchased on Canal Street in Manchester.

New owner of Manchester landmark brings building back to the family

READER COMMENTS: 0

All the time Travis York was considering new locations for his GYK Antler marketing and advertising agency, he overlooked perhaps the most obvious choice.

Brady Sullivan Properties closed on an all-cash $19.75 million deal Tuesday for the 20-story building at 900 Elm St.

Brady Sullivan corners Manchester skyline with its $19.75m purchase of City Hall Plaza

READER COMMENTS: 0

Brady Sullivan Properties will no longer need to debate whether 1000 Elm St. or City Hall Plaza at 900 Elm St. is the state's tallest building.

Originally deisgned as a 100-foot tall building, The Surf has been pared down to 70 feet,and realtors are already selling the projects 36 residential units that start at $239,000 and run up to about $500,000.

Some are critical of recent construction at Hampton Beach

READER COMMENTS: 0

Seafood chefs and craft vendors weren't the only people on Hampton Beach gearing up for the annual Seafood Festival last weekend.

As part of the process to build a new police station and a municipal parking garage, workers from Burke's Tree Service in Rochester removed trees from around the existing lot on Orchard Street in Dover Thursday. Further tree removal is planned to affect parking in the lot Friday.

Work begins on Dover police station, garage

READER COMMENTS: 0

Construction planned for January to complete garage in fall of 2015 and station following spring

Additional housing for Londonderry's seniors may be out of their price range

READER COMMENTS: 0

With several proposed elderly housing projects brought forward in Londonderry in recent months, not everyone is convinced those options will prove to be affordable ones.

Manchester inventor Dean Kamen listens Thursday to presentations at the

UNH-Manchester, Kamen team up in move to Pandora building

READER COMMENTS: 0

The University of New Hampshire staked its claim to a highly visible, highly valuable chunk of Manchester on Thursday when it officially “broke ground” on its new Millyard location. No...

The restaurant building at 216 South River Road, which formerly housed a Bugaboo Creek Steakhouse, will become the second location of Center Harbor-based Canoe Restaurant and Tavern by the holiday season, according to owner Scott Ouellette.

Former chain steakhouse is getting a local makeover

READER COMMENTS: 0

The former Bugaboo Creek Steakhouse at 216 South River Road will soon have a new identity with more local flavor.

State revenues slightly ahead for August

READER COMMENTS: 0

Tourism taxes lead the way for August as state stands about $5 million to the good for first two months of fiscal year.

Home & Garden

State Reps. Alan Turcotte and Peter Bixby talked about apples and agriculture with orchard owner Andy Mack Sr., during a tour of Mack’s farm store Friday afternoon. 



APRIL GUILMET

Legislators talk farmstand regulations, recycling during Londonderry tour

READER COMMENTS: 0

Seven members of the NH Environmental & Agriculture Committee visited the Coca-Cola bottling facility and Mack's Apples as part of their research process.

Double amputee Iraq War veteran Matt DeWitt and his fiancee, Catrina Peck, stand outside their new home in Hopkinton with sons Levi and Reed. The specially adapted home was donated by Homes for Our Troops, and on Saturday, volunteers gathered to landscape the property.

Community comes together to work on custom dream home for NH veteran's family

READER COMMENTS: 0

A local military family is one step closer to having their dream home ready, thanks to the help of a non-profit organization dedicated to providing custom houses for veterans, the Home Depot, a...

A section of Moose Hill Orchards along Pillsbury Road, near the town's historic complex, appeared quiet on Tuesday afternoon but police and farm staff said the area has been the site of ongoing apple theft over the years. Two incidents over the weekend serve as a reminder to locals to remain vigilant in reporting any suspicious activity in the orchards.

Apple thieves worming into Londonderry

READER COMMENTS: 0

Several reports of alleged apple thefts at Moose Hill Orchards draw attention to a growing problem for local farmers.

Rosaly Bass moved to New Hampshire with her husband, Perkins, in 1973 and immediately started gardening.

Rosaly Bass' Peterborough kitchen garden grew to a certified organic 25-acre farm

READER COMMENTS: 0

It starts with a plot of dirt and hope. For 77-year-old Rosaly Bass, that hope took her from a quarter-acre kitchen garden to a 25-acre career and two books.

Home & Garden

Windham may auction off unused properties

READER COMMENTS: 0

The Windham board of selectmen will meet again in November to finalize details on the future sale of unused town lands.

Double amputee Iraq War veteran Matt DeWitt and his fiancee, Catrina Peck, stand outside their new home in Hopkinton with sons Levi and Reed. The specially adapted home was donated by Homes for Our Troops, and on Saturday, volunteers gathered to landscape the property.

Community comes together to work on custom dream home for NH veteran's family

READER COMMENTS: 0

A local military family is one step closer to having their dream home ready, thanks to the help of a non-profit organization dedicated to providing custom houses for veterans, the Home Depot, a...

After learning embroidery as a child, Rhonda Besaw of Whitefield began doing beadwork in 1996, which opened her eyes to the rich handcraft traditions of her ancestors.

Whitefield artist's beadwork is a tribute to her Native American ancestry

READER COMMENTS: 0

Rhonda Besaw specializes in traditional and contemporary Wabanaki beadwork.

Bedford Planning Board tables Wayfarer approvals again, citing traffic issues

READER COMMENTS: 0

After being tabled by the Planning Board in August, two final approvals for the proposed John Goffe Plaza on the site of the former Wayfarer Inn were delayed once more by the board at their Monday...

Salem senior housing project could require encroachment into wetlands buffer zone

READER COMMENTS: 0

The Conservation Commission is looking for more information on where a detention basin can be built on a proposed 16-unit senior housing project off Pleasant Street before it considers granting a...

Salem mausoleum owner looks to develop housing on site

READER COMMENTS: 0

The owner of a mausoleum at 23 Pond Road is looking to develop senior housing on the 18-acre property.

Rosaly Bass moved to New Hampshire with her husband, Perkins, in 1973 and immediately started gardening.

Rosaly Bass' Peterborough kitchen garden grew to a certified organic 25-acre farm

READER COMMENTS: 0

It starts with a plot of dirt and hope. For 77-year-old Rosaly Bass, that hope took her from a quarter-acre kitchen garden to a 25-acre career and two books.

Some remnants of the Wayfarer Inn, including the footbridge, will be removed by TFMoran in the renovation process. Others, like the mill building, will remain.

Proposed development on Wayfarer site gets green light from conservation group

READER COMMENTS: 0

The new John Goffe Plaza, a mixed-use development being built on the site of the former Wayfarer Inn and future home of the Bedford Whole Foods Market, is one step closer to fruition after receiving...

The Salem Planning Board recently approved the site plan for a botanical garden at a former miniature golf course on North Broadway.

Former mini-golf course to transform into botanical gardens

READER COMMENTS: 0

Salem gets more than its share of retail stores and restaurants approved by the Planning Board along Rte. 28, but the latest plan approved for 350 North Broadway should bring more than a touch of...

Kathy Zorawicz's driveway had to be torn out due to water damage. She successfully appealed a driveway permit waiver fee via the Goffstown Board of Selectmen.

Goffstown resident obtains driveway permit waiver, but still questions practice

READER COMMENTS: 0

Resident Kathy Zorawowicz was unpleasantly surprised when she learned that she would have to pay a $100 permit fee to repave her driveway, due to damage she claims is the town's fault. While she...

Windham Estates to get more fire hydrants

READER COMMENTS: 0

As part of a long-overdue water line replacement, the Windham neighborhood will get nine more fire hydrants. Right now there is only one hydrant servicing Windham Estates.

Community garden in Salem busts out all over, causing concern

READER COMMENTS: 0

It has been a great growing season at the town's community gardens at Hawkins Farm, in fact, maybe a little too good for some gardeners who have been expanding their plots more than is allowed.

Exploring New Hampshire's not-so-secret gardens

READER COMMENTS: 0

These gardens aren't exactly a secret – most of them are public – but some of them will make you feel like you are walking into a fairy tale. Historic, beautiful, one-of-a-kind, unique;...

New Hampshire Agricultural Fairs create fun for all

READER COMMENTS: 0

We've already seen some fairs go by. But they start early in New Hampshire.