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

Construction on reborn, expanded Balsams slated to start in June

READER COMMENTS: 0

DIXVILLE – Come June, Les Otten wants to begin construction on the Balsams Grand 2.0, the kind of world-class, destination resort, he said, that others are compared to, not with.

Jeremy Renner has listed a renovated house in Hollywood at $4.795 million.

Jeremy Renner house steeped in Hollywood history

READER COMMENTS: 0

Hot Property: Jeremy Renner house steeped in Hollywood history

Buying a new house before selling the old one

READER COMMENTS: 0

The Mortgage Professor: Buying a new house before selling the old one

An 1870s mill  was converted to house 50 affordable housing apartments in Milford in 2014.

Granite State population rebounding

READER COMMENTS: 0

The numbers are modest, but they indicate New Hampshire remains an attractive place to live.

This CVS store at 240 Main St. will soon be razed and reconstructed with a mezzanine and drive-through.

CVS receives green light to redevelop Nashua site

READER COMMENTS: 0

A prominent downtown parcel housed by CVS has received permission to reconstruct its pharmacy and build the store closer to Main Street.

BUDDY CHAMPNEY

Real Estate Corner: Reduce energy bills with smart technology

READER COMMENTS: 0

From “learning” thermostats to energy saving smartphone apps, it has never been easier to monitor and control your home's energy use.

Michael Capsalis, owner of Newfound Properties, the telephone company gave him a new business phone number that recently belonged to an international waste management company, for whom he says.he receives a dozen or so calls a day.

Businessman angry with new phone number still listed to another company

READER COMMENTS: 0

A local business owner is enraged because the telephone company gave him a new business phone number that recently belonged to an international waste management company, for whom he says.he receives...

State's marijuana laws debated

READER COMMENTS: 0

Bill would make possession of small amounts of pot and hashish a violation similar to speeding ticket.

Another offer on site eyed for public health facility

READER COMMENTS: 0

Another offer has been made on the Mulberry Street property under consideration as the future home of the Nashua Public Health Department.

Gladys A. White

Real Estate Corner -- Alternative to FHA financing: 3 percent down payment

READER COMMENTS: 0

Fannie Mae has introduced a 97 percent loan-to-value option for first-time buyers. This will allow buyers with acceptable credit to purchase their first home with a low down payment.

Gov. Hassan presents state budget proposal; budget would grow 6.4 percent over two years

READER COMMENTS: 0

Most of increase in Health and Human Services paid for by tobacco tax, business tax adjustment and auto registration fees.

State's home sales show promising January numbers

READER COMMENTS: 0

Home sales in New Hampshire last month hit their second highest monthly number since January 2006. But Realtors groups caution that more data is needed before the numbers can be considered a trend.

Drug addiction-recovery center looks to open location in Manchester

READER COMMENTS: 0

A drug addiction-recovery organization wants to open an eight-bed residential treatment center and eight-room transitional living center in vacant space on Webster Street.

Real Estate Corner: Buying a home with little or no money down

READER COMMENTS: 0

There are several programs available to purchase a home with little or no down payment needed.

Gateway Hills continues to expand in southern New Hampshire. Its developer is hopeful rail will further enhance the technology park.

Major developer Flatley gets behind new rail initiative

READER COMMENTS: 0

John J. Flatley, who developed the Nashua Technology Park now known as Gateway Hills, said this week that passenger rail would be a major boon to his industrial park.

New Hampshire, Vt. real estate companies combine

READER COMMENTS: 0

An international realty company with offices and service areas in central New Hampshire has merged with the largest real estate firm in Vermont, a merger that will help broaden the new combined...

State revenues for January $11.1m more than anticipated

READER COMMENTS: 0

State revenues for January were $11.1 million more than anticipated and $30 million to the good for the seven months of the fiscal year.

Report on forest may be hurdle for Sunapee resort

READER COMMENTS: 0

A report evaluating the condition of the forest on the "West Bowl" lands where Mount Sunapee officials hope to expand skiing operations recommends the state protect at least a portion of the property.

Home & Garden

Peterborough man buried under feet of snow for three hours after roof slide

READER COMMENTS: 0

PETERBOROUGH - An Old Street Road man was hospitalized Sunday evening after he was buried under two feet of snow for three hours.

Home & Garden

A rental home, among the properties handled by Blue Moose Vacations, offers a tranquil view Ossipee Lake.

Early summer rental benefit as winter takes its toll

READER COMMENTS: 0

This brutal winter got you down? Looking to escape? Well, many blizzard-battered New Englanders already have booked rental lodging hot spots around New Hampshire this summer, especially if their...

Its iconic footbridge and waterfall were backdrops for national reporters  covering the New Hampshire Primary, but the Wayfayer Inn and Conference Center in Bedford is being torn down, making way for a shopping center.

Who's who of national political reporters fondly remember Bedford's Wayfarer

READER COMMENTS: 2

As wrecking machinery tears apart the aging walls of the abandoned Wayfarer Inn, so too is a piece of New Hampshire history being laid to rest.

The former Villa Augustina School  in Goffstown.

Villa Augustina now under agreement; yes vote on Goffstown zoning critical

READER COMMENTS: 0

The former Villa Augustina School property is now under agreement with a potential buyer, bringing the former Catholic school property one step closer to a new identity.

Artist Gail Allen at work in her Hollis studio.

Hollis painter's vibrant works reflect her passion for her art

READER COMMENTS: 0

Gail Allen says her art is her way of telling stories.

Rosaly Bass of Peterborough has been named Gardener of the Year by the Northeast Organic Farming Association of New Hampshire.

Peterborough's Rosaly Bass named organic gardener of the year

READER COMMENTS: 0

Rosaly Bass of Peterborough has been named Gardener of the Year by the Northeast Organic Farming Association of New Hampshire.

Rob Schaefer, member of the Saint Claudine Villa Academy board, used this Play-Doh set as a prop for arguing in favor of a zone change for the Villa Augustina School.

Goffstown Planning Board hears argument to rezone Villa Augustina

READER COMMENTS: 0

At the Planning Board's Thursday public hearing for proposed zoning changes, resident Rob Schaefer argued that the Villa Augustina School property be re-zoned in order to make the property easier to...