North Conway NH Real Estate News

new listing by Badger Realty foreclosed home expert Bill Barbin in North Conway NH

Fryeburg Maine foreclosed home offered by Bill Barbin of Badger Realty North Conway NH

New foreclosure property in North Conway NH offered by Bill Barbin at Badger Realty

Better than a foreclosure in North Conway NH area

Bank Owned 3 bedroom home for $109900. Rare Foreclosed property in Fryeburg Maine

Ski House for sale in North Conway NH area for $159,000

Foreclosed property and bank owned home list of my listings by Ed Harrigan of Bank of America Mortgage

New Foreclosure Bank Owned home in North Conway NH

Log Home near North Conway NH and Maine border for $1445/month

Bank Owned listing in Suissevale, Moultonborough on Lake Winnepausaukee

Foreclosed home in Ossipee Lake area NH - Bank Owned preview

Preview of a foreclosed condo in Bartlett NH bank owned

Experience with a foreclosed property sale in Conway NH

Intro. to short sales and how to stop foreclosure

The reality of foreclosure lists and Bank Owned sale methods

New Foreclosure Property in Moultonboro NH

Bartlett NH and Jackson New Hampshire Foreclosure Sales and Bank Owned properties

Foreclosed property sales in North Conway NH with Bill Barbin of Badger Realty

Bank Owned properties and Foreclosures (foreclosed properties) are Effecting North Conway NH area real estate values

noreply@blogger.com (BillNorthConwayBroker) — Sat, 10 Oct 2009 15:31:00 +0000

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03818-Conway (Conway Village)

FOR SALE
$129,900 Better Than Bank Owned

	Badger Realty

	Bill Barbin Email Bill Work: 603-986-0385 Cell: 603-986-0385
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69 Chase Primary

	Details


	Address: 69 Chase Ave. Type: Residential Style: 2 Story Bedrooms: 3 Bathrooms: 1 Suite: No Living Area: 910 square feet Year Built: 1920 More Details

	Description


	Conway NH village neighborhood with easy walk to pond, 2 schools, library, beach, park and stores. 3 bedroom home with 1 bath. 3rd bedroom is plumbed to make a second bath. Nice yard, updated furnace, rebuilt/reinforced foundation, metal roof, deck with hot tub, laundry room and a nice yard. Excellent for first time home-buyer $8,000 tax incentive or down-sizing. 100% financing available. American Home Shield buyer warranty for 1 year included at no cost to buyer. More Description

Brokered and Advertised by North Conway 603.986.0385 LID 5744974

Information is deemed to be correct but not guaranteed.

noreply@blogger.com (BillNorthConwayBroker) — Sat, 10 Oct 2009 14:41:00 +0000

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04037-Fryeburg (Main Street Village)

FOR SALE
$109,900 Foreclosure Property

	Badger Realty

	Bill Barbin Email Bill Work: 603-986-0385 Cell: 603-986-0385
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7 Main Fryeburg ME REO Primary by Bill Barbin of Badger Realty

	Details


	Address: 7 Main Street Type: Residential Style: Single Story Bedrooms: 3 Bathrooms: 1 Suite: No Living Area: 1,400 square feet Year Built: 1976 More Details

	Description


	Bank Owned 3 bdrm Ranch in Fryeburg. Needs a little tlc. Spacious eat-in kitchen, cozy living area and a full basement waiting for a new owner to finish. Enjoy access to the Fryeburg schools. Great for first time buyers or downsizing. Recently foreclosed. Offers must have a pre-approval to be submitted. First Time Buyer approved for $8000 stimulus incentive transfer by 11/30/09 (allow 6 - 8 weeks for lender processing). No Money down programs available. Bank may offer 3rd party limited warranty. More Description

Brokered and Advertised by North Conway 603.986.0385 LID 5012441

Information is deemed to be correct but not guaranteed.

noreply@blogger.com (BillNorthConwayBroker) — Sat, 10 Oct 2009 14:34:00 +0000

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03860-North Conway (North Conway)

FOR SALE
$127,900 Foreclosure

	Badger Realty

	Bill Barbin Email Bill Work: 603-986-0385 Cell: 603-986-0385
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Foreclosure north conway nh - grass has been cut

	Details


	Address: 29 Champney Road Type: Residential Style: Single Story Bedrooms: 3 Bathrooms: 1 Suite: No Living Area: 964 square feet Year Built: 1967 More Details

	Description


	Great North Conway NH Location for this bank owned property. About 1/4 mile from North Conway Village by sidewalk. Left in Good Condition. Awaiting appraisal and clean out. Then the bank will set the price and it will come on the market. It is possible to be on a notification list to be informed of the price as soon as it gets set. 3 Bedrooms, 1 full bath, eat in kitchen, living room, full basement with a partially finished room plus plenty of storage and laundry area. Nice lot with front and back yard and a deck out back. 2 car attached garage has mudroom/breezeway connector. More Description

Brokered and Advertised by North Conway 603.986.0385 LID 5011265

Information is deemed to be correct but not guaranteed.

noreply@blogger.com (BillNorthConwayBroker) — Thu, 01 Oct 2009 20:54:00 +0000

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03818-Conway (NonVillage)

FOR SALE
$149,900 Best Value in Conway NH

	Badger Realty

	Bill Barbin Email Bill Work: 603-986-0385 Cell: 603-986-0385
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83 Woodland Grove - Primary

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	Address: 83 Woodland Grove Rd. Type: Residential Style: Single Story Bedrooms: 3 Bathrooms: 1 Suite: No Living Area: 1,410 square feet Year Built: 1971 More Details

	Description


	This home is in excellent condition with a great yard. Updated Roof, Boiler and plumbing. Updated kitchen and bath. Flexible layout: 3rd bedroom in the finished basement or turn den into the 3rd BR and use the basement as a family room. Great neighborhood. Plenty of storage. Ready for 100% financing and $8K stimulus money. Convenient access to all the valley amenities. Close to skiing at Cranmore Mountain, King Pine, Attitash, Wildcat. Close to Saco River, Conway Lake, Ossipee Lake, Silver Lake and White Mountain National Forest. Everything you need for outdoor fun is so close by. More Description

Brokered and Advertised by North Conway 603.986.0385 LID 5326604

Information is deemed to be correct but not guaranteed.

noreply@blogger.com (BillNorthConwayBroker) — Thu, 24 Sep 2009 01:29:00 +0000

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04037-Fryeburg (Main st. Village)

FOR SALE

$109,900 Foreclosure Sale Price

	Badger Realty

	Bill Barbin Email Bill Work: 603-986-0385 Cell: 603-986-0385
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7 Main Fryeburg ME REO Primary by Bill Barbin of Badger Realty

	Details


	Address: 7 Main Street Type: Residential Style: Single Story Bedrooms: 3 Bathrooms: 1 Suite: No Living Area: 1,400 square feet Year Built: 1976 More Details

	Description


	Bank Owned 3 bdrm Ranch in Fryeburg. Needs a little tlc. Spacious eat-in kitchen, cozy living area and a full basement waiting for a new owner to finish. Enjoy access to the Fryeburg schools. Great for first time buyers or downsizing. Recently foreclosed. Offers must have a pre-approval to be submitted. First Time Buyer approved for $8000 stimulus incentive transfer by 11/30/09 (allow 6 - 8 weeks for lender processing). No Money down programs available. More Description

Brokered and Advertised by North Conway 603.986.0385 LID 5012441

Information is deemed to be correct but not guaranteed.

noreply@blogger.com (BillNorthConwayBroker) — Thu, 24 Sep 2009 01:00:00 +0000

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03849-Madison (Eidelweiss)

FOR SALE
$159,000 Priced like a foreclosure

	Badger Realty

	Bill Barbin Email Bill Work: 603-986-0385 Cell: 603-986-0385
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10 Blinden Madison NH near North Conway NH

	Details


	Address: 10 Blinden Drive Type: Residential Style: 3 Story Bedrooms: 3 Bathrooms: 2 Suite: No Living Area: 1,597 square feet Year Built: 1970 More Details

	Description


	For sale in as-is condition. Super Value in Eidelweiss! 7 rooms, 3 bedroom, 2 full baths and wrap around deck. Close to Geneva Beach, Community waterfront on 5 beaches. Excellent condition & private. Super value you can bank on. Furnishings negotiable, New roof. Newer hot water heater, washer and dryer. More Description

Brokered and Advertised by North Conway 603.986.0385 LID 5012412

Information is deemed to be correct but not guaranteed.

noreply@blogger.com (BillNorthConwayBroker) — Wed, 23 Sep 2009 19:06:00 +0000

NEW BANK-OWNED LISTING NOTIFICATION!

Dear prospective Buyer,

My name is Ed Harrigan of Bank of America Home Loans in Conway, NH. I have partnered with Bill Barbin of Badger Realty in North Conway, NH to assist him and his clients with bank-owned real estate transactions. Bill is an REO expert and works closely with numerous mortgage lenders to market their foreclosed inventory, including Bank of America Home Loans. In today’s market there are many buyers in search of a deal. Timing is critical when a property is priced to sell, which means you need to be up-to-date on current listings before they are gone. As a value added service to Bill Barbin’s clients, I provide regular notifications on newly “listed” foreclosure properties. If you see a foreclosed home or any other property that interests you, be sure to call Bill Barbin for full details. His contact information is below. When it’s time to make an offer on the right property, Bill will work closely with you to ensure a smooth transaction.

Sneak Previews

29 CHAMPNEY ROAD
NORTH CONWAY,NH 03860 3 bedroom 1 bath Bank Owned Ranch in the heart of North Conway on a quiet dead end road. 1 car attached garage. Deck. Fair Condition

Price: TBD – not yet listed for sale

Click hereto view listing: (Here I will put a hyperlink to NNREN so that your client can simply click on the link to view the property)

6 KRISTIN LANE

BARTLETT NH 03812 4 bedroom 2 bath foreclosed home with 2 car attached garage. Corner Lot. Views. Poor Condition

Price: TBD – not yet listed for sale

89 RYDER ROAD

CAMPTON NH 03223 3 bedroom 1 bath Bank Owned Chalet on approx. 3+ acres with a large unfinished garage and a large unfinished stable/barn. Very Private Location near Plymouth. Poor Condition

Price: TBD – not yet listed for sale

If you have an interest in any of these properties contact Bill Barbin at 603-986-0385 for information on how to be ready when the price is set and the property hits the market.

CURRENT LISTINGS

71 DRAKE ROAD

EFFINGHAM NH 03882 8 Room 4 bedroom 2 full bath foreclosure Antique Cape with small attached barn/workshop and carport. Beautiful 1+/- acre lot. Good Condition

Price: $164,900 Days on Market: 6

7 MAIN STREET

FRYEBURG MAINE 04037 5 room 3 bedroom 1 bath Bank Owned Cape on just under 1 acre on Rt. 302 in Fryeburg ME. Fair to Good Conditon

Price: $109,900 Days on Market: 6

69 CHASE AVENUE

CONWAY NH 03818 6 room 3 bedroom 1 bath home on just under 1 acre. First Time Buyer approved. Deck w Hot Tub, New Foundation Footing. Very Good Condition

Price: $129,900 Days on Market:118

73 HILL ROAD

CONWAY NH 03813 7 room 3 Bedroom 2 Bath Foreclosed Property New Construction Colonial on over an acre. Within 200+/- yards of Conway Lake. Good Condition

Price: $255,000 Days on Market: 114

92 FOX ROAD

MADISON NH 03849 8 Room 4 Bedroom 3 Bath Bank Owned Home on over 4.5acres near King Pine Ski area. Minutes to North Conway. Built in 2004. Fair to Good Condition

Price: $239,900 Days on Market: 23

For information on any of the above listings call:

Bill Barbin

Badger Realty

Office: (603) 356-5757

Cell: (603) 986-0385 *BEST*

Email: Bill@BadgerRealty.com

Visit Bill on the Web:

www.BillBarbin.com

ARE YOU LOOKING TO FINANCE YOUR TRANSACTION?

If you are looking to finance your transaction it is important that you obtain a pre-approval from a mortgage professional that understands this market and can provide you with fast, professional service. Many banks won’t even review your offer without a pre-approval. As a local mortgage professional I am familiar with the demographics of this market. In addition, I understand the intricacies of purchasing a bank owned property. I am available nights and weekends to provide you with a free pre-approval letter and credit analysis.

IMPORTANT NOTE:

If you are seeking to make an offer and need financing on a Bank of America owned listing, a Bank of America Home Loans pre-approval is required to submit your offer. However, you are NOT obligated to use Bank of America Home Loans. You are free to choose whichever lender you wish to provide financing.

Sincerely,

On the Web:

www.EdHarriganMortgage.com

The highest compliment my customers can give is the referral of their friends, family, and business partners.

noreply@blogger.com (BillNorthConwayBroker) — Wed, 23 Sep 2009 18:41:00 +0000

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03860-North Conway (Other)

FOR SALE
$ Foreclosure New No Price

	Badger Realty

	Bill Barbin Email Bill Work: 603-986-0385 Cell: 603-986-0385
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Foreclosure north conway nh - grass has been cut

	Details


	Address: 29 Champney Road Type: Residential Style: Single Story Bedrooms: 3 Bathrooms: 1 Suite: No Living Area: 964 square feet Year Built: 1967 More Details

	Description


	Great North Conway NH Location for this bank owned property. About 1/4 mile from North Conway Village by sidewalk. Left in Good Condition. Awaiting appraisal and clean out. Then the bank will set the price and it will come on the market. It is possible to be on a notification list to be informed of the price as soon as it gets set. 3 Bedrooms, 1 full bath, eat in kitchen, living room, full basement with a partially finished room plus plenty of storage and laundry area. Nice lot with front and back yard and a deck out back. 2 car attached garage has mudroom/breezeway connector. More Description

Brokered and Advertised by North Conway 603.986.0385 LID 5011265

Information is deemed to be correct but not guaranteed.

noreply@blogger.com (BillNorthConwayBroker) — Sun, 01 Mar 2009 20:04:00 +0000

This is a beautiful 3 bedroom 2 bath log home in Madison NH, about 15 min. from North Conway Village in NH and 20 min. to Fryeburg Maine. Madison NH is home to the 3 Pea Porridge Ponds and beautiful Silver Lake and is only 15 min. from Ossipee Lake.

This home has a direct trail leading from the driveway to a major skimobile trail, yet sits far enough from the trail for total privacy.

At the list price of $239,900 the monthly payment including principal, interest, taxes and insurance on a 30 yr/ loan at 4.75% interest rate with 5% downpayment, would be $1450/month

No Association Fees

For more info. on this property: Click Here

noreply@blogger.com (BillNorthConwayBroker) — Sun, 01 Mar 2009 19:49:00 +0000

This bank owned property is currently for sale for $138,900. Listed on 1/20/09 at $149,900, the foreclosed property manager is being aggressive with price reductions. The last home sold in Suissevale sold for just over $170K back in Sept. 2008. That is the lowest sold price in years.

Enjoy the association beach/marina/island on Lake Winnepausaukee. This is the only bank owned property in Moutlonborough today 3/1/09!

For more info on this property: Click Here

noreply@blogger.com (BillNorthConwayBroker) — Sun, 01 Mar 2009 19:44:00 +0000

This file just hit my desk. I don’t know how countrywide will price it but at least we get a sneak preview:

75 Moultonville Rd. Ossipee NH - Bank Owned foreclosed property

7 Room 3 Bedroom 1 bath New Englander

Restored circa 2003

Detached Barn

1.3 acre lot.

That’s Ossipee Lake just a few miles away.

My estimate of asking price: $140K - Price not set by seller - Foreclosure preview by listing broker Bill Barbin: 603-986-0385

For more info. on this property: Click Here

noreply@blogger.com (BillNorthConwayBroker) — Sun, 01 Mar 2009 19:34:00 +0000

Coming on the market soon: A -15 Glenland Condominium Bartlett, NH

Bank Owned 2 Bedroom 2 full bath with extra sleeping loft and views

Foreclosed Condo Sale Preview by listing Broker: Bill Barbin

Located in Glen NH, just North of Storyland on Rt. 16.

Low condo fees of $66/month+/-

Access to Golf and Pool and Tennis.

Estimated asking price below $130K - Price not set by seller yet - just a preview.

For more info on this property: Click Here

noreply@blogger.com (BillNorthConwayBroker) — Sun, 01 Mar 2009 19:30:00 +0000

Another sign that proper pricing of bank owned properties dispels the myth of foreclosed properties sitting on the market in the North Conway area:

121 Pleasant St, in Conway was foreclosed in early Dec. of 2008 and went on the market on 28 December 2008 for $124,900. It was under contract within 3 days at asking price. That buyer got scared by the crawlspace under the house and backed out at inspection time. Within 7 days the property was back under contract via a competing offer (multiple offer) scenario. At an asking price of $124,900 the bank countered an offer with a price of $119,000 and at the same time they lowered the list price to $119,900. The original “buyer” had verbally accepted the $119,000 on a friday and was given the bank’s addendum to review for signatures. That weekend another offer came in. The bank issued a notice that this was a multiple offer scenario and asked for both parties’ best offer by Monday at noon. By Monday at noon the second “buyer” had placed a bid of $125,000 that was accepted by the bank. By Friday of that week, the new buyer had a fully signed purchase and sales agreement and addendum. They went through inspection and asked for a few items to be fixed or paid to be fixed by the seller. The bank agreed and the closing transpired on Friday 2/27/09 at approx. 4pm for $125,000.

This shows how fast the good properties go. If they sit longer it’s because they have bigger problems and price may not be at the right place to overcome the issues without any doubt. In the end: Good deals sit and great deals sell.

There are many hurdles to jump to be able to get into the foreclosed property game. It is best to team up with a broker that knows the bank owned processes and has experience closing these sales. There is no secret list of properties that banks want to dump. The open market gets the job done and for the best return possible for the banks. If you want more info. on bank addendum and buying requirements/packaging, drop me a line, phone or email. I am here to help the people that want to be helped.

Bill Barbin Badger Realty

603-986-0385 bill@badgerrealty.com

noreply@blogger.com (BillNorthConwayBroker) — Sun, 01 Feb 2009 14:36:00 +0000

A short sale is a sale that occurs when the lender(s) agrees to take a price that is lower than the loan amount. This is put into place when an owner can see foreclosure coming down the road, whether it's from loss of income, need to relocate or any of the other reasons that a home can become a bank owned property for sale. Short sales are a common solution these days. It isn't a great answer for a homeowner's financial problems but it is still better than a foreclosure on a credit report. Both are damaging, but the short sale doesn't last as long.

The key to the short sale is early preparation. This is a resolution that needs the lender to be on board from day 1. Most lenders require an active listing contract with a broker and active participation in the preparation process by the broker. A short sale also requires cooperation amongst any second loan/equity loan holders. A clear accounting of the owner's financial condition needs to be prepared, a fair market appraisal will be ordered and the property needs to be marketed at a fair price.

In the North Conway NH area, which has plenty of foreclosures for sale, the best first step to take is to contact a trusted real estate broker that has experience with helping people through a short sale process. If you need help I am available to help you with this process. Contact me, Bill Barbin, at Badger Realty: 603-986-0385 is my cellphone #.

noreply@blogger.com (BillNorthConwayBroker) — Fri, 23 Jan 2009 03:11:00 +0000

The following is an answer to a recent email I received from a blog reader. He had inquired about bank owned properties and i sent him a list of a mix of properties (bank owned foreclosures and privately owned) from the NNEREN mls we use as brokers in NH. He responded by saying that he didn't want mls listings but that he actually wanted the info. on foreclosures: This led me to my explanation of the methods and reasoning behind the very public approach the banks take and the information that the people that sell "Foreclosure Property Lists" do not want you to know. This is a time of opportunity and like many windows of opportunity, there are many many snake oil sales schemes that prey upon the perception that there is a secret method of advertising foreclosures that the banks employ as opposed to soliciting the highest market value they could get on the open market. The old stan-by saying of "they don't want to own property" makes us all believe that they will just give them away if only they could find a buyer. The reality is that they want the highest value they can get in the shortest period of time. Here is my response:

Hi XXXXX,

Banks actually list their properties with brokers in order to get the full exposure to the competitive market. They send their own reps to auctions to make sure they don't sell for less than a marketable value. Then they list the property with a broker, like myself, to get the property on the mls. This works well for them because their pricing strategy is to price below the appraised value so that their listings are an obvious value in comparison to the regular mls offerings. They can do this because they are just trying to mitigate losses. Private property sellers are typically trying to pay off a mortgage or maximize their profits. The banks accept that their will be a loss. They get an opinion of value from their broker, then they pay to have an appraiser give a value and then they undercut it by a margin that will make them sell fast and often in a competitive offer situation.
I think your question stems from a myth that is popularized by companies that sell lists of foreclosures and that myth is that there is some type of secondary marketplace where banks quietly stash their listings. Banks want to expose their properties to the largest number of ready, willing and able buyers. Brokers and the mls are the best source for buyers.
The secondary benefit for buyers in a foreclosure rich market is that the banks start to take control of the prices. When foreclosures sell for 10% below an appraised value every property around that sale is devalued by 10%. Then to sell a home in that area a property needs to be priced so as to be an obvious value. In other words, it has to be priced below the adjusted value. So what we are seeing now is that sellers that really want to sell need to compete with the banks' prices. This presents great deals for buyers whether the property is a foreclosure or not.
What I think you need to do is to look for a property that has what you want and then work with me to compare it to sold properties to determine the price that makes it a great deal and then you make an offer. It doesn't matter if it's a bank or a homeowner so long as you get the property for the right price.

Thanks,
Bill Barbin
Direct: 603-986-0385

Badger Realty North Conway NH
Sent from my Wireless BlackBerry Device

noreply@blogger.com (BillNorthConwayBroker) — Fri, 23 Jan 2009 02:43:00 +0000

3 Bedroom 2 Bath Ranch in Suissevale. Community Beach Waterfront on Lake Winnepausaukee with Tennis, Clubhouse and Dock. Contact Bill Barbin (me) at 603-986-0385 or bill@badgerrealty.com for more details on this foreclosed property.

Bank owned foreclosures are great opportunities for buyers.

noreply@blogger.com (BillNorthConwayBroker) — Sat, 03 Jan 2009 16:08:00 +0000

Here are some more great examples of Bank Owned and Foreclosed property sales. These are properties for sale that closed in Jackson NH and Bartlett New Hampshire in the last 200 days:
www.BillBarbin.com

Bartlett NH - 467 Jericho Rd. Foreclosure Sale
A 2 bedroom 1 bath home. Approx. 3 miles from Badger Realty Jackson Office.
Asking Price for sale at $37,900, Bank Owned sold at $33,500 on 12/31/2008
On the market for 301 days with original list price of $141K+/-.

Bartlett NH - 92 Wilhelm Place at Linderhof / Christmas Mountain area Bank owned
3 Bedroom 2 Full bath Chalet in Good location and in Good condition, with fee access to golf and pool and tennis. Near Storyland. 1 acre lot. 2 miles from Badger Realty Jackson Office.
Asking price for sale at $174,900 Foreclosure sale at $174,900 on 11/17/2008

Jackson NH - 47 Dana Place Rd. #3 Foreclosed
New Hampshire gem. 5 Bedroom 4 Bath condo just minutes from Wildcat. Approx. 4 miles north of Jackson office of Badger Realty
Asking price for sale at $129,900 Bank owned sale at $130,900 on 10/20/2008

The best way to find foreclosed properties, foreclosure listings and bank owned property is to work with a knowledgable agent, like myself, that specializes in Foreclosure Sales, Short Sales and Bank owned property. I need to say on top of the bank owned and foreclosure listings of all my competitors in order to serve the needs of my lender-clients best. That means that the buyers that work with me often have advanced knowledge of bank owned and foreclosed listings coming on the market and also have an advantage when dealing with the forecosure listings of the other agents that get the listings in the White Mountain area.
Banks are not easy to deal with. At www.BillBarbin.com
I have been working with lenders and banks for years and I can help guide you through the difficult and sometimes frustrating process that will lead you to a purchase of the right property at a very good price. Good deals sit while Great Deals sell. MY direct # is 603-986-0385. Give me a call if you would like to work with a broker that knows bank owned foreclosyre listings and can give you the competitive edge.

noreply@blogger.com (BillNorthConwayBroker) — Fri, 02 Jan 2009 22:00:00 +0000

These are some great examples of bank owned properties that sold, or went under contract, relatively quickly in the North Conway NH / White Mountain Region, that I listed with my company, Badger Realty. These were listed at www.BillBarbin.com, as well.

3405 West Side Road, North Conway NH 03860
A clean and well maintained home on Upper West Side Road with views up the valley to the Presidential Range and White Mountains and nearby views of Cathedral Ledge. 3 Bedrooms plus a finished, walk out basement on 1.5 acres.
Asking price for sale: $194,900 Sold on 08/25/08 for $194,900
On the market for 72 Days. Listed for foreclosure / bank owned sale with Bill Barbin at Badger Realty

11 Birch Hill Rd. North Conway NH 03860
This needed some work but was far from a total overhaul. First time buyer purchase with 100% financing. Inspector had no big issues: Replace some insulation in the crawl space and trench for some groundwater management.
3 bedrooms 1.5 baths on 1.2 acres and privacy and on it's own drilled well.
Asking price for sale: $124,900 Sold on 12/03/08 for $124,900
On the market for 126 days. Listed for foreclosure / bank owned sale with Bill Barbin at Badger Realty

105 Mill St. Center Conway NH 03813
2 family property in good condition with a 1.8 acre lot that needed some clean up.
5 bedrooms total.
Asking price at foreclosure sale: $89,900 Sold on 10/28/08 for $89,900 Cash
On the market for 12 days. Listed for foreclosure / bank owned sale with Bill Barbin at Badger Realty

121 Pleasant St. Conway NH 03818 Pending Sale
Well Maintained 3 bedroom 1 bath home on a 0.6 acre lot within walking distance of library, elementary and middle schools and village.
Asking Price of $123,900 Due to close 1/30/09 On the market for 3 days.
Listed for foreclosure / bank owned sale with Bill Barbin at Badger Realty.

There are more to come. These are excellent examples of how the bank owned foreclosed properties for sale are priced effectively and draw out the buyers that are in the market. These are all buyers that avoided the top dollar asking price listings. Many of which gained instant equity and took advantage of incredibly low interest rates for their mortgages, where applicable.

These properties were marketed through my website at www.BillBarbin.com .

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noreply@blogger.com (BillNorthConwayBroker) — Thu, 01 Jan 2009 18:32:00 +0000

Keep track of my foreclosure listings at BillBarbin.com, my personal website. Over the past 6 months there has been a sharp increase in the number of sales of foreclosed homes in the general North Conway NH and White Mountain region. We have also seen an increase in the number of new foreclosure listings for real estate for sale. However, the trend is emerging that shows that these are the homes and properties that are staying on the market for the shortest period of time. What is this trend telling us?
It is common knowledge that banks and other lenders do not want to be in the business of owning and managing properties. We also know that many of these institutions are in some form of distress due to the banking crisis and stock market problems with mortgage backed securities. What I see from this information and the actual pricing practices of the banks that list their foreclosed properties with me as bank owned foreclosure listings, is that the lenders know that good deals are not selling right now. The only properties that are really selling are the "great deals". There are buyers out in the market right now. However, these are the buyers that are looking for obvious and dramatic values. Therefore, banks and lenders that have foreclosed properties are listing these foreclosure listings for sale at "great deal" prices.
The method they use is simple: They ask someone like myself, the listing broker, for an opinion of value. Then they order an appraisal through a certified appraiser. Then they undercut those prices by about 15% and list the property for sale, usually in "as is" condition. This results, quite often, in market times under 30 days and often multiple offers, many of which are cash offers.
How does this effect the rest of us? Well, when the market is hot and an appraiser looks at a property for a bank that is offering financing to a buyer, the appraiser doesn't use bank owned or foreclosure listings or even short sales as comparable properties for the report. They look at those sales as anomalous. But when the bank owned sales get to be greater than 25% or so of the sales for a given period in a market area, the appraiser has no choice but to use those for comparison pricing. The result is that every other value is compared against the competitive pricing strategy of the bank owned properties. This means that the report may not support the buying price of a privately owned property sale. Once the banks won't lend to a certain sale price, that property's value is immediately diminished. As this trend continues, every listed property faces the same problem with appraisals. At the same time, when you have a market with an over-supply of available homes and properties for sale, the buyers themselves are comparing one house to the next. These are the people looking for obvious value to make them feel comfortable with their purchase decisions. It ends up resulting in a 2 pronged effect on the value of all the other homes on the market.
Keep track of my foreclosure listings in the North Conway NH and White Mountain Region at BillBarbin.com, my personal website.