Experience with a foreclosed property sale in Conway NH

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