I am a second-generation New Hampshire native and grew up in a family of skiers, hikers and bikers. I spent much of my youth in the North Country, climbing various mountains and developing a deep affection for the beauty of this state. Also, as a 20+-year private pilot and aviation enthusiast, I perhaps have seen every square inch of New Hampshire from the air at least once. I continue to enjoy flying and, in particular, exposing young kids to the world of aviation.

For more than 30 years, I have owned and operated a small excavation business. Because it specialized in residential and light commercial site development (as well as septic installation), I also developed an interest in real estate. The physical demands of that business, however, have now prompted me to scale back, allowing me to pursue my real estate interest.

I’m excited to be a new member of the HKS Associates’ team and happy to be back in the Monadnock Region, another area of New Hampshire with strong ties to my youth.

I look forward to providing the expert service and close attention to clients that has made HKS a premiere New Hampshire firm.

Anna Schierioth of HKS Associates, Inc. was invited by TD Bank to attend a seminar regarding economic updates. The speaker was Alistair Bentley an economist with TD Bank. His primary responsibility is to provide economic analysis of the US with a particular focus on the regional economies of New England. Paul holds a Bachelor of Science degree in Applied Mathematics and Master of Arts in Economics. He is frequently cited in the media on a range of economic issues.

HKS Associates held a seminar to provide ongoing training for their agents. Bruce Murphy, Curtiss Thornbrugh, Lisa Hall, Gail Therriault, Paul Swingle and Anna Schierioth attended.

The topic of this class was renovation financing.

The seminar was provided by James “Jamie” Woods of Home Savings of America in the HKS office in Keene New Hampshire. Jamie is a highly respected expert in renovation financing. He has a lengthy background in the FHA 203k renovation mortgage. This program is not only for those purchasing a home in need of repair but owners of homes that need updating. This government program combines low-cost home loan with the cost of repairs all through a single mortgage.

Home Savings of America also offers “Fixer Upper Friday” at their location on 225 Derry Rd. in Hudson, NH. Their phone number is 339-4461, and e-mail address is abrightsunshineyday@gmail.com

A Celebration of All Things Marlborough

Saturday, September 24th 2011

Downtown Marlborough, NH

10:00 am to 4:00 p.m.

(Rain or Shine!)

Food, Entertainment, Fun for the whole family

Join Marlborough Madness: a one-day community festival showcasing the sights, sounds, and flavors of our vibrant town. Browse sidewalk and yard sales, sample food for all tastes – from vegan to southern-style ribs, enjoy a rich variety of local entertainment and artwork, take advantage of health screenings, have a massage, play games, listen to a storyteller’s colorful yarn, take a country hay ride, get gardening advice, and meet new friends. It’s all happening on one mad, mad day in Marlborough!

http://www.marlboroughmadness.com

Daily Real Estate News | Thursday, September 01, 2011

The Obama administration is expected to announce a new mortgage relief program next week to help struggling home owners stay in their home and reduce the number of foreclosures, Reuters reports.

While the exact details of the proposal are still unknown, analysts are speculating that President Barack Obama is likely to announce a plan that would help more borrowers to refinance loans, allowing them to lower their monthly payments and ward off possible foreclosure. 

The refinancing plan will reportedly apply to loans backed by government-owned Fannie Mae and Freddie Mac or the Federal Housing Administration, allowing more home owners who have been unable to refinance due to poor credit, owing too much above their home’s current value, or unemployment, to take advantage of current low interest rates. 

Other lawmakers who have pushed for such a move have argued that by lowering home owners’ monthly payments, it would free up cash for other spending, which will help stimulate the overall economy. 

Source: “White House Could Unveil Mortgage Plan Next Week,” Reuters (Aug. 31, 2011)

In economic times like these it is even more critical that you align yourself with qualified professionals if you find yourself faced with the possibility of buying or selling a home.  Whether it be a more “traditional” purchase or an auction, foreclosure or short sale property you need to know that you are not alone.  In the mine field of ever changing and overwhelming mounds of paperwork and pitfalls of processes you want to emerge with the least amount of casualties.  Yes, you want to get from point “A” to point “B”, but the route you take can be critical.  HKS Associates, Inc. has a team of experienced agents and staff that know their way around both the everyday and REO markets.  Our associates have a solid grasp on the technical skills, the energy to keep moving forward because of our years of experience and the heart to work with you to keep you on track, regardless of the challenges.  Since 1966 we have worked with Sellers, Buyers and the myriad of qualified support industries to help guide Buyers and Sellers through all the processes of buying and selling so that they can move forward to achieve their goals. 

As a nation, a state or a community we wistfully hear the words economic recovery and want it to be here now; we want things to be better now.  Depending on where you live and your personal finances we may not be in a “perfect storm” situation until the unemployment rates improve, but forecasts for 2011 suggest that the housing market is in the direction of stabilization.  Everyone needs a place to live and deserves the right to decent housing.  Most people feel that.  In tough times people move in with family or friends or decide to rent instead of buy.  But you need to know what you know and don’t know.  How?  Choose to be guided by trusted qualified professionals that are sensitive yet sensible about the options in your area and that are specific to your situation now.

Historically low interest rates in the fall of 2010 made it possible for more people to purchase or refinance a home at reasonable rates then and that still is pretty much true today.  If you are old enough, any of these rates in the last few years look good compared to some of your past memories.  Home prices are attractive now and many Buyers in the right areas have been able to take advantage of homes not only being “For Sale” but affordably “On Sale” or “Marked Down”, putting many qualified Buyers at some of the possibly best times to purchase now that we have seen in 40 years.

But what about the future?  In our region of builders and the supporting contracting industries we are all too well aware of how new construction starts have been down.  Most of us personally know several trade-related families that have been set back once again due to tighter credit, changes in lending and over supply of existing housing.  Yet on the horizon the US Census Bureau reports that in some areas housing shortages loom ahead.  Hard to believe now when you see so many real state signs on every street, but it has happened before.  So have you been thinking you might like to upgrade to a larger home or a home in a more ideal setting?  Check out what is available now.  Do you want a newer home that is more energy efficient?  Check out what is out there and what can be built now.  As consumer confidence grows, savvy Buyers and Sellers will make the decision to check out the facts and then buy or sell and buy again before the rates do increase or financial institutions do something else that will have an impact.  

New Hampshire home sales, median price down from first half 2010

New Hampshire home sales and median prices dropped in the first half of 2011 compared to the tax credit-aided first half of 2010, according to data released this week by the New Hampshire Association of REALTORS.

The first six months of 2011 recorded a median residential home price of $205,000 statewide, compared to $217,000 in the same period 2010. There were 4,780 residential home sales in the first half of 2011, down 9.6 percent from the 5,289 sold in the same period 2010.

“This comes as no surprise,” said NHAR President Tom Riley, a 35-year veteran of the real estate industry and president of Riley Enterprises in Bedford. “As we’ve been saying right along, it’s hard to draw a fair comparison when last year there was an $8,000 incentive to buy.”

That incentive, the home buyer tax credit, applied to buyers who closed sales on or before June 30, which is why Riley believes that July, August and beyond will be when the more accurate comparisons can be made.

Riley pointed to the fact that the 4,780 sales so far in 2011 represent a 6.4 percent increase over the 4,492 homes sold in the first six months of 2009. “No tax credit then, no tax credit now,” he said. “Remove the tax credit year, and you’re looking at a period of slow stabilization, rather than a spike in the middle.”

June unit sales numbers were mixed in local markets throughout the state, with 2010-2011 increases coming in Sullivan (28 percent), Coos (6 percent), Carroll (4 percent) and Rockingham (1 percent) counties. Median prices, meanwhile, improved in just Strafford (13 percent) and Belknap (10 percent) counties.

203K Streamline

The Federal Housing Administration (FHA) issues government insured loans through mortgage lenders. The FHA, which is a division of the Department of Housing and Urban Development (HUD), has a program to assist you in purchasing the property and repairing the home. In an effort to revitalize neighborhoods and communities the FHA allows home buyers to purchase a home in need of repairs or updating by obtaining one loan for both the purchase and rehabilitation of the property. The loan amount is based on the projected value of the property after the work is completed and includes the cost of the work.

This is known as the FHA 203K program. To start the 203k process you need to identify an eligible property. According to HUD eligible properties include one to four family residences that have been constructed within one year. Repairs that qualify are any renovations or improvements that do not require major rehabilitation such as load bearing walls or other structural changes that require architectural designs. The program is not for new construction, additions or landscaping. Any other renovations are allowed including updating appliances, septic systems, roofing, insulation, flooring, painting and weatherproofing.

You should contact a mortgage lender and receive preapproval for a loan amount. This will enable you to determine how much you are qualified to borrow and help you shop the market for a property.

The FHA 203K Streamline Renovation Loan will allow you to borrow up to $35,000 for repairs and updates to a property and will allow up to 110% of the appraised value after the work. If you were to identify a property in need of repairs that costs $150,000 you can borrow as much as $185,000 as long as the future appraised value is no less than $168,182. This is a tremendous program that allows home buyers the confidence that the property they purchase will be dream home status by the time they close and move in.

The process allows home buyers to use contractors of their choice as long as they are licensed. When you have chosen an appropriate property contact an FHA-approved consultant and ideally the contractor who will perform the improvements. Your lender can direct you to an approved plan consultant. The property will be evaluated to determine what renovations will be needed to comply with municipal codes and safety concerns. Your needs and desires for the outcome of the work will also be addressed, and the consultant will develop a Work Write-Up and Cost Estimate for the proposed renovations.

The plan consultant presents the final Work Write-Up to your lender who will appraise the current value of the home and estimate the appraised value after the renovations are completed. You will be presented with a credit package, and once the loan closes payment for sale of the house will be made to the seller, and a Renovation Escrow Account will be established. Construction begins and payment is made to the contractors according to completion dates outlined in the plan. When the renovations are complete the lender will inspect the property, and the buyers can move into their newly renovated property.

Saturday, July 30 at 8:00am
Location: Downtown Jaffrey

Join with TEAM Jaffrey, Jaffrey merchants, amazing crafters and non profits from the Monadnock area in a fun filled family day with music, yummy food, kid’s games, sidewalk sales, in-store promotions and sales, “Musical Chairs on Main” , Zumba and some surprises. The entire day will be capped off by a Chicken BBQ on the Common and the Thousand Acre Jazz Band concert at the bandstand as well as Project Shakespeare performing Macbeth at the Jaffrey Civic Center and music at the listening room at Mindfull Books & Ephemera

The recent upheaval in the real estate market has resulted in a large housing inventory, stingy lending policies and an overall slump in existing home sales. Many homeowners took advantage of attractive refinancing offers, and, now that real estate prices have plummeted, find they owe more on their property than it is worth. Many homeowners have lost jobs, seek sales proceeds from the sale of property, or otherwise cannot afford their current mortgage payments.

A short sale is simply the sale of a property for less dollars than are owed to the mortgage lender or lenders. Homeowners use the short sale process to avoid foreclosure on the property which has severe credit report consequences.  A short sale may reduce a credit rating by as little as 50 points, but a foreclosure may lower a credit score by up to 200 points and remain a public record for 7 years. This is quite a smudge for homeowners dependent upon credit to keep a roof overhead.

In addition, mortgage lenders are in the business of financing investments not home ownership and property management. They would rather recoup some of their investment or loan than lose everything, so they will listen when an offer to sell helps lower their potential loss. So in many instances the short sale benefits both lender and borrower.

It is important to keep in mind that the mortgage lender is in the driver’s seat. They need to be aware of the homeowner’s intention of selling as well as the financial circumstances leading to the possible sale as soon as possible. The short sale needs to be done with the full participation and agreement of the lending institution, and during the short sale the buyer, seller and real estate agents must comply with the bank’s requirements.

Lenders take time to process a short sale request. If there are two months or less before the foreclosure auction there is probably not enough time to prepare a short sale package.

A short sale request should be articulate, persuasive and thorough, and it should present a borrower’s financial situation from the worst possible viewpoint. Job loss, illness, death in the family and caring for an elderly family member are all important facts for the lender to know. Bankruptcy, the “B” word, may be an option in the borrower’s situation.

If  bankruptcy is an option, the borrower should mention this to the lender and suggest that a short sale would prevent the borrower from going bankrupt. In this case, bankruptcy would prevent foreclosure; lenders would rather receive proceeds from a short sale than lose their investment.

As soon as a borrower starts struggling with mortgage payments, contact an HKS Associates real estate agent and list your property. The REALTOR’S assessment of the market will advise whether or not a sale will result in enough proceeds to cover the mortgage. If the sale does not cover what is owed you and the HKS agent should contact the lender to request a short sale package.

A homeowner should authorize the real estate agent in writing to work and negotiate directly with the lender. This authorization allows the agent to present offers on the home to the lender and include buyer’s qualifications such as down payment money and anything else that will inspire confidence in the buyer’s ability to purchase. HKS Associates employs specialists in short sale transactions, and the homeowner can greatly benefit from their expertise.

If a short sale makes sense for the borrower contact HKS Associates, and they will help you begin putting together a short sale package for the lender that includes:

-An offer to purchase your home including the buyer’s preapproval letter

-Your hardship letter which includes persuasive facts as to why a short sale makes

sense

-A personal financial statement including income and expenses

- Statements from any asset accounts such as checking, savings, etc.

- A net sheet from HKS Associates listing all closing costs

- Two months of paycheck stubs and all your bills

- Your last two federal tax returns