Advanced Team Realty is a full service New Hampshire Real Estate firm. When you are ready our Realtors will assist you through the buying process with local knowledge and real estate expertise. We are your New Hampshire guide for MLS listings and relocation information. Featuring: NH Homes, NH Luxury Homes and NH Estate Homes, NH New Construction, NH Condos and town homes, NH Waterfront Homes, NH Oceanfront , and NH Lakefront Homes, NH Land, NH Development Property, NH Multifamily , and NH Investment property. The secret is out! With its great coastal lifestyle and historic charm, New Hampshire is one of the top places to live in the nation. Discover all that Manchester has to offer with a local realtor from Advanced Team Realty. This site features waterfront properties, historic homes, condominiums and investment real estate. 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Click Here  Rental Properties in NH Rental Bedford NH, Rental Concord NH, Rental Derry NH, Rental Gofftown NH, Rental Hampton NH, Rental Hooksett NH, Rental Hudsun NH, Rental Londonderry NH, Rental Manchester NH, Rental Merrimack NH,Rental Nashua NH, Rental Pelham NH, Rental Salem NH, Rental Windham NH See the address for all New Hampshire real estate for sale!  All you have to do is create a free account on our site and then search the MLS !  If you have any questions, please contact us .  Popular New Hampshire Real Estate Searches  Search NH Homes by Towns Allenstown NH Single Family Homes; Amherst NH Real Single Family Homes ; Andover NH Single Family Homes; Antrim NH Single Family Homes; Atkinson NH Single Family Homes; Auburn NH Single Family Homes; Bedford NH Single Family Homes ; Bennington NH Single Family Homes; Boscawen NH Single Family Homes ; Bow NH Single Family Homes Bradford NH Single Family Homes; Brentwood NH Single Family Homes; Brookline NH Single Family Homes; Candia NH Single Family Homes; Canterbury Single Family Homes; Chester NH Single Family Homes; Chichester NH Single Family Homes; Concord NH Single Family Homes; Hopkinton Contoocook NH Single Family Homes; Danbury NH Single Family Homes; Danville NH Single Family Homes; Deerfield NH Single Family Homes; Deering NH Single Family Homes; Derry NH Single Family Homes; Dunbarton NH Single Family Homes; East Kingston NH Single Family Homes; Epping NH Single Family Homes; Epsom NH Single Family Homes; Exeter NH Single Family Homes; Francestown Single Family Homes; Franklin NH Single Family Homes; Fremont NH Single Family Homes; Goffstown Single Family Homes Greenfield NH Single Family homes; Greenland NH Single Family Homes; Greenville NH Single Family Homes; Hampstean NH Single Family Homes; Hampton NH Single Family Homes; Hampton Falls NH Single Family Homes; HankcockNH Single Family Homes; Henniker NH Single Famlily Homes; Hill NH Single Family Homrs; Hollis NH Single Family Homes; Hooksett NH Single Family Homes; Hopkinton NH Single Family Homes; Hudson NH Single Family Homes; Kensington NH Single Family Homes; Litchfield NH Single Family Homes; Londonderry NH Single Family Homes; Louden NH Single Family Homes; Manchester NH Sigle Family Homes; Merrimack NH Single Family Houmes; Milford NH Single Family Homes; Nashua NH Single Family Homes; New Boston NH Single Family Homes; New Castle NH Single Family Homes; Newmarket NH Single Family Homes; North Hampton Single Family Homes; Northfield NH Single Family Homes; Pelham NH Single Family Homes; Pembroke NH Single Family Homes; Plaistow NH Single Family Homes; Portsmouth NH Single Family Homes; Raymond NH Single Family Homes; Rye NH Single Family Homes; Rye Beach NH Single Family Homes; Salem NH Single Family Homes; Windham NH Single Family Homes Short Sale For more information, please contact me  Definition: A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed   Examples: If the unpaid balance of a loan is, say, $100,000 and a property sells for $90,000, under a short sale the lender might accept $90,000 as payment in full.   Facts about Short Sales and Credit Ratings ·         There’s no credit preservation advantage to short sale over foreclosure. ·         The nation’s two largest mortgage investors, Fannie Mae and Freddie Mac -- with certain exceptions -- won’t lend to you again for five years (foreclosure) and two years (short sale). ·         A consumer's FICO score will take a huge hit either way until responsible credit behavior supplants the foreclosure / short sale over a period of time.   A short sale in real estate is not always a pleasant transaction. There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." More than half of the sales in New Hampshire over the past year are short sales. That's how prominent short sales have become. When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales. If you are considering buying a short sale, there could be drawbacks. For your protection, I suggest that all borrowers: ·         Obtain legal advice from a competent real estate lawyer ·         Call an accountant to discuss short sale tax ramifications As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim. Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect. ·         Call the Lender You may need to make a half dozen phone calls before you find the person responsible for handling short sales. You do not want to talk to the "real estate short sale" or "work out" department; you want the supervisor's name, the name of the individual capable of making a decision. ·         Submit Letter of Authorization Lenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, Title Company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. The letter should include the following: ·         Property Address ·         Loan Reference Number ·         Your Name ·         The Date ·         Your Agent's Name & Contact Information       Preliminary Net Sheet This is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, if any. Your closing agent or lawyer should be able to prepare this for you, if you do not know how to calculate any of these fees. If the bottom line shows cash to the seller, you will probably not need a short sale.       Hardship Letter The sadder, the better. This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. Lenders are not inhumane and can understand if you lost your job, were hospitalized or a truck ran over your entire family, but lenders are not particularly empathetic to situations involving dishonesty or criminal behavior.       Proof of Income and Assets It is best to be truthful and honest about your financial situation and disclose assets. Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value. Lenders are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving.       Copies of Bank Statements If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a good idea to explain each of those line items to the lender. In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue.       Comparative Market Analysis Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). Your real estate agent can prepare a CMA for you, which will show prices of similar homes: ·         Active on the market ·         Pending sales ·         Sold from the past six months.       Purchase Agreement & Listing Agreement When you reach an agreement to sell with a prospective purchaser, the lender will want a copy of the offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to pay for certain items such as home protection plans or termite inspections. Now, if everything goes well, the lender will approve your short sale. As part of the negotiation, you might ask that the lender not report adverse credit to the credit reporting agencies, but realize that the lender is under no obligation to accommodate this request How is the Seller's Credit Affected? Foreclosure or Deed-in-Lieu of Foreclosure Both of these solutions affect credit the same. Sellers will take a hit of 200 to 300 points, depending on overall condition of credit. This means if a seller's FICO score before foreclosure was 680, it could dip as low as 380.   Short Sale The effect of a short sale (providing the sellers are more than 59 days late) on a seller's credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, Steep says, which will result in a loss of 200 to 300 points. This means a short sale with a previous FICO of 720 will see it fall from 520 to 420 Buying New Hampshire Real Estate Ready to buy? Are you ready to start the searching for new home? We can help you find Manchester NH Real Estate, Bedford NH Real Estate, Merrimack NH Real Estate, Londonderry NH Real Estate, Goffstown NH Real Estate, New Boston NH Real Estate, Amherst NH Real Estate, Auburn NH Real Estate, Hooksett NH Real Estate, Concord NH Real Estate, Hampstead NH Real Estate, Derry NH Real Estate, Windham NH Real Estate Litchfield NH Real Estate, Bow NH Real Estate and many other towns. Contact us at info@advancedteamrealty.com .