A review of the MLS system this week revealed some owner occupied homes in the Lakes Region of NH that seem like they could be pretty good deals. I really prefer to show my buyers (particularly if they are first time buyers)  owner occupied homes versus bank owned properties. That’s mostly because with an owner occupied home you get a completed Seller’s Property Disclosure that gives basic info about the property condition and buyers are able to get answers from the owners about any concerns they might have. With a bank owned property you get bupkis, nadda, zilch. It is sold “AS IS” with no warranties or disclosures whatsoever. A home inspection will reveal a lot but you have little or no history about the property. However, with bank owned properties you might get some things that you don’t usually get with occupied homes:  filthy carpets, curled up linoleum, broken pipes and cracked furnaces, holes in the walls, lots of surprises in the basement and garage, and my personal favorites: mold and mildew. And you also get a bonus called the Seller’s Addendum which consists of 10 to 20 pages of legal jargon that basically puts all the chips on the bank’s side of the table. But hey, some of bank owned  properties are great deals and a lot of money can be saved upfront if you are experienced, ready to assume the risks, and have Bob Villa on retainer.

Anyway, back to a few potential good deals on Lakes Region owner occupied properties. I like the $229,000 price on the ranch over at 5 Reagan Way in Laconia. This 1,560 square foot, 3 bed, 2 bath home was built in 2007 and sold last year for $259,000. This home has an open floor plan, hardwood floors, cathedral ceilings, farmers porch and a nice deck in the back. The current asking price is 78% of the city’s tax assessment of $294,500. It seems like a winner to me.

For just a little more money you can buy a 3,051 square foot, 4 bedroom, 2 ½ bath, colonial on 3.28 acres with views! This house is located at 88 Phoenician Way in Laconia. This is a short sale and will need lender approval which can be a bit time consuming. This home was listed originally at $389,900 and has been reduced down to $249,000 which is only 61% of the assessed value of $294,500 making it something that you should certainly check out if you are looking for this size and style home.

If you are looking for a Winnisquam waterfront property, check out the 2 bedroom, 2 bath cottage at 118 Gray Rd in Sanbornton. The cottage was constructed by a local builder and needs some drywall and flooring to be completely done but it can be used just the way it is. It sits on a .36 acre lot with 114 feet of shorefront, has a deep water dock, and great views across the wide part of the lake from inside as well as from the 18′ x 20′ deck.. There is also a new septic system in place which is a huge plus. This waterfront get-a-way was originally offered at $449,900 and has been reduced to $329,900 and right now is at 73% of its assessed value.

This entry was posted on Thursday, July 30th, 2009 at 10:52 am and is filed under Good deals, Lakes Region Home. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.