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South Peak at Loon Mt. NH- Short sale-seeking 3rd party approval.

There may be no better location in the White Mountains for a ski home. With a Ski trail 50 feet from the building site , direct access and views of the Pemigewasset river, and a cross country path for a property line - this piece of land truly has all the recreational offering you could want in a resort life style.

 

   * BUT!! – The sale is subject to third party approval.*

What does that mean to a laymen? It is up to the sellers lender to bless the conditions and terms of the sale, and agree to a negotiated pay off , of the current mortgage. The seller owes more than the asking price, and his lender requires the opportunity to review the sellers: hardship, request for debt relief and current assets and ability to bring money to closing.

 

* How long can that take –and what does a buyer have to supply?

Here is the hard part for a buyer: the sale can take anywhere from two months up to nine months, and even if you agree to pay the asking price the lender can decline the sale ( due to thing outside of your control). When the buyer enters a negotiation they will be required to provide (in this case): Proof of funds (your ability to buy) first five digits of your social security number, date of birth, phone numbers, and citizenship.

 

 

* Why would the seller put themselves through this?

The Seller could just let it go to foreclosure, but a short sale offers a better chance to recover financially in less time than a foreclosure: 1) when purchasing in the future mortgage applications asks have you ever had a property foreclosure (there is no question about short sales) 2) Credit score foreclosure drops your score 250 -300 points while a short sale may only show up as late payments -with a notation "paid as negotiate" with a credit score hit as little as 50 points. 3)Security Clearance & Current Employment: A foreclosure has a serious impact on security clearance, and on credit checks for employees with sensitive positions (or future sensitive positions) while a Short sale is not specifically reported on ones credit and not currently challenge in Employment. 4) Deficiency Judgment: in a Foreclosure (depending on state law) the bank can pursue a judgment after the foreclosure, while in a successfully negotiated short sale the lender may waive the right to pursue the deficiency.

 

* Why would the buyers put themselves through this?

In many cases the price of the property is well below comparable sales in the area. In the case of a land sale the buyer is literally buying enough time to design a home, and get all the necessary quotes to be ready to start the work when the deal is approved. Since interest on land loans is not deductible, you want to line up your construction loan and hit the ground running when you own the vacant site.

63 owners paid an average price of $455,000 for these ski home sites (like the one pictured above), and there is only one that is listed as a short sale. The asking price (*subject to 3rd party acceptance) is $199,900. It's a 0.65 acre site with town water & sewer, and underground utilities...and will need a shoreline permit prior to building.

More information about homes, condos and land available on the South Mountain slopes of Loon visit our web site of ski back properties www.slopesideatsouthmountain.com Lincoln New Hampshire /Loon Mt area.

 

 

Steve Loynd profile photo           Steve Loynd, Alpine Lakes Real Estate Inc., Loon Mt, NH.: Real Estate Brokerage in Lincoln, NH " target="_blank"> 

                                                                                                                                                                              Your-White Mountain New Hampshire real Estate Expert

                    steve@alpinelakes.com toll free 800-926-5653 /cell 603-381-7898

                        MLS search and Realtor web site: www.alpinelakes.com

                         My outside Blog: www.steveswhitemountainblog.com

                    Lincoln NH &  Local interest site: www.localism.com/nh/lincoln

    Grafton County NH MLS search

5 commentsSteve Loynd • March 02 2011 03:40PM
South Peak at Loon Mt. NH- Short sale-seeking 3rd party approval.
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There may be no better location in the White Mountains for a ski home. With a Ski trail 50 feet from the building site direct access and views of the Pemigewasset river, and a cross country path for a property line - this piece of land truly has… more