Hampstead , Nebraska
This Blog is all about real world real estate, no pie in the sky, just the information needed to help you make informed decisions. Looking for information on a career in real estate? Buying or selling? Looking for market data and trends? No crystal ball here but 22 years of solid real estate experience at your disposal. Humor me as we travel around a bit and discuss everything from family to business.
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Jun. 16, 2007
I posted this a few weeks ago and thought I'd add it to this site as well.
 After a few mishaps getting to DC I'm happy that I can report that on Thursday May 17th I attended my NAR Professional Standards committee meeting.
I love being on this committee and am in the second year of my second 3 year term. After 4 years the newness has worn off but this year I was really looking forward to this meeting as I knew Blogs would be discussed.
The first part of the meeting is the Professional Standards Forum, the forum allows all REALTOR members to bring up their concerns about the code and the enforcement process as well as sharing of ideas.
As we entered the ballroom this funky looking tall guy in a white suit greeted people, congratulating them on being ethical and then poking fun at them! It was funny to see and I knew immediately who he was thanks to AR member Mariana Wagner who posted about how to be a slimy real estate agent, I think the majority of the attendees had no idea who Ted Truitt was. I could hardly contain myself as I watched their reactions!
We spent about an hour and half doing the open forum and then the committee meeting started.
First off...We passed a new Standard of Practice prohibiting members from misrepresenting their status as members or designees of NAR's Institutes, Societies and Councils. This is a good thing in my opinion.
Then we tabled the Internet-related issues...blogs to name a few until November. The sub committee will be be looking at Article 12 to see if we need a broader more encompassing ethical direction guiding all forms of communication. They will also be looking at
1. A clearer definition of communications
2. REALTOR making anonymous comments on other REALTORS Blogs
3. REALTORS responsibility for monitoring/editing their own Blogs
4. REALTORS responsibility for Blogs run by licensees affiliated with them
5. Disclosure of time lag (hours or days) in posting comments to Blogs. Must the fact that a Blog is not run in "live time" be disclosed?
6. Posting unfavorable/unflattering (but truthful) comments to Blogs
I can't wait till November to see what the sub committee comes back with. It should be very interesting and being a blogger I have very mixed feelings about some of this.
One thing I learned while in DC is that there are many-many people who have no clue what blogging is and surprisingly people in important positions who do not see any merit in blogging and will not encourage their sales associates to blog!
What do you think? Should NAR look at having guide lines for Blogs? Do we need NAR policing blogs? I think it's going to happen no matter what but am curious as to my fellow bloggers feelings about this.
www.monikamcgillicuddytrainer.com
Not only NH Real Estate Training but customized training programs available at your location or mine.
ABR* Agency* Ethics* New Agent Skill Building* Professional Guidelines* Negotiations* Mediation
Apr. 11, 2007
Categorized in: Agency Issues
Important information for all NH Real Estate Agents
By Monika McGillicuddy
*Updated* Dual Agency Consent Agreement.
The New Hampshire Association has made some crucial changes to their Dual Agency Consent Agreement to reflect the required Rule changes that the New Hampshire Real Estate made.
Rule change go into effect on May, 1 2007. Changes to the consent agreement are linked to a PDF form with changes highlighted courtesy of NHAR.
Dual Agency Informed Consent Agreement
Changes Include:
Addresses of parties and Agency added [per 404.04(k)(3)].
New section 4 listing disclosed dual agent’s duties [per 404.04(k)(4) – excerpted from RSA 331-A:25-d II]
Expiration date of dual agency informed consent agreement added [404.04(k)(6)] and a statement that it shall not be extended beyond the term of the buyer agency or listing agreement [404.04(k)(5)].
All forms will soon be available on True Forms.
www.monikamcgillicuddytrainer.com
Read the rest of my articles...
Apr. 9, 2007
Important message from NHAR 2007 President Bonnie Guevin…REALTORS please don’t ignore this plea.
Call to Action: NHAR Opposes Increasing Real Estate Transfer Tax
Dear REALTOR ® Members,
From the beginning, REALTORS® have supported LCHIP (Land and Community Heritage Investment Program) and its predecessor, LCIP (Land Conservation Investment Program). LCIP started under Gov. John Sununu in 1987 as a temporary program funded by a $20 million bond. LCHIP came into being in 1999 under Gov. Jeanne Shaheen (RSA 227-M).
REALTORS® have opposed funding these programs from a small group of taxpayers – the buyers and sellers of real estate.
We believe LCHIP should be funded through the State’s general fund, and not through a tax increase paid only by buyers and sellers of real estate because:
- The RETT (Real Estate Transfer Tax) is already too high (second highest in the country), and this would increase the tax from $15 per $1,000 to $15.60 per $1,000.
- A RETT increase of any amount is not consistent with policies promoting affordable housing.
- LCHIP should be measured on its own merits, and not and not exempted from scrutiny by dedicated funding.
- Passing the RETT increase will create a harmful precedent: to use increases in the tax as a funding source for other state programs. Such additional increases in the tax will further increase the cost of housing and discourage home ownership.
- REALTORS® have been consistent in their position, and New Hampshire Legislators have agreed.
Until now.
The RETT increase, which was originally proposed as an amendment to HB 868, has now been placed within the budget bill, HB 2. NHAR opposes an increase in RETT to fund LCHIP and opposes its inclusion in the budget bill. At a minimum, the Legislature should vote on any increase in the RETT and the creation of a dedicated fund on its own merits, not as part of the larger budget bill.
Contact your State Representative and State Senator and ask that they OPPOSE funding LCHIP through an increase in the RETT.
Special Note: If the House passes the budget, which includes the RETT increase, the Senate will have an opportunity to defeat this increase. It is imperative that the REALTORS® come out in force to the Senate public hearing on the budget, scheduled for Tuesday, April 17, from 3 to 5 and 6 to 9 p.m. at the
State House.
Apr. 4, 2007
 Last week I was invited to teach an Agency class for the North Country Board of REALTORS. Because they are located about 3 hours away from me they put me up in a hotel the night before. It was a rainy foggy day as I arrived and the mist just enveloped the entire hotel...cradling it snugly! It was an awesome site to behold...lovely and serene and a bit spooky at the same time. I just wish my camera would have done it justice.
Check out my other blog for more photos and a tour of a very unique pool...here
A local artist painted some awesome murals all over the indoor pool...truly amazing!
Serving Southern New Hampshire and Rockingham County
Jay and Monika McGillicuddy
Prudential Verani Realty
Hampstead NH
603-548-7728 www.nh4sale4u.com
Mar. 16, 2007
By Monika McGillicuddy
Where has the time gone? I have to ask myself that, as this year I enter my 23rd year in real estate! Sounds scary doesn't it?
I must be feeling nostalgic...don't really know why but I am. I can't help but think of all of those that have come and gone as the Lure of easy money is a mighty pull...and for them the reality really does bite.
 I've been a real estate professional for nearly 23 years now. I've been through many ups and downs...good markets and bad ones....been there... done that and got the T- shirt!
So I can safely say that over the years I've seen many agents come and go...the lure of "easy" money and then the reality of having to really work hard to earn that easy money sets in and poof their gone!
Years ago at a former company...I trained an agent who after sitting through 2 weeks of our company's new agent training program thought he knew it all. I thought to myself...I'll give him a month. His first customer did him in...he showed her four houses and refused to show her more...he thought she should just buy one of the four he showed her and she should be grateful that he had taken the time to show her those four.
What did she expect that he would cart her butt around until she found something??? He lasted 3 weeks.
Another agent didn't understand why he had to be available to show homes during the customers schedule...he wasn't wasting his weekends with Looky Lou's.
One guy told me point blank that he couldn't stand real estate agents...he had all sorts of degrees and certainly knew how to sell real estate...he didn't want to waste his time participating in training. After all he had sold many of his own homes without the help of an agent...what was it that I could teach him that he didn't already know...I wonder what he is doing today? Not selling real estate thats for sure!
Then there was the nurse who left a highly stressful career to do something "easy"...she needed to remove all the stress from her life and real estate sounded like fun!
The guy that takes the cake was in his late 50's, he sat through training...a good student, watching everything I did. This was the days of the floppy disks...Bill Clinton was president...remember those days? Anyway after training was complete, he came up to me and gave me a floppy disk labeled "Monica" and told me I left it at his house. I had never been to his house and reminded him of that and that my name was not spelled Monica with a c but Monika with a k. It didn't matter he insisted it was mine and left it on my desk.
Much later I decided to play it and see what in the world it was. I was pretty grossed out as it was full of pornography... an X rated spoof of Monica and Bill Clinton. It really grossed me out and made me wonder what he was thinking about all those times he sat in class watching me. Yuck!
The list is endless...and it always bothered me to see someone spend $1,000 plus just in start up money just so they can do real estate and last less than a month. They were clueless about the reality of being a real estate agent.
 What does it take to be a good real estate agent? What would you look for if you were to hire an agent to represent you? Can you describe you ideal agent?
Often I've wondered what special attribute do you have to have...to love this business.
I've never been lucky enough to get rich in this business.
I've missed more family time than I care to remember. My kids had to learn to accept that mom might jump in the middle of dinner or laugh when they cut into their birthday cake in front of all their friends to find somehow the table spoon got baked into the cake...mom must have had a real estate call in the middle of mixing the cake and forgot about the spoon.
Just what is that makes us a good agent?
I may not financially be rich but I am rich in many ways...I've helped shape the future for many people...helped them be able to create memories and achieve the American dream of home ownership. I'm a damn good agent...I know my stuff, I'm ethical even when no ones looking and I love what I do. Is that enough? I think so.
What makes you a good agent? What sets you apart ?
Serving Southern NH
Jay and Monika McGillicuddy
Prudential Verani Realty
Hampstead NH
603-548-7728
Mar. 5, 2007
Categorized in: Agency Issues
Important Changes to New Hampshire Dual Agency Rules
By Monika McGillicuddy
Dual Agency Rule change effective May 1 2007
The New Hampshire Real Estate Commission recently approved rule changes that go into effect on May 1 2007. These changes now bring the Rules (REA) in line with the Law and as some of you know changes to the law (RSA) 331-A:25-d Disclosed Dual Agent;Duties were approved in 2005 and since that time the "Rules" really didn't make any sense.
Many agents seem to be a little confused by the difference between RSA's (Laws) and the REA's (Rules)...what is what...and which one do you listen to? Now that won't be a problem any more but to clarify I have always considered the Law (RSA's)to be like your car's owners manual...full of advice on what Must be done and the Rules (REA's) to be like the operators manual...telling you How to do what must be done. Make sense?
Our Rules will now coincide with our Law! What a novelty!!
The biggest change is to REA 701.01 Agency and Non Agency Disclosure and Rea 404.4 Brokerage Contracts
REA 701.01
(a) A licensee shall provide a written agency relationship disclosure to the consumer at the time of first business meeting.
(b) A licensee showing a property listed with another agency shall disclose their agency or non-agency relationship verbally or in writing to the other party’s agent prior to showing the property and in the writing at time of the offer.
(c) Licensees shall use the agency/non-agency disclosure form adopted by the commission (as of this writing they are still developing the form that we all will have to use)
(f) A licensee intending to act in the capacity of a dual agent shall:
(1) At the time of first meeting with a consumer to discuss a specific property, provide a written agency relationship disclosure pursuant to Rea 701 .01(a);
(2) On the listing contract and buyer agency/tenant representation contract, give the client the option to accept or deny a dual agency statement of consent to showings, pursuant to Rea 404.04;
(3) have the informed consent to dual agency agreement signed and reviewed by the buyer/tenant and seller/landlord at the time which in the dual agency occurs but no later than the preparation of a written offer for sale or lease pursuant to Rea 404.04
Changes to Rea 404.4 Brokerage Contracts as of May 1 2007 will now require that listing agreement and buyer agency agreements have consent for dual agency showings within the agreement by separate dated signatures.
Caution...You must be sure to gain Informed written consent at time of listing for potential Dual Agency showings and then be sure to get the actual consent form signed prior to drafting an offer for sale or lease of real estate.
Best Practice...Make sure you have (1.) signed consent for showings on the listing agreement and then (2.) Contact your seller client and inform them that a dual agency showing is taking place and try to get written consent...if unable to get written consent...make sure you get it before you present or draft an offer and make sure your buyer client understands what dual agency really means.
These changes are more in line with how we actually do business in NH but if not handled correctly the agent has more rope to hang themselves with in my opinion.
Need a refresher on what dual agency in New Hampshire is check out my blog post called Dual Agency Life in the Fast Lane
The New Hampshire Association of REALTORS will be adding new forms to our True Forms (forms on line) once we get final approval from the Board of Directors that will reflect these changes.
A listing of the forms pending approval are;
The Revised Forms will include:
CONDITIONAL RELEASE FROM EXCLUSIVE LISTING AGREEMENT
CONDITIONAL RELEASE FROM EXCLUSIVE BUYER AGENCY AGREEMENT
DUAL AGENCY INFORMED CONSENT AGREEMENT
EXCLUSIVE AGENCY AGREEMENT
EXCLUSIVE BUYER AGENCY AGREEMENT
EXCLUSIVE LISTING AGREEMENT
PROPERTY DISCLOSURE – LAND
PROPERTY DISCLOSURE – RESIDENTIAL ONLY
PURCHASE AND SALES AGREEMENT AND DEPOSIT RECEIPT
Brand Spanking New Forms will be:
BUYER AGENCY DISCLOSURE
SELLERS SUITABLE HOUSING ADDENDUM TO PURCHASE AND SALES AGREEMENT AND DEPOSIT RECEIPT
I'm sure we'll all have a bit of a learning curve to go through but these forms will make it easier for all of us.
Serving Southern New Hampshire
"Real Estate Your Way...No Pressure- No Hassles"
Jay and Monika McGillicuddy
Prudential Verani Realty
Hampstead NH
603-548-7728
Mar. 4, 2007
We need your help!!!!
This is very important Information for all New Hampshire Property owners...and an UNFAIR burden on the backs of all property owners.
This Bill has been defeated before with the help of all New Hampshire REALTORS® and now it is being revisited again with House Bill 868.
Please help us defeat it again!
If passed this will impact you and your pocket when you sell your home, we already have the highest real estate property transfer tax in the nation!!!
Please take action and help us fight this new tax Again!!!! Pay close attention to talking point # 4...double taxation.
Thank you for your support and attention to this very important issue...we really need your help on this one!
Please call your Representatives- find them by clicking here.
The following reprinted with permission from the NH Association of REALTORS®...
Please contact your local State Representatives regarding House Bill 868, relative to a surcharge on recording documents with the register of deeds to fund the Land and Community Heritage Investment Program (LCHIP).
HB 868 proposes a new tax on recording documents in New Hampshire. The revenue generated by the tax is to be dedicated to LCHIP.
The New Hampshire Association of REALTORS® supports LCHIP, and to that end endorses the $12 million LCHIP line item in Gov. Lynch's proposed budget. However, a new tax related to real estate is unreasonable.
The bipartisan majority of the House Municipal and County Government Committee voted 9-8 in favor of killing the bill, and the House will be voting on the legislation very soon. Please take a moment and call your local Representatives to express your opposition to the new tax.
For your Representatives' contact information, click here.
Talking Points:
- New Hampshire has the highest uniform state real estate transfer tax in the country. New taxes will create higher burdens for individuals attempting to purchase new property and could reduce housing opportunities across income spectrums.
- LCHIP is already funded in the proposed budget. Why should LCHIP, a non-state agency, receive a dedicated funding source with no oversight, while other human service programs must justify their needs through the budget process?
- Almost all county registrars of deeds oppose the new tax. Many testified that the bill creates administrative burdens for the counties and were unclear whether the $40 tax applies to every page recorded in a deed, mortgage or recording of plats.
- Is this double taxation? The Department of Revenue did not take a position on the bill but did provide a list of serious concerns, including the issues of whether the counties should be collecting a tax for a non-state agency and whether the proposal was, in fact, double taxation.
Jay and Monika McGillicuddy
Prudential Verani Realty
Hampstead NH
603-548-7728
Feb. 19, 2007
By Monika McGillicuddy
I wrote this a couple of weeks ago as a true humorous story about a day in the life of a real estate agent...guess who the agent is? Me...thats right and my knee is still bruised and sore! Have a good chuckle...we all need a laugh now and then.
Some days you work nights....or better yet some days you just shouldn't work at all.
I've had a pretty interesting week...first there was my encounter with the lovely biker chick and then my encounter with Mr. closing dates aren't important.
I think I should have known enough to pack it in for the rest of the week.
 Today we awoke to freezing rain...the dreaded black ice...there are few things in life I fear more than the dreaded black ice! Not a problem as I figured I'd just stay home and enjoy the big game ...which in my household is a big event.
Then...I got a call from a client wanting to take a look at a house I discussed with him yesterday...the house was empty and in need of total rehab. I knew that I could just go show and leave a voice message letting the listing agent know, as I had spoken with her yesterday.
I told my client that I don't do black ice...and if he really wanted to see it he'd have to come pick me up at my house and drive us. He said okay and came and got me.
The roads were icy and he drove slow.
We arrived safely and walked about the outside very carefully due to the ice. This is a 200 year old home with 14 rooms and really should be torn down. Armed with flashlights we entered the home very carefully...there was no power, wood rot and un-level floors made for slow going.
The first floor was pretty bad but when we found the formal stairway leading to the second floor it was a sight to behold. You could just imagine how it must have looked in its glory days...just awesome. The second floor was very intriguing...the workmanship and attention to detail just incredible but all in major disrepair...long neglected and looking for love!
After going through several rooms on the second floor we followed a long hallway with wood floors to the back end of house, stepped up 3 good sized steps and entered another level of the home...two rooms and attic access. In the second room there was this funky round hole cut into the floor...right in the center of the room.
It was pretty dark up there...so I walked up to the hole and looked down and couldn't see anything at all. I said “I wonder what this hole is for?" at the same time my client walked up behind me and shinned his flashlight down the hole.
I'm embarrassed to tell you that when I saw what was looking up at me with it's eyes open...I freaked and let out a loud scream...my listing package flew out of my hands as I turned I pushed my client aside and ran hollering like a blubbering idiot out of the room...through the other room and you guessed it.....I forgot about the stairs so of course I fell down them whacked my head on the wall...still screaming now only harder as my body was as out of control as my mouth was!!!
I landed on my knees...my body sliding down the hall way... I could hear my lock box ricocheting off the wall and my client yelling..."It's dead...it's dead...it's dead" ...I'm on all fours and could feel the warm blood pouring down my leg! I'm trying hard not to cry and praying that I didn't break my ankle again!
My client...he's freaking out trying to help me up...I'm okay but my leg is bleeding but he can't see that as I have on long pants...thank god. Anyway I get up compose myself and tell him that I am breaking a cardinal rule in real estate but he would need to do the attic and the rest of the house without me as I’m done in the house and would wait for him outside...
The ride home was interesting and my client thank god he knows me well and likes me because I'm sure anyone else would have thought I was a nut case. Did I tell you he was my ex brother in law...he tells everyone he kept me in the divorce because he likes me better than he does his brother!
Did I tell you what I fear more than black ice?? Mice...alive or dead it doesn't matter!
I should have just stayed home today!
My knee... it's okay it just looks like my thigh.
Jay and Monika McGillicuddy
Prudential Verani Realty
Hampstead NH
603-548-7728
Feb. 7, 2007
By Monika McGillicuddy
Check this out...We did a little visual tour about our home town of Hampstead and of neighboring Kingston. I'm really excited about it and think they came out great. I want to do a few more...Let us know what you think or if you have a town you'd like to see featured. Send me an e-mail or leave a comment here...don't be shy your opinion means a lot to us.
Hampstead New Hampshire is called a picture perfect community by many. It's location is what attracted us many years ago, close to Boston yet a million miles away in lifestyle.
I used to be an avid skier and living here made that so very possible...when my kids were younger I took them skiing often. In fact their photos are used in my post about skiing in New Hampshire called New Hampshire's White Powder . Jay and I are both ocean lovers and water babies so this is also an awesome location for those activities as well, my blog talks all about the fine lakes in Southern New Hampshire Living . The best of the best is really what living here is all about...you can just about get to anywhere in a reasonable amount of time.
I have lived in Hampstead since 1972 and Jay since 1984 and we watched as the town has grown from a small village to a bustling little (by some standards) community.
Not only a picture perfect community but a small town that is full of historical pride and is able to successfully balance all the charms of yesteryear while offering all the modern conveniences, of a much larger town…shopping, community activities, and town beach and recreation fields Hampstead still retains that small town feel.
A growing community for sure but one that can still be called a community rather than a town. That's what makes living here so special.
I have put together a little virtual tour with some photos we've taken while out and about...we hope we've been able to show you a little bit of what we "feel" about Hampstead New Hampshire. 
Kingston New Hampshire
Kingston is a pretty little town with a rich history. Long famous for being the home town of Dr. Josiah Bartlett, one of the signers of the Declaration of Independence. Those of you that watch The West Wing will recognize the name as the fictional U.S. president.
Driving through Kingston one finds many beautiful old homes dotting Main Street where the town Common is also located. Kingston is ideally located much like it's neighbor Hampstead it is within easy reach of Boston, The White Mountains of New Hampshire and the ocean beaches. Kingston also boasts a state park interested in learning more about Kingston read my blog A little bit about Kingston. We've put together a little virtual tour about Kingston using some photos we took...we hope you enjoy it.
Jay and Monika McGillicuddy
Prudential Verani Realty
Hampstead NH
603-548-7728
Feb. 1, 2007
By Monika McGillicuddy
 New Hampshire...Apple picking...Home Picking time!
Waiting for a good deal to come along before you make a decision to buy a house?
Good news is that your wait may finally be over. It seems unlikely that interest rates are going to go down in the near future in fact they may increase by spring. Housing economists are saying we've bottomed but the most importantly it looks like other buyers are starting the home search ...our Internet stats show an increase in buyers searching on our web site.
Traditionally Spring is when the market comes alive...but to capture and take advantage of the lower prices maybe now is when you should start buzzing around.
Check out our web site for available homes by following this link and if you want to read a great article about home buying and why now might be your window of opportunity check out this article written by Blanche Evans of Realty times magazine .
Jay wrote about Prudential Verani's Internet stats and comparison to last months stats on his blog called Our Company's Internet Advertising stats....some good food for thought
Remember....If you need the help of qualified buyers agents give us a call....we'd love the business! We offer a no obligation Buyer Counseling session...meet with us and let us show you how we may be able to help you save money and find the home of your dreams. No obligation ...you don't like us ...no problem.
Jay and Monika McGillicuddy
Prudential Verani Realty
Hampstead NH
603-548-7728
Jan. 28, 2007
Categorized in: NH Market Trends
By Monika McGillicuddy
The New Hampshire Association of REALTORS just released our market summary. This document is pretty fascinating especially if you're a home seller in New Hampshire.
Peter Francese does a great job analyzing all the data provided by NNEREN which is our MLS system.
Interesting stats for Rockingham County being down 24% in total units (excluding condos) sold compared to 2005 yet the average sales price for Rockingham County was only down 1% compared to 2005.
Rockingham County had the biggest hit in declining sales followed by Hillsborough County which had a 22% difference from 2005 figures. The December 2006 home sales figures available from NNEREN show that Statewide, about 2,900 fewer homes (an 18 percent drop) were sold in 2006 compared to 2005. But the average sale price remained close to 2005 figures at $306,000, compared to $311,000 the previous year a 2% drop.
Looking for more NH market information check out my other blog for great consumer tips.
The report is reprinted below in it's entirety with permission from NHAR.
Jay and Monika McGillicuddy
Prudential Verani Realty
Hampstead NH
603-548-7728
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JANUARY 2007
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Reno to New Hampshire:
Let's market our state to more than just tourists
-by Peter Francese
The Chancellor of the University System of New Hampshire, Dr. Stephen Reno, has put forth this great idea: a big marketing campaign aimed at convincing just 10 percent more of our state’s college graduates to stay here after they graduate.
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| ... Over the next few years, we hope that more young people, who now number 125,000, may want to stay here. |
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He estimates, rather conservatively, the benefit over the next five years would be about 3,100 more workers and, with their $45,000 average annual earnings, an economic lift of over $600 million. But, he adds: “The success of a retention program in New Hampshire will depend absolutely on our ability to inventory, post and market exciting and rewarding jobs, and make students aware of these opportunities. … It will take more than a village to get this done.”
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He’s right about the village part. This is a terrific idea, but what will happen when these recent college graduates go looking for a place to live and find nothing they can afford? There are a lot of reasonably priced condominiums they could buy or rent, but the bulk of them are age restricted to residents 55 or older.
New Hampshire Realtors can do their part by taking every opportunity to remind every planning board or town board members with whom they come in contact that providing workforce housing for the next generation is essential for the future of our state’s economy. And also remind them that allowing workforce housing will not increase their property taxes, because our school age population is shrinking.
Over the past five years, the Census Bureau estimates that the number of 18- to 24-year-old young adults in our state has increased by 20,000 people, a 19 percent jump compared to a 6 percent increase in all residents. Over the next few years, we hope that more of those young people, who now number 125,000, may want to stay here.
But if towns in our state don’t provide enough affordable starter homes or rental units for them, you can be sure there will be plenty of both types of housing in the magnet states of the South Atlantic region that have been, and are, attracting so many of our young graduates.
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The December 2006 home sales figures are now available from NNEREN, and here’s what they show: Statewide, about 2,900 fewer homes (an 18 percent drop) were sold in 2006 than in 2005. But the average sale price remained pretty close to 2005 — at $306,000, compared to $311,000 the previous year.
The sales data also shows that statewide about 1,000 fewer condominiums were sold in 2006, also an 18 percent drop, with average price of $207,000 versus $204,000 in 2005.
The relative stability of prices here compared to elsewhere suggests that at least in this state, potential buyers in the spring of this year may not be as concerned about a future decline in the value of their home as they might have been in mid-2006.
The most recent (2005) Census Bureau population estimates suggest that demand for housing in New Hampshire from retirees and second home owners is likely to remain strong for quite some time. The Bureau estimated a 15,000-person increase in New Hampshire residents ages 65 or older. That’s a 10 percent rise from 2000 to 2005, compared to no increase at all in the other five New England states. That suggests quite a few retirees are moving here from other states in this region.
The age group with the highest incidence of second home ownership are people ages 55 to 64. The Bureau estimated a 25 percent jump in that age group, both nationwide and in New England. Nationwide, that meant a 6 million person increase. But in the other five New England states, which had virtually no population increase since 2000, that 25 percent jump meant an increase of over 280,000 persons ages 55 to 64.
Most of this age group are Baby Boomers (who are now ages 43 to 61). Here’s what Dr. Karl Case, a noted real estate economist, said about them in a recent report for the Boston Federal Reserve Bank’s New England Public Policy Center: “Boomers look at housing as previous generations looked at cars and TVs: rather than owning just one house, in many cases they own two, and sometimes three or four.”
As the housing market recovers its footing, it would seem that one of the bigger drivers of demand here in New Hampshire will be second or even third homes. But Dr. Case also points out that a large fraction of future primary home housing demand in New England and elsewhere is likely to come from immigrants.
So the next time you hear someone bashing immigrants and suggesting that we must cut off all immigration, remind them that it may very well be a first or second generation immigrant who will purchase their house when they need to sell it.
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Trends in New Hampshire residential home sales (excluding condos):
2005 to 2006 percent change
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| County |
Units sold
2006 |
Change from
2005 |
Average price
2006 |
Change from
2005 |
| Belknap |
838 |
-15% |
$329,000 |
1% |
| Carroll |
915 |
-13% |
$342,000 |
7% |
| Cheshire |
882 |
-6% |
$237,000 |
2% |
| Coos |
410 |
-5% |
$135,000 |
7% |
| Grafton |
932 |
-11% |
$267,000 |
-1% |
| Hillsborough |
3,497 |
-22% |
$320,000 |
-1% |
| Merrimack |
1,439 |
-18% |
$284,000 |
-1% |
| Rockingham |
2,622 |
-24% |
$377,000 |
-1% |
| Strafford |
1,256 |
-19% |
$268,000 |
-3% |
| Sullivan |
545 |
-9% |
$234,000 |
-4% |
| Statewide |
13,338 |
-18% |
$306,000 |
-2% |
|
Statistics are based on information from the Northern New England Real Estate Network (NNEREN) for the respective periods shown for the respective regions in the State of New Hampshire or all towns in the State of New Hampshire. All analysis and commentary related to the statistics is that of the New Hampshire Association of REALTORS® and not that of NNEREN
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Dec. 29, 2006
Trying to figure out where buyers come from?
By Monika McGillicuddy
It can be frustrating selling a home in this market and wondering just where all the buyers are...so if you're a home seller this information will be helpful to you.
That National Association of REALTORS® publishes a yearly report on Home Buyers and Sellers, they also break this report down to reflect the individual states.
This typically reveals some very interesting facts about today's New Hampshire home buyers, and since Jay and I sell real estate right here in Hampstead NH this type of information is fascinating to us and we thought to you as well. Southern NH is typically a hot market due to it's proximity to Boston but like the rest of New Hampshire this market has cooled.
Some of the details from this report:
 For example did you know that the average buyer purchases a home 15 miles from their previous residence... I didn't know that! That means that people really don't move very far and that the potential new owner of your house could be living in the same town as you do. All the more important is that yard sign of yours. Make sure especially as snow approaches that your sign is clearly visible from all angles. Please...please keep shrubbery trimmed around the sign...nothing is as frustrating for the REALTOR® professionals and potential home buyers as a hidden for sale sign! You want your house to Pop...don't hide the sign! While I'm on my rant about signs make sure yours is in good condition and clean...nothing irks me more than a dirty faded yard sign or one that is falling down. If your home is on the market currently take a good look at your yard sign...does it need some sprucing up? Call your REALTOR® Professional and have them come take care of it.
Did you know that 89% of New Hampshire's home buyers purchased their home through a REALTOR® Professional? 89% now that's a huge percentage if you ask me...of course I'm probably a little prejudiced since I am a REALTOR® Professional..but I still think that's a huge percentage! Hey don't get me wrong, I'm not saying don't try to sell on your own if that's what you want to do but consider the facts...89% that means that 11% came from some other source...maybe from your For Sale By Owner sign or maybe not?? Oh by the way out of that 11% something like 4% are people you already know.
 So now think about this...28% of the home buyers learned about the home they purchased through a REALTOR® Professional and 47% learned about it through the Internet...that means that you need to be sure your REALTOR® Professional has a strong company website...47% of your buyers found their home on the net and then contacted an agent! Wow!
Folks you need to check out your real estate companies website...don't let anyone fool you about this one. Yes the personal touch is still needed..Thank goodness for us...remember 89% bought their home through a REALTOR® Professional BUT 47% found their home on the Net! You betcha...a solid web presence is crucial to your success!!!
Lets look at the rest of the story.
We know that:
28% of the buyers found the home they bought from a REALTOR® Professional.
47% found the home they bought from the Internet.
12% found the home they bought from a yard sign.
AND get this 2% from print newspaper advertisement.
6% from a friend, relative or neighbor.
3% directly from the sellers.
1% from the home builder or their agent.
1% from a home book or magazine.
So where do you think your buyers are? I bet their surfing the web, watching and waiting but I do think that while this market has been very slow here in New Hampshire...2007 will be a good year in real estate.
Prices will be much more affordable and that means that maybe your children will be able to afford to buy a home in the town/area they grew up in and that I think is a very good thing!
Need more information about New Hampshire's real estate market e-mail me or search homes available.
Monika and Jay McGillicuddy
603-548-7728
copyright Monika McGillicuddy 2006
Dec. 28, 2006
Categorized in: NH Market Trends
Is Perception.... Reality in New Hampshire's Housing Market?
By Monika McGillicuddy
A special addition of the New Hampshire Association (NHAR) of REALTORS® Market trends written by Peter Francese was just released. It is pretty interesting and I've reprinted it below in it's entirety with the blessings of NHAR. The comparison used is buying a flat panel HDTV and buying a house..While still expensive people still buy the TV..don't they? Even though those High-def TVs have come down in price since last year...they are still pricey and everyone knows that prices could likely be lower still next year,
yet people buy. Peter goes on to say it is a "phenomenon worth noting" because it is a comparison that relates to the New Hampshire housing market.
Buyer's who are not in a hurry will wait it out because they believe prices will likely come down and be more affordable in the future...it is a far cry from the attitude of just last year when buyers bought quickly in fear of prices rising. Last year multiple offers were the norm and buyers frantically tried to out bid each other to buy their dream home. Peter goes on the explain the importance of the ratio between wage increases and home prices. This is something to consider as we try and figure out where New Hampshire home prices are going. Questions about the market or homes contact me here or e-mail me. To read the latest state wide market report full of stats, visit my blog here .
December 2006
Consumers' perceptions are key to home buyer actions
by Peter Francese
|
Have you thought about buying a flat-panel HDTV recently? If so, perhaps you experienced what we call “buyer hesitation” because you weren’t sure if the price of those cool new TVs, which have been dropping, might be even lower next year.
With regard to those television sets, millions of Americans have decided that now is the time to buy. This is in part because they have become more affordable, but also because consumers now believe that the price is not likely to go much lower.
That same phenomenon is worth noting as it relates to the housing market here in New Hampshire. Many buyers, particularly those who are not in a hurry, are hesitating because they believe that prices are likely to be lower in the near future. This represents a significant shift in the psychology of home buyers from a year or two ago, when most of them thought home prices would keep rising.
The key question is this: When will this hesitation-leaning consumer sentiment regarding housing start to turn into a now-is-the-time-to-buy attitude?
One similarity between a home and a flat-panel HDTV is the issue of affordability.
The price of those televisions may not have reached their absolute lowest point, but they are significantly more affordable than they were a year ago.
One way to measure housing affordability is to calculate the ratio between average wages and home prices. This is easy, because the New Hampshire Housing Finance Authority publishes median home purchase prices at least annually, and the New Hampshire Economic and Labor Market Information Bureau publishes annual average wages for private employers. Both have data going back to 1990.
The ratio between those two numbers was remarkably flat through most of the 1990s. In 1990, the median home price was 5.3 times the average annual private employment wage. By 1992, that ratio had come down to 4.1, and with only slight variations it remained there until 2000, when the home price-to-wage ratio was still 4.1.
From 1992 to 2000, median home prices, which increased 41.5 percent, virtually tracked wages, which rose 43.8 percent.
But Chart I below shows what has happened since 2000. In the first half of this decade, home prices jumped from 4.1 to 6.1 times average wages. The reason: Median home prices rose 74.8 percent between 2000 and 2005, while average wages increased just 16.4 percent. For a comparison, the US consumer price index rose 13.4 percent in the same five-year period.
Two important notes: Interest rates were at historic lows during the first half of this decade, and vacation home buyers in New Hampshire were far more abundant than they had been during the 1990s.
Unless there are significant interest rate cuts in the near future, during the last half of this decade it would be logical to expect home prices to track much closer to wage increases. But there are other forces at work.
We don’t know, for example, what will happen with regard to second home buyers. There is some indication that rising equity prices in the stock market may fuel some additional buying of second or even third homes in our state as well as in Maine and Vermont. Increasing wealth abroad may also bring more foreign buyers.
One additional factor is that older home buyers with substantial equity are a larger fraction of home owners in New England than at any time in the past. That makes it more likely that home prices will track at a somewhat higher ratio to wages than they did in the decade just past.
Perhaps more potential home buyers would think it was time to buy if the median home price-to-wages ratio here were to gradually return to 5.7 or what it was in 2003. If next year’s average wages were to rise at the same rate as they did last year (3.7 percent), that would mean in 2007 the average wage would be $44,000 and the median home price would be $250,800, or just about where it was in 2005.
The bottom line is that if average wages continue to rise and second home buyers remain in the picture, then the consumers’ perception is likely to be that home prices are stabilizing and it is time to buy. But we should keep an eye on work force growth as well as wage increases going into 2007, because that will have a big effect on consumer sentiment regarding housing.
 Sources: NH Housing Finance Authority & NH Economic and Labor Market Information Bureau
The Real Estate Market Trends newsletter is provided for the benefit of the members of the New Hampshire Association of REALTORS®, Inc. ©Copyright 2006 New Hampshire Association of REALTORS®, Inc. All Rights Reserved.
Peter Francese is the Demographic Advisor to the New Hampshire Association of REALTORS®.
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Dec. 23, 2006
By Monika McGillicuddy
Happy Holidays To All
Make Memories this Holiday because those are gifts that last a lifetime...
Seems like just yesterday when we moved into our new home in New Hampshire...we didn't have much. My mom and dad packed us up..wasn't all that much to pack. They took us on a voyage that would bring us many miles across the sea... away from the only home they ever knew.
I can't imagine what that must have felt like. Taking your very young family, leaving your own family..mother, father, siblings and everything you knew and loved behind.
Leaving your comfort zone all in the hopes and dreams of a better life for your own children. Imagine arriving in the United States of America...not knowing the language and only knowing one person! Imagine how lonely and scary that must have been..to only know...one person!
My parents struggled and my dad worked two jobs..they scrimped and saved and eventually bought some land in southern NH. We all worked to clear that land...build a house and finally we were able to leave behind that small apartment and move into our new home...and what a home it was.
I'll never forget that first Christmas..it was so magical..so special!!
This is really for my mom and dad...they are my hero's...I don't think I can ever really tell them how much their sacrifice means to me and how much I love them. For anyone reading this.... Make Memories this year and have a Wonderful Extra Special Holiday! 
 
Dec. 21, 2006
 The weather outside is delightful...winter's coming...just in time for the Holidays and New Hampshire's Ski season.
New Hampshire offers a wide variety of outdoor activities and pursuits..from coastal beaches to the White Mountains...there is a little bit of everything and something for everyone!
Traveling to New England don't forget to pack your skis...don't have any skis? not to worry there are plenty of rental shops and ski shops that will gladly fit you with the perfect pair. Explore Ski NH... it is a jam packed website full of ski and snow boarding information.
While my children were growing we spent many weekends skiing in New Hampshire and Maine. Ski clubs, ski lessons, ski meets and races...It was a great family activity, one that involved the whole family and our extended group of friends. Nothing better than being on white powder on top of a mountain on a bright sunny day...ahhh perfection! So whether your an expert skier or just beginning you'll be delighted by our ski areas.
Personally I can tell you..I am!
Let's take a peak at some of our fine New Hampshire Ski areas...but be sure to check out for SkiNH for complete listings and maps of all ski areas in New Hampshire.
Attitash in Bartlet NH states "We are making loads of snow!" check out the website for pricing and trail information.
Black Mountain in Jackson NH has a long ski history extending all the way back to 1935 when NH first began to make people sit up and take notice of it's beautiful ski areas.
Bretton Woods Mount Washington Ski Resort...This is where my kids learned to Ski and I spent many weekends on the trails.
Cannon Mountain Franconia Notch State Park...the views here are phenomenal!!!
Cranmore Mountain in North Conway, When you tire of skiing this is the home of New Hampshire premiere shopping outlets...bling-bling-bling!
Crotched Mountain located in Bennington NH, they claim that snow making is currently active on about 90% of the mountain and they're not kidding around.
Gunstock Located in Gilford NH, will be open for skiing and riding on December 19th.
Loon Mountain in Lincoln NH, has had a Santa spotting-Santa is a skier and he likes to relax before the holiday by skiing at Loon Mountain. So you better be good and look for Santa on the slopes!!!
 Mount Sunapee in Newbury NH, is open with terrain for all abilities including top-to-bottom skiing and riding from the Summit and South Peak.
Pats Peak in Henniker NH, claim they've fired up the snow guns and plan on keeping them going to bring you even more open terrain as soon as possible!
Waterville Valley in Waterville Valley NH...This place is a legend in my household as my boys ski raced here most winters.
Wildcat Mountain in Pinkham Notch NH, ride NH's highest 4 passenger Gondola for awesome scenery.
Looking for some wonderful places to rest while skiing check out the offerings at Ski NH's Lodging Guide
For your learning pleasure...Some Snow Surface Terminology
I'm sure there are more but these are the most common;
Packed Powder - very dry natural or man-made compacted snow...fun to ski on.
Packed Snow - packed surface of natural or man-made snow...nice-nice stuff.
Groomed Snow - machine groomed...not bad at all :)
Groomed Granular - old snow base that has been machine-groomed to provide loose granular surface...nice.
Loose Granular - old base that is loose...not bad at all.
Frozen Granular - hard-surfaced granular base that has been frozen after thaw..."Opps" type of skiing for me.
Wet Granular - loose or frozen granular snow that has been subjected to warm temperatures...mushy stuff.
Spring Skiing - my favorite...old base that has been thawed and re-frozen by cold nights and warm days so that the surface becomes heavy...I like this stuff because it keeps me slow. I'm not a speed freak!
 If you want more inside information about New Hampshire real estate visit our website here or if you'd like to search NH homes for sale on or near ski areas of your choice or anywhere at all in the state of New Hampshire.
Remember even if you don't have snow...New Hampshire's ski areas have the finest snow making equipment available and that means you can enjoy skiing even if you see green out your window!
Need more info e-mail me at monika@monikamcgillicuddy.com
Have a Happy and a Safe Holiday Season!!!
Dec. 14, 2006
Categorized in: NH Market Trends
By Monika McGillicuddy
The New Hampshire real estate market is definitely what I would call a buyers market. No doubt about it! So while it's pretty cold up here IT IS a GREAT time to be a BUYER in New Hampshire. Not only is there a good selection of homes available but prices have dropped and in some case more than 10% compared to a year ago. All this makes buying your first home or investing in real estate a great opportunity.
If you're a buyer and you've been saving for that dream home...not sure if you're there yet and confused about Private Mortgage Insurance or if you are a REALTOR and have a hard time really explaining Private Mortgage Insurance to your buyers or better yet why they have to have it.
Read on because I know I have struggled with it...so I asked one of my favorite Mortgage Consultants to blog about PMI and the little gift Congress recently gave many folks this season. It might make a difference to someone on the fence about buying...sometimes there is no better time than the present..to give yourself the gift of home ownership...of course if you need a good REALTOR call me.
So here is Dave Antczak's take on it....
PMI……private mortgage insurance. It’s designed to protect the lender against losses should the borrower default on the loan, especially in the first few years.
Until recently, mortgage consultants and borrowers would jump through hoops in an effort to avoid it when the borrower didn’t have 20% to put down on a house.
The typical ways to minimize the cost of PMI were to either use tax advantage mortgage insurance, (also known as TAMI), where the lender would build the cost of the insurance into the rate or roll it into the loan as a lump sum; or they would use a “piggy-back” loan, in which the borrower would have an 80% first mortgage, (thus avoiding the PMI requirement), and then a second mortgage to cover the difference between the down payment and the remaining 20%. Though the second loan has a higher rate, a “piggy-back” is often less expensive than PMI.
These options don’t always work for every borrower, however. Kevin Schneider, president of the PMI firm, Genworth Mortgage Insurance, estimates that in the coming year, 1 million buyers will sign up for mortgages with PMI.
But due to an early Christmas present from Congress, many more folks will now be able to save a little on PMI.
Early on Sunday morning, lawmakers made it possible for many homeowners to receive a tax deduction for their PMI. Homeowners with less than $100,000 in taxable income are eligible, and will average a tax savings of around $300, according to experts.
“It enables folks of low to moderate income, the traditional first-time home-buyers, to get into a low down-payment mortgage,” said Schneider.
But here’s the best part. By taking advantage of the seldom utilized TAMI tactic referenced earlier, in which the PMI cost is rolled into the mortgage, borrowers can save even more. It’s always been the best way to go according to many, including TV financial advisor Suze Orman, because it increases the interest deduction and adds less to the monthly payment. And now with the new tax rule, the entire up-front premium becomes tax deductible the first year.
On a $200,000 mortgage, that translates into a Christmas gift from Congress of over $1,000……not bad. Happy Holidays!
David Antczak
Home Loan Consultant
603-327-0245 - office
617-510-1112 - mobile
david_antczak@cmvhomeloans.com
Dec. 8, 2006
Categorized in: NH Market Trends
 The New Hampshire Association of REALTORS just released their market trend study. I've reprinted it below in it's entirety as it has some very interesting data. Peter Francese does an awesome job with our Market Trends and in this issue he talks about some of the things that don't show up in market studies and trends but that do dramatically affect us all.
While the story that our Market trends tells is definitely chilling... both for real estate professionals and home sellers but for buyers it's some mighty fine news.
One interesting thing is that while our average sales price was virtually the same as it was a year ago the actual solds are significantly lower. The predictions however for our year end residential sales volume will be at least a billion dollars below last year....now that hurts!!!!
To quote Peter "That’s damn cold". 
 
 November/December 2006
It's been a cold year for real estate
by Peter Francese
November may have seemed warmer than usual here in New Hampshire, but there’s a deep chill in real estate. Three of my neighbors perfectly illustrate how the sales statistics, unpleasant as they are, do not completely reflect just how hard this market shift has been on Realtors.
Each of these three neighbors has put his or her house up for sale in the past year. There have been several open houses and dozens of showings, at no small cost to the Realtors involved. But none have sold, and now all three properties have been taken off the market. In at least one case, the reason was an unrealistic price expectation.
None of these “No Sale” examples will show up in the statewide data, nor are the hundreds of unpaid hours the Realtors spent recorded anywhere. Such are the limitations of real estate information systems we have.
What the data from the Northern New England Real Estate Network (NNEREN) and the New Hampshire Housing Finance Authority (NHHFA) does show is that when homes have sold, the average price was virtually the same as it was a year ago. But the number of homes sold is down significantly.
During the first 10 months of 2006, according to NNEREN, the average residential sale price, not including condominiums, was $309,000, which was only $1,000 less than during the same period last year. But the number of units sold dropped 19 percent, from just over 14,000 to under 11,400, and sales volume fell by over $800 million.
Condominium sales did not fare much better. The average sale price during the first 10 months of 2006 was $207,000, down just 3 percent from the $201,000 during the same period last year. But the number of units sold fell 18 percent, from 5,000 to about 4,200, and sales volume dropped by about $160 million.
When 2006 is finally over, residential sales volume in New Hampshire will be at least a billion dollars below last year. That’s damn cold.
The question is: What about next year? Next year’s sales may be better, but it will depend to some extent on an increase of jobs in our region (which have had virtually no growth in the past six months) and a continuing desire of Baby Boomers to own two or more homes.
We may be in a situation where the lack of affordable workforce housing is having a significant impact on the ability of employers to find workers. This suggests that perhaps the prevalence of growth moratoriums in New Hampshire towns is having a negative effect on our workforce growth.
As the table below shows, residential home sales, excluding condominiums, declined in every county for the first 10 months of this year versus last year. The average sale price rose in half the counties, but was flat or declining elsewhere.
|
Trend in residential home sales (excluding condominiums)
January to October 2005 vs. January to October 2006
|
| |
|
|
|
|
|
County
|
Units sold Jan.-Oct '06 |
Percent change 2005-06 |
Average sale price Jan.-Oct. '06 |
Percent change 2005-06 |
|
Belknap
|
725 |
-14 |
$335,000 |
+5 |
|
Carroll
|
783 |
-11 |
$347,000 |
+8 |
|
Cheshire
|
752 |
-5 |
$237,000 |
+3 |
|
Coos
|
338 |
-9 |
$129,000 |
+2 |
|
Grafton
|
801 |
-10 |
$267,000 |
-1 |
|
Hillsborough
|
2,975 |
-23 |
$322,000 |
0 |
|
Merrimack
|
1,222 |
-18 |
$284,000 |
0 |
|
Rockingham
|
2,238 |
-26 |
$382,000 |
-1 |
|
Strafford
|
1,066 |
-20 |
$270,000 |
-3 |
|
Sullivan
|
461 |
-9 |
$231,000 |
-6 |
|
Statewide
|
11,363 |
-19 |
$309,000 |
-1 |
| |
|
|
|
|
|
Source: Northern New England Real Estate Network
NOTE: Statistics are based on information from the Northern New England Real Estate Network (NNEREN) for the respective periods shown for the respective regions in the State of New Hampshire. All analysis and commentary related to the statistics is that of the New Hampshire Association of REALTORS® and not that of NNEREN.
The Real Estate Market Trends newsletter is provided for the benefit of the members of the New Hampshire Association of REALTORS®, Inc. ©Copyright 2006 New Hampshire Association of REALTORS®, Inc. All Rights Reserved.
Peter Francese is the Demographic Advisor to the New Hampshire Association of
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Nov. 30, 2006
By Monika McGillicuddy
Are you rolling the dice...taking a chance with Title Insurance?
Twenty Two years in the business and I still have a hard time making buyers understand the importance of Title Insurance…most think it’s a big waste of money. I know that someone makes money from selling title insurance…but so what. How does that compare to having piece of mind??? I’ve heard horror stories from far away…but local New Hampshire stuff? Not very often.
So if you’re wondering “Do I really need Title Insurance?” or wondering how to make your buyer understand the importance of Title Insurance…take some time and read the following written by Karen F. Kelley, President of Broker’s Title & Closing, LLC Bedford N.H. Reprinted in part below with her blessing.
***************************
Let me arm you with some examples of how title insurance saved the day. These are not horror stories from California or Texas. These title claims occurred right here at Broker’s Title within the last 6 months.
A Milford N.H. property closed with Broker’s Title paying off the 2 seller mortgages. The payoff statement for the second mortgage to Champion came from the “work-out department”. Closing went smoothly; deed and mortgage were recorded; everyone was paid; buyers moved in. Ten days later, the payoff check to Champion was returned with a form letter indicating that Champion was not accepting the check “due to foreclosure”. WHAT??!! Many calls later to Champion, their attorneys, our attorneys, the title insurance attorneys revealed that there was indeed a foreclosure on the property a couple of weeks prior to the closing with a successful bidder who was soon to receive a deed to the property. Because the deed was not yet recorded, there was no way for Broker’s Title to know about the foreclosure. The title insurance attorneys immediately took control and persuaded Champion to unravel the foreclosure and accept the payoff. The buyers, who had in fact purchased an owner’s title insurance policy, never knew that their title was in such jeopardy.
The title to a Kingston N.H. property we recently closed was littered with private mortgages, tax liens, IRS liens and a ten-year messy divorce with 8 Court files to be reviewed. I worked for weeks to clear title and we finally closed after I was satisfied that all liens were paid and that the seller did in fact have “good title”. Six weeks later I received a call from an attorney representing an attaching party, asking why we had not paid off the $45,000 attachment at closing! A careful re-review of the title file showed no mention of this attachment by our very experienced and thorough title examiner. It was later determined that she made a decision that the attachment had no bearing and chose not to mention it. Title insurance attorneys are now negotiating the release of this attachment with no cost to the buyers.
Not all claims are for such large sums, but they do represent monies from the buyers’ pockets if they do not have an owner’s policy. George called me 6 months after he closed on his condex to tell me that a surveyor had knocked on his door to notify him that his above-ground pool and shed were too close to the lot line and would have to be moved. This is not something Broker’s would have uncovered so I sent him away several times because I really didn’t know what I could do for him. When he called yet again, in frustration I gave him the telephone number for the title insurer, even though I did not feel his policy would cover such an event. I was wrong. Title insurance paid him over $3,000 to cover the cost of moving the shed and the pool, and George was a happy man!
So the next time you are asked your opinion of title insurance, remember these case studies.
Broker’s Title & Closing, LLC
e-mail: kkelley@brokerstitlenh.com
www.brokerstitlenh.com
Nov. 30, 2006
Categorized in: Hampstead NH
2006 Christmas Parade
This years Annual Santa Parade will be held on December 10th. The theme will be "Christmas in the Country" and as usual the parade starts at 2pm on Main Street at Holiday Lane. The Parade will proceed down Main Street to Emerson Avenue. The line up begins at 1:00pm at the Holiday Lane location.
Anyone wanting to enter a float or marching group can visit the Hampstead Fire department's web site for details and an application.
The Fire Department also has some gorgeous Christmas trees for sale...visit the department to get yours before they're all gone.
Don't forget... Every year the fire Department invites everyone back to the department after the parade for award presentations, hot chocolate, munchies and a very special visit from Santa himself. This is a great opportunity for catching up with old friends and making new ones. As I mentioned in a previous addition of Hampstead Tid-Bits this is a "not to miss event".
Mark the date...for the Hampstead Mothers club annual Breakfast with Santa will be held on Dec 2, 8 AM - 11 AM at the Hampstead Central School.
Prudential Verani Realty's 5th Annual Coat Drive is still going strong ....Our goal this year was to collect 6,000 coats, hats, mittens and scarves to donate to those in need. To date we've...collected 3,588 coats!
We can still do it with your help ...just drop off your coats by Sat. Dec. 2, 10:00 to 2:00 at our Hampstead office location at 2 Mian Street Hampstead.
All of your very generous donations will be given to local shelters, charitable organizations and to those less fortunate. Call or e-mail me to donate a coat and make a difference to someone this winter.
Do you have any town info you'd like to see posted contact me here or drop me an e-mail. Till next time have a Safe and Happy Holiday.
Monika@monikamcgillicuddy.com
Nov. 22, 2006
Aruba sunset at the Flying Fishbone restaurant photo by Jay McGillicuddy
Did you know that over 70 million US citizens have a valid passport which is just about a quarter of the eligible population? Don’t be one of those stuck with out a passport when the new regulations take place! Imagine the crunch as everyone rushes to get one… besides getting a passport takes time this day and age especially with all the Home Land Security issues.
If you don’t already have your passport you still have some time before the new requirements take effect.
Jan 23, 2007 is the date that we’ll all need to show a valid passport to enter the United States when traveling by air.
That includes arriving from destinations like Canada, Mexico and my favorite Happy Island located in the Caribbean!
It looks like we have a little more time before we’ll need to show a passport when entering the United States by land or sea. Estimate time frame for that is sometime in January 2008.
Want a head start and an application?
Questions about the new requirements?
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