How to Buy Real Estate in Bedford, New Hampshire
Purchasing a home can be a very stressful and complicated process especially if you are a first time buyer. Enlisting the services of experienced real estate related professionals will provide you with the information and advice to make sound decisions in buying Bedford NH real estate. Buyers often interview mortgage loan officers, Realtors, attorneys, home inspectors, accountants and financial advisers during the process of purchasing a property.
Information regarding the home buying and selling process, demographics, commuting, school and relocation information can be found by visiting
Most home buyers will obtain a mortgage to purchase their home and there are numerous first-time home buyer financing programs offered by state agencies, local banks and national lenders. A common source for mortgage funding is the FHA (Federal Housing Administration). The major benefits of their programs include low down payment options (can be gifted by a family member), flexible qualifying, assumable mortgages, and rehab financing.
In 2009, there are four major reasons to consider purchasing your first or an existing home:
- First-time home buyer tax credit of $8000 (for qualified buyers). Tax credits of up to $6500 are available to existing homeowners as of November 6, 2009.
- Historically low interest rates.
- Affordability - declining values in the past three years provide exceptional price offerings.
- Tax benefits - current tax law favors owning a home over renting.
The Home Search
Consumers in New Hampshire have the option of hiring a real estate agent to represent them in "buyer agency" and this is disclosed in a "mandatory disclosure form" required by state law. The agent has a fiduciary responsibility to represent the buyer's interests instead of the seller's. Interview two or three agents to determine their qualifications before signing an agency contract.
Your agent can assist you in searching for a property through the Bedford NH MLS (Multiple Listing Service) and homes sold by their owners (FSBO). Most property for sale, including Bedford NH foreclosed and bank owned homes, is listed in the MLS. You may want to look for a condominium which may be found through Bedford NH Condo.
Once you have found the property and successfully negotiated a purchase and sales agreement, you will probably contract for a home inspection. This will give you more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:
- Evaluate the physical condition: structure, construction, and mechanical systems;
- Identify items that need to be repaired or replaced; and
- Estimate the remaining useful life of the major systems, equipment, structure, and finishes
Title and Closing
Title companies or attorneys will research the title to make sure both the lender and the buyer is protected and has "clear title" to the property. Prior to the actual closing, most buyers schedule a final walk-through with their agent to inspect the property. Once the closing is complete buyers can now occupy their new home.
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