2 Currier - The SimulaFunIst

On September 12, 2016 at 8:00:44 PM, Stephen (<a href="mailto:[email protected]" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">[email protected]</a>) wrote: Lon: Just received some of the documents that I requested – see attached. Good questions! It is standard practice to make any purchase and sales offer contingent on buyer satisfaction with the results of a standard Home Inspection as well as evaluation of septic, environmental issues, or any other issues that a buyer deems necessary. Even though it may seem that it would be better to do the verifications prior to making an offer it actually would put the buyer in a position where they could do all the work and incur all the expenses only to find out that someone has made an offer that has been accepted by the seller. Additionally, if you have an accepted offer and you discover a hidden issue from these verifications, and you have a signed P&S, it gives you the opportunity to renegotiate with the seller or terminate the deal in its entirety. Similarly, during the verification process as part of the P&S contingencies we could involve the necessary contractors to develop estimated costs for removal and/or remediation of the asbestos or any other construction that you wish to get cost estimates (kitchen modifications, etc.). The appraised value established by a bank for purposes of underwriting a loan is completely independent from assessed value determined by the City of Concord for tax purposes. Therefore, in this instance it is equally as likely that the bank appraisal might determine that the value is higher as well as lower. However, if the bank’s appraiser determines that the property value is less than the accepted offer price this is not necessarily bad, because it then gives the buyer leverage to renegotiate the P&S – all other prospective buyers using conventional mortgage financing would face the same predicament . There is no way to get a conventional mortgage when the appraised value is less than the offer price – it requires the buyer to either use more cash or secure a personal loan. I have used the term conventional mortgage financing to distinguish it from rehab or renovation mortgage financing which may provide some means to possibly bridge any appraisal gap. Please do not hesitate to ask any additional questions – what you are considering is not your typical P&S; and if you think it would help we could sit down and discuss it in depth. Stephen Stephen L. Marder, Associate Broker, Realtor® *Licensed in New Hampshire and Massachusetts* **Better Homes and Gardens Real Estate – The Masiello Group (**<a href="https://issuu.com/masiello.com/docs/let_me_introduce_my_2014_pre-listin?e=13189693/10005349" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">About Us</a>**)** 4 Park Street, Concord, NH 03301 Cell: <a href="tel:603-545-5596" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">603-545-5596</a> Direct: <a href="tel:603-545-0640" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">603-545-0640</a> Office: <a href="tel:603-228-0151" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">603-228-0151</a> **From:** Lon Setnik [<a href="mailto:[email protected]" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">mailto:[email protected]</a>]  **Sent:** Monday, September 12, 2016 6:29 PM **To:** Stephen <<a href="mailto:[email protected]" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">[email protected]</a>> **Subject:** Re: Touching Base Currier Thank you for your help. We have certainly been thinking about the possibilities as one is apt to do in this setting. We are contemplating the possibility of the property, at the right price. How would we go about having an independent verification of stuff like the septic system or the roof or the presence/absence of any environmental issues like a buried oil drum? How would we go about assessing an approximate range of cost for something like the asbestos removal? Would that type of activity come during an inspection? or could we do it prior to making an offer? One other question: The appraised value being so low, can we only get a loan for 80% of the appraised value? Or is there a way to get a loan above that value? Thanks again, Lon On Mon, Sep 12, 2016 at 1:49 PM Stephen <<a href="mailto:[email protected]" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">[email protected]</a>> wrote: Lon: I enjoyed touring Currier with you and your family - It is definitely a unique property that has been improperly over-priced by the listing agent to reflect potential development value. I did not receive the electronic version of the printed packet you received at the showing until late last night and upon my review they did not contain any surprises. I am still waiting on the additional information that I requested on your behalf (septic, etc.), but I would not recommend relying on any presented documents without verification. If you have any questions please let me know. Stephen Stephen L. Marder, Associate Broker, Realtor® (<a href="https://issuu.com/masiello.com/docs/let_me_introduce_my_2014_pre-listin?e=13189693/10005349" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">My Services</a>) Licensed in New Hampshire and Massachusetts Better Homes and Gardens Real Estate – The Masiello Group 4 Park Street, Concord, NH 03301 Cell: <a href="tel:603-545-5596" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">603-545-5596</a> Direct: <a href="tel:603-545-0640" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">603-545-0640</a> Office: <a href="tel:603-228-0151" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">603-228-0151</a> Please familiarize yourself with the <a href="http://www.nh.gov/nhrec/Brokerage%20Relationship%20Disclosure%20Form%207-19-11.pdf" rel="noopener" class="external-link" target="_blank" style="color:#dca0dff;">NH Disclosure form</a>. NH Law requires that this form be given to all Real Estate consumers prior to discussion of any confidential information - you will be asked to sign this form at our first meeting. ![[Porch Permit.pdf]] ![[septic approval for construction 1.pdf]]