The state of New Hampshire allows lending institutions to foreclose on real estate that secures a mortgage in default. The lender starts the process by giving notice of the public foreclosure auction. Interested buyers can use the public notices to find out about sales of New Hampshire foreclosures. They can then show up and participate in these public sales. Those who place the highest bid at an auction then buy a foreclosed home in New Hampshire buy paying the full amount of the winning bid.
Use New Hampshire county newspapers to find foreclosure listings. Each listing of an upcoming New Hampshire foreclosure will list the time, place and date of the foreclosure auction and the address of the foreclosed property. These public notices appear in a newspaper in the county where the property is located. New Hampshire lenders must advertise foreclosure listings once a week for three weeks.
Of course, if you live in a New Hampshire county, you can easily find a local newspaper that lists foreclosure auctions. But some people would like to expand their search to other parts of the state. In that case, you can use the USNPL website to find many New Hampshire newspapers that post their editions online. Go to Usnpl.com/nhnews.php and find the newspaper list there. Click on individual links and search through the newspapers online to find the New Hampshire foreclosure notices for that particular county.
Come up with a list of foreclosed properties you may have an interest in purchasing. Each listing also gives the amount still due on the original loan. Expect the bank to bid that amount. Otherwise, it would be accepting a loss on the loan if it allowed another bidder to buy at a lower amount. When a bank wins an auction, it then proceeds to sell it on the open market. So if you want to buy foreclosed homes in New Hampshire, you need to bid some amount more than the amount still owing on the property.
To come up with a bid, it is best to visit the property and ask neighbors or real estate professionals familiar with the area about the properties in that area. By coming up with a fair market value on the property, you can then decide on a maximum bid on each foreclosed property.
Prepare bidding money for the New Hampshire foreclosure sale. Look at each listing to find out the terms of payment. If it says you must bring cash, then that’s exactly what you must do. If you have any questions, then ask the trustee, whose number or address is in the foreclosure advertisement.
Attend the auction and bid on New Hampshire foreclosures. If you place the highest bid, then pay up with the trustee to complete the foreclosure purchase.
Get a deed from the trustee after buying the foreclosed property. New Hampshire, like all states, has a deed filing system. You need to get a deed to show property ownership and file a deed to give notice to the public of that ownership interest in the property. Each county has a recording office you should go to to file your deed.
New Hampshire Foreclosure Laws Page at Foreclosure.com