Home Buying Team Recommendations
 

Hi Everybody.
As many of you know by now, we're house hunting in the lakes region. We have received several wonderful recommendations for real estate agents, but I know we are going to need other service providers on our team to complete the home buying experience. I am looking for recommendations for the following:

• Home Inspector
• Septic Inspector
• Mortgage Lender
• Settlement Company (do we need these people if we have a lawyer?)
• Real Estate Attorney (do we need one if we have a settlement company?)

Thanks in advance for your recommendations.

We used Lawyers Settlement Service in Meredith http://www.nhtitleclosings.com/ to close on our condo and we were very pleased with them and their paralegal Donna was great! We paid cash so no lenders were involved but in my experience the lender usually dictates who will do the closing and you can hire your own attorney if you wish to represent you.

As for a lender, we got a great rate for our primary residence in MA with Sovereign Bank but they have awful customer service and we've had so many issues with them that I've considered refinancing just to get away! It might be worth the extra cost to go with a small local bank that will be there to support you! Looks like Laconia Savings Bank is offering 30 year rates starting at 4.75%!!!

hi, cate,

we bought an island property over the summer.

rich burns at shakes to shingles is a great home inspector. we've used him twice, been happy both times. here's a link:
http://www.shakestoshingles.com/staff.asp

we used meredith village savings bank. lori borrin was our loan officer, and she is great. here's a link:
http://www.mvsb.com/mortgages/team.php

welcome :-)

I would try to move quickly.......rates are still under 5% and they're starting to go up!..........Maybe approach a bank and lock the rate in, then you can take your time.

References
 

Hello Cate:

Over the years we have bought three homes in the area and were extremely satisfied with the following.

Real Estate Broker: Jane Angliss R/E Max Bayside (603) 630-5472

Settlement Company: Lawyers Settlement (603)279-6100
Frank Michel the owner is an attorney.
Waterloom Home Inspections: (603) 934-5946

Mortgage Company: Jane Charland Laconia Savings (603) 527-3385

Good Luck

While you don't need an attorney to close on your property (the title company that you pick, handles that side), I would strongly recommend that you have an attorney representing you. I've bought and sold a lot of real estate in the lakes region over the past 10+ years, and have always had my own representation. Its not a lot of money and has paid dividends on a couple of transactions.

I've used Lee Mattson (in Meredith) exclusively, and have nothing but the best to say about him. 603-279-9940

A good surveyor is also a plus - IMO you should have your own done. Bryan Bailey - Turning Point - is a great resource,

http://www.bailey-associates.com/

Hi Sam.
I can't lock in a rate until I have an offer to purchase agreement. I am getting "pre-approved" for a loan however.

I also highly recommend Lee Mattson - Meredith.

Attorney Lee W Mattson
8 Route 25
Meredith NH
(603) 279-9940


For surveying I highly recommend Jim Hambrook - Sandwich.

Hambrook Land Surveying
2 Skinner Street
Center Sandwich, NH 03227
(603) 284-6320

We had a thread a while back reguarding home inspections. I used Tiger Home Inspections which is a large if not the largest home inspection companies in NE. That being said they did a poor job at best missing high cost items,A heating unit not working,plumbing failure which caused floor and joist rot that was visible. I would have along with a home inspector a local handy man or contractor inspect and compare the reports. I know it costs more money in this tight economy but unless you can fix it yourself your recourse is limited. JMHO

Having bought 4 homes, I have not found home inspectors useful. Also, never use one from your broker as there is conflict of interest. If they find too many problems the deal is off and the RE agent doesn't get paid;)

Home inspectors are "generalists". Read the fine print on their paperwork as they guarantee nothing except to send you a bill.

Not sure how much experience you have with buying houses or property but I recommend buying title insurance and get a full property line survey, not just a boundary survey.

Ask the seller for septic pumping records.

Home buying team
 

Lawn psycho is ABSOLUTELY correct in what he says, THANK YOU.

That's interesting what you are saying about inspectors. We bid on a house and had an inspection done by an inspector recommended by the realtor. He found about three things wrong with the house. Before we purchased, there was another bidder who had hired an inspector and that inspector found about three PAGES of things wrong with the house. (None of them were major but still---). I don't know if he was realtor recommended or not. But my point is it amazes me that some people are so thorough and obviously, others aren't. It is true with any job, not just inspectors.

Home Inspector
 

Cate-

Carla Horne
Grand View Home Inspections
http://activerain.com/chorne

I didn't know her personally, but a friend recommended her (this was a few years ago). She came out to do an inspection on a last minute notice, did a great job, and barely charged me for the gas money it took her to get to the project.

Please take this recommendation, you won't regret it.

I would also like to welcome you to both the forum and NH. I live in Meredith and highly recommend it (over Gilford and other towns you mentioned that you are considering).

Trust me, if an inspector causes too many problems and wrinkles in the deals, the agents in that firm won't keep him/her around very long.

We had one house that we sold after only owning 15 months. House had every option you could imagine (was in one-builder subdivision where you could only chose from 1 of about 20 house styles) and yet the inspector tried to make a laundry list of about 20 ridiculus items. To say the house was immaculate is an understatement. We rejected EVERY item on the list and went to the next buyer who had told our RE agent to contact them if deal #1 fell through. Closed on the house as-is less than 30 days later and this was in Nov 2007 when the housing market party had already ended.......

People seem to use inspections as a way to back door into a better deal and then they create hard feelings. Inspections should be for big ticket items like mechanical and structural deficiencies. Unfortunately it has become vogue to use inspections as an opportunity to try and squeeze sellers to get something for nothing. Sometimes it works, sometimes it back fires.

I contacted Carla and emailed her about her prices, but I never heard back.

I want Mike Holmes from Holmes on Homes (HGTV) to be my home inspector. He finds shoddy workmanship that impacts health and safety.

And yeah, the guy we hired 10 years ago when I bought this 100 year old house missed a TON of things that we later discovered and had to fix. I just looked at his "inspection" report when going through my house papers. Grrr.

As a real estate agent I have to disagree with the second line here. I always recommend my buyer's with three different inspectors. It is up to them to decide who to use. Also if I am working as a buyer's agent I am working for the buyer and if the deal sours I am still working with the buyer and we would continue to look for a house. If I am the seller agent and I know there is something wrong I have to disclose it. If the deal sours due to something in an inspection report it will be known to the next buyer. Also it is up to the buyer to whether or not they want to share the inspection report with the seller. Not all real estate agents are bad.....

Mortgages
 

Most lenders cannot lock an interest rate until the property has been identified and a purchase agreement has been signed. The rate lock is specific to you and that property. The interest rate is locked for a given period of time (30,45,60 days etc) and the longer the rate is locked for the higher the interest rate. If you watch the yield on the 10 year treasuries it is usually a pretty good indicator of where interest rates are going. Interest rates change every day and sometimes they change several times in the same day. It is like buying a stock. The rate you get is determined by what the pricing is on the day (and time) you lock it.

Your best rates will be with a mortgage broker. Most brokers deal with 30 to 60 different lenders and they will shop rates for you when you are ready to lock your rate. Banks have to support offices, branches, boards of directors etc. and have to get higher rates to support all that overhead. If you check, you will find the bank rates are usually about 1/4% higher than using a mortgage broker.

Many people feel more comfortable dealing with their local bank but local banks typically do not hold long term fixed loans in their portfolio because of the exposure. So, whether you go to the local bank or a broker your loan could very well be sold a month after the closing to the same servicer anyway. You might as well go for the lowest rate.

The reality is every person involved is sucking money away from the seller. A lot of conflicts are involved and you don't always know who's aligned. My wife works in the mortage lending department of a medium sized bank. She'll tell you first hand that most brokers are more concerned about the commission line than any other part of the documents.

I'm not saying RE agents are bad but the model for their usefulness has not caught up with the times of an internet savvy consumer. 6% commission, even when divided down, are not justified on most homes. Maybe RE agents and the music labels should get together and learn to adjust their business models with the times.

I'll never use an agent again as all they've done is cost me money......

I have purchased more than a half dozen properties in my short life and always relied on instinct and experience up untill my current property. I chose this one based on several factors that took some of the common sense out of the equation. I have a school aged child that I adore so the district and school were higher than where I wanted to be. All home buyers have ideas of what,where and why they choose property. You should buy with your pocketbook and your heart in balance,check twice and sign once. It cuts down on the remorse of a quickly chosen deal. Again JMHO

Mortgage brokers get paid on comission too. Any time someone is doing something for you they are going to charge you money. Comission, margin, etc. whatever it is.

Most real estate agents are 100% comission based, pay for all advertising costs of a property, open houses, etc etc.
6% is a negotiable number, as with everything else in buying property, so isnt the comission for the agent. At least with the RE Agents its disclosed in plain black and white what they are making. Not the case with the guy selling you that new pickup or boat.

Oddly enough Laconia Savings Bank currently has the lowest rate mortgage I could find. (bankrate.com) They have a servicing agreement with Fannie Mae (or is it Freddie Mac?), which eliminates their risk, but allows them to service the loan. (payments made to LSB, person at LSB to talk to)

I think most mortgages get sold to other loan organizations. My current mortgage was sold three times over the past 10 years and ended up at CitiMortgage. (evil empire) I know selling loans has probably slowed quite a bit since that last financial disaster, but Wall Street always seems to find a way to make money by manipulating it.

Laconia Savings
 

I have had my mortgage with Laconia for three years and it has not been sold. Local small banks tend not to sell their mortgages and much as the large commercial banks. They do not want a bad reputation in town.

Rates can easily be distorted by points also. It can be a marketing ploy more than anything.

Yes. LSB has a "portfolio" mortgage that they keep, but the interest rate is higher. (Check out their web site for rates on "servicing" and "portfolio" mortgages.)

True. It is always important to check points when looking at rates.

I have no affiliation with Laconia Savings at all ,but I DID like how you can see your closing costs right on their web site. Very helpful.

Something that the rates don't reflect. If you go to a big bank like Cit, BoA, etc you very well get the lowest rate. However, have an issue such as an injury, lose your job, etc and they will follow the process to a "T" up to an including foreclosure.

At the local banks, if you work with them they almost always accomodate people. Luckily I've never had to go down that path but it's something else to consider when you get a mortgage.

We did our island property with Laconia Savings Bank in 2003. They were great and still service the loan.

We have found inspectors to vary widely. On one house the inspector found so much wrong the seller dropped the price by 1/3 in a panic move. We declined. The same inspector found little wrong with the house we ended up buying 17 years ago. He turned out to be correct on the good report also.

The true cost of a loan is the APR (Annual percentage rate) It takes into account all of the costs of getting that loan including points. The interest rate is how the payment is determined and is different than the APR.

Published rates are sometimes different than actual rates offered because some websites do not update every time the rates change. If you are shopping just for rate you should call each lender within a 1-2 hour time frame so that they are all looking at the same day, and time, rate sheets.

Totally agree on home inspectors being useless. We used Waterloom and was not happy with them. They missed a room that had no heat, said the second fireplace was fine when the whole thing needs to be re-lined and you know what that costs. Among other things. If I ever do it again I think I would bring a builder with me instead or something.

You do need a Home Inspector.

And not one recommened by the RE Agent. And probably one that has to drive at least a few towns away.

You can't get Holmes from Canada. Holmes on TV is a entertainment show. Holmes actually has a full crew of electricians, plumbers, carpenters, etc. Holmes himself is NOT as good as the TV shows. No one person is that good.

Do check the credentials of any Home Inspector. There is schooling certificates and a national organization that all should belong to. And do check what these guys/gals did before becoming a home inspector.

Anyone can become a home inspector in NH. So you have to dig deeper and read their resume. Somewhere there should be construction or home building. And this alone does not make a home inspector but does help.

No one person can be an expert in plumbing, electrical, framing, building, etc. So you do have to settle on the best you can find. No one person will find all faults. It is not like the TV show Holmes. No one is that good nor is Holmes himself that good. It is a TV show with a full cast of experts.

Check to see what insurance the home inspector carries.

Make sure the home inspector climbs on the roof and if crawl space - climbs in there. In other words from top of roof to bottom of basement. And all in between.

You as the consumer have to do your homework before hiring a home inspector. Make sure that every electrical outlet is checked. Every light switch checked. Every faucet is checked. Every drain is checked. And if issues become apparent - be prepared to hire an electrician or plumber or home builder to come and double check.

No house new or used is perfect. So don't expect perfection. But do weigh any costs for repairs against purchase price. And as I have stated before. If you find structural water leaks - buy a different house. Move on.

i do think as a buyer you should get an inspection but having done both( buying and selling) what started out as an inspection to see hidden or major flaws that a buyer needed to know has moved to a detailed list of everything including minor stuff that no one would worry about so it becomes a second negogiation ( appraisals have now become a third) and at times can scare a buyer away for the wrong reason . Inspectors can be very competent but now feel if they don't find a lot of stuff or don't identify every little thing they will get sued.

Well . . . . . . .

Read the Disclaimer from any Home Inspector. The fine print will hold that the home inspector is harmless in just about all legal situations.

But I still recommend a home inspection.

I am sure there is a disclaimer and maybe it would hold up in court but doesn't change the movement from what started out as in some cases hidden defects that buyers weren't awhere of to a long laundry list of minor issues which are used to extract another price drop. as a buyer one should get an inspection I agree but as was said here

I think the way to hedge this is for the seller to pay for an inspection prior to listing the house even though its mostly a waste of money. Pick which one's need to be addressed to improve marketability of the home and leave the rest for later.

The key is the home buyer now has that report in their hands PRIOR to making an offer. Letting the buyer's stand-alone inspection report dictate the sellers position is just plain stupid.

i would agree with you and will be a more common event

When I do sell my home it will be sold as is as seen. That will be written.

Home inspections will be welcome. But it will not affect the sale and all deposits will be lost if the buyer attempts to use this as a tool to squeeze more out of purchase price.

just to clear up a few inaccurate statements here:
NH requires all home inspectors to be licensed as per RSA 310-A:182-200 effective July 1, 2008
the NH board of Home Inspectors have a website where you can read the NH statute, admin. rules (home 100-700), NH standards of practice and Code of Ethics found in Home 500-700(required by NH law), a current roster of all licensees and requirements of licensees and also cont. ed. requirements.
hope this helps

A real estate broker that I know had a house under agreement recently.....a home inspection revealed a little mold in the attic near an area next to a vent....apparently, a little water leaked in, causing the problem.
It was only a small area of cosmetic mold that could have been removed in 5 minutes with a little bleach water and a brush, but you would have thought that they had discovered the "black death"........everybody freaked, a consultant was called.........who turned up in a haz/mat suit, of course, and the sale was lost.
Mold is found everywhere in nature and, yes, in the food we eat. Toxic mold is very rare.......if you find a little in your home, simply clean it up, stop the source of moisture and go on with your life.

There are good inspectors and not so good inspectors. Most RE agents know the difference between the two. A conscientious agent will want his client to be taken care by a competent professional inspector. The key is finding one who has the right common sense approach. Experience over the years has lead to the practice of giving out three names, all known to be good and balanced, to buyers and sellers. Try to avoid those inspectors known to gloss over things and those who go to extremes nitpicking everything. Some inspectors can't differentiate between what is reasonable in a newer house versus what is reasonable in a 150 year old house. A good inspector will focus more on safety items and cite other items in order to advise the buyer as to what will need attention at some time in the future.

Wolfeboro Inn Job?
 

Hi Cate,
If your partner does persue a job at the Wolfeboro Inn, you would not want a house in Gilford or on that side of the lake, too long a drive each day. Check out houses in Moultonboro, Tuftonboro (both lower taxes) if that pans out. And she should also check out the Common Man family of restaurants, there could be a position with them somewhere, they are statewide. Alex Ray is the owner.
You sure are using this forum to its best for your move! Natt's wife

I stand corrected.

NH RSA
" 310-A:189 License Required. – Beginning January 1, 2010, no person shall practice as a home inspector or conduct home inspections in this state without a home inspector's license issued by the board under this subdivision."


I'm still reading up on the requirements and fees for such license.

And I am not sure if all before this date are grandfathered in.

So a good question for any home inspecter would be do you have a license?

And insurance.

Hi Natt's Wife-We are SO grateful to this forum for all the incredibly friendly, helpful and knowledgeable people. I hope I can be as informative when we have lived in the area for awhile.

We have a contact at the Common Man and my partner is meeting one of the GMs when we come up. Fingers crossed. I went to the original Common Man when I went to school at New Hampton in the late 70's. A friend of mine and I used to hitch hike from school to Ashland for dinner. Crazy times.