Buyers

This blog is written to bring to your attention some often-problematic issues with selling/buying a house, specifically existing leases.

SOLAR AND SECURITY LEASES:

Did you realize there are leases that can create issues during the purchase and sale of a house?  These can include the solar system leases, and less thought of, the security system leases.  Pre-existing leases should always be disclosed in a property disclosure by the seller, and need to be dealt with in order to prevent delayed closings and even potentially failed transactions.  When a lease exists, there are some options:

1- the seller can try to terminate the lease early and potentially pay any penalties involved, as well as have the system removed prior to closing, ideally prior to

Real estate negotiation tips so you can buy your dream home — and not overpay.

You've looked at enough houses to fill an entire season of House Hunters and finally picked one to buy. Now you're ready to make an offer.

Your agent can help guide you through this nail-biting phase of negotiating a house price, but ultimately, you call the shots. Here's how to negotiate like a boss.

Fail #1: Thinking House Price is All That Matters

That house with a price point $15k below your budget? It may seem like a deal — until you add on the costs of maintenance and replacing the aging appliances.

Planning on repainting, remodeling, or landscaping, too? Suddenly the price looks a whole lot higher.

When developing your offer, calculate in the costs that

Public Improvement Districts (PIDS)

Public Improvement Districts (PIDs) are created to help developers finance infrastructure in new communities such as roads, parks and other amenities.

Bonds are sold to finance these improvements and property owners are each assessed a portion of the bonds. This assessment is added to an owner's property tax bill and paid off over time.

New Mexico state law requires that sellers of homes within PIDS disclose certain information to the buyer before accepting offers. There are currently 11 PIDs in the Greater Albuquerque Area.

What to look for when buying a house — and what not to do.

The only thing more exciting than shopping for your first house is the day you move into it. And in your eagerness to get to that day, there are a bunch of opportunities to botch the shopping.

Here are some #facepalm moments and the house-hunting tips you'll need to avoid them.

"I Saw the House Online. It's Perfect — Let's Make an Offer Before It's Gone!"

Buying a house sight unseen?!? Whoa. Online photos are a fun sneak peek — and that's all.

Before you plan marriage after the house equivalent of swiping right, consider this:

• It's the photos that aren't in the gallery you should worry about. You won't see the hastily patched cracks in the home's foundation. Or the mold in

It’s fun! It’s exciting! It’s important to take everything with a grain of salt!

Oh, let’s just admit it, shall we? Browsing for homes online is a window shopper’s Shangri-La. The elegantly decorated rooms, the sculpted gardens, the colorful front doors that just pop with those “come hither” hues.

Browser beware, though: Those listings may be seductive, but they might not be giving you the complete picture.

That perfect split-level ranch? Might be too close to a loud, traffic-choked street. That handsome colonial with the light-filled photos? Might be hiding some super icky plumbing problems. That attractively priced condo? Miiiight not actually be for sale. Imagine your despair when, after driving across town to see your dream home, you realize

1. You Need A Large Down Payment

The first step to buy a home in Albuquerque NM for many home buyers is to get pre-qualified or pre-approved for a mortgage. Home buyers need a good lender to understand the different home loans they may be qualified.

There are many different types of loans and all different down payment requirements:

• In Albuquerque, there is a first time home buyers program that allows first time home buyers to buy a home with an out of pocket payment of $500 to $1000.
• There is another home loan called the Next Home, this home allows home buyers to purchase a home for as little as 0.50% down payment.
• Federal Housing Administration (FHA) loans require a down payment of only 3.5%.
• If you

It’s fun! It’s exciting! It’s important to take everything with a grain of salt!

Oh, let’s just admit it, shall we? Browsing for homes online is a window shopper’s Shangri-La. The elegantly decorated rooms, the sculpted gardens, the colorful front doors that just pop with those “come hither” hues.

Browser beware, though: Those listings may be seductive, but they might not be giving you the complete picture.

That perfect split-level ranch? Might be too close to a loud, traffic-choked street. That handsome colonial with the light-filled photos? Might be hiding some super icky plumbing problems. That attractively priced condo? Miiiight not actually be for sale. Imagine your despair when, after driving across town to see your dream home,

And how I survived when my loan fell through before closing

Name: Andrea Lawson, 36

City: Madison, Wis.

Year of Home Purchase: 2014

Sale Price: $222,500

Home style: 2006 condo

Profession: Social worker

When Andrea Lawson got a dream job in a new city, she knew exactly where she wanted to live: an urban, walkable neighborhood near her new job in downtown Madison. Though she was hesitant to commit to buying a home before knowing for sure the job and city were the right fit for her, rental prices made buying the smarter financial move.

In just a two-day trip to Madison, she found a place she liked, made an offer, and had it accepted by the seller. All was great until her loan fell through prior to closing.

Before

Private mortgage insurance is unavoidable for some homeowners, but don’t pay PMI premiums a day longer than required by your lender.

#1 Home Inspection

A home inspection helps protect you from purchasing a home that could be a lemon. So you don’t want to forgo it. 

REALTOR® Tip: Your inspector isn’t required to be an expert in everything. If you suspect termites, asbestos, and foundational issues, for instance, you’ll need to hire a specialist.

 Inspectors will look for signs of structural issues, mold, and leaks; assess the condition of the roof, gutters, water heater, heating and cooling system; and more. Inspections cost between $300 and $500, and whether or not you end up purchasing the property, you still need to pay this fee. 

#2

The ultimate timeline ensures the smoothest of transitions.

A real yard. Closets bigger than your average microwave. The freedom to decorate however you darn well please!Making the switch from renting to owning is exhilarating, but many rookie homebuyers find the process trickier to navigate than they expected.

This is why we created our First-Time HomeBuyer Checklist. The 12-month timeline will help you sidestep common mistakes, like paying too much interest or getting stuck with the wrong house. (Yep, it happens!)

2 Months Out

Check your credit score.Get a copy of your credit report at annualcreditreport.com. The three credit bureaus (Equifax, Experian, and TransUnion) are each required to give you a free credit report once a year. A Federal