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Arthur Miller, (505) 503-0520's Blog

By Art Miller | Agent in Albuquerque, NM
  • Albuquerque's West Side Short Sale Transactions Catching Up To REO Sales #s

    Posted Under: Market Conditions in Albuquerque, Home Buying in Albuquerque, Home Selling in Albuquerque  |  January 19, 2012 9:40 AM  |  656 views  |  No comments

    Albuquerque's West Side Short Sale Property Statistics from 1-19-2011 to 1-19-2012

    Albuquerque's West Side Bank Owned Property Statistics from 1-19-2011 to 1-19-2012

  • SWMLS Maps for Albuquerque, Rio Rancho, Valencia County, and East Mountains

    Posted Under: General Area in Albuquerque, Home Buying in Albuquerque  |  December 4, 2010 12:35 PM  |  1,320 views  |  No comments
    For a map of the following areas and more go to my website. Click on Greater Albuquerque Maps. Home searches can be performed by these locations, zip code and other means. Call me at 505-503-0520 if you would like to receive a real-time list of homes in your e-mail that meet your specific criteria.

    AREA NUMBER & NAME
    10 Sandia Heights
    20 North Albuquerque Acres Area
    21 Albuquerque Acres West
    30 Far Northeast Heights
    31 Foothills North
    32 Academy West
    40 UNM
    41 Uptown
    42 UNM South
    50 Northeast Heights
    60 Four Hills Village
    70 Fairgrounds
    71 Southeast Heights
    80 Downtown Area
    90 Near South Valley
    91 Valley Farms
    92 Southwest Heights
    93 Pajarito East
    100 North Valley
    101 Near North Valley East
    110 Northwest Heights
    111 Ladera Heights
    112 Canconcito
    120 Paradise West
    121 Paradise East
    130 Corrales
    140 Rio Rancho South
    141 Rio Rancho Southwest
  • Short Sale Specialist

    Posted Under: Market Conditions in Albuquerque, Home Buying in Albuquerque, Home Selling in Albuquerque  |  October 18, 2010 1:38 PM  |  480 views  |  No comments
    ___________________________________________________________

    Are there banks that are hard to work with when doing a short sale? Will some banks negotiate lower than others? Is a short sale better than a foreclosure? Can the bank waive the deficiency judgment? What is a deficiency judgement?

    I have the answer to these questions and others through countless hours of research and have a 100% success rate when selling short sales. Contact me to find out how to manuever through these turbulent times.
    _________________________________________________________________________________
  • Getting the Best Price on HUD Homes in the Greater Albuquerque Area

    Posted Under: Home Buying in Albuquerque, Financing in Albuquerque, Foreclosure in Albuquerque  |  October 15, 2010 8:50 PM  |  555 views  |  No comments



    It is a great time to buy a home in the Greater Albuquerque Area be it HUD, Fannie Mae, Freddie Mac, or any regular bank owned REO foreclosure. HUD homes are ran a little bit more different than the other foreclosures. It is important that as an investor or first time home buyer that you get ahead of the game. Here are a few steps that you must take before submitting an offer for a HUD home.

    1. An earnest money check in the amount of $1,000 in the form of a cashier's check needs to be delivered to your HUD register broker; $500 if the purchase price is less than $50,000.

    2. If paying cash you must provide a current proof of funds letter.

    3. If financing a pre-approval letter must accompany the offer and the letter must include:
      • A. Must be on lender letterhead
      • B. Dated within 30 days of the bid date
      • C. Signed by loan officer
      • D. Must state credit has been reviewed and approved
      • E. Must state that a written application has been made
      • F. Must state loan amount/correct loan amount/proof of funds
      • G. Must include name of purchaser

      Now that we have are ducks in a row we need to think about the condition of the home we want to purchase. If the dwelling is not insurable (that means that the condition is not up to par for FHA or Conventional loans) cash financing or 203(k) Rehab loans are the most popular avenues for financing. These homes have fewer lookers and can be great investments if you are up to the extensive remodel. If you are looking for insurable homes HUD offers $100 down financing or you could use a subsidized loan option known as MFA which allows a few different borrower assistance programs (zero down and lower interest rates).

      There is the occasional "Good Neighbor Next Door Program" that allows our local heroes (teachers, police officers, firefighters) to select HUD homes for 50% off of list price. This program is ran on a lottery system.

      It should be noted that not every HUD deal is a great investment. I advise that you confide in an agent that is familiar in renovations and has some valuation experience. HUD homes are reduced in price every 30 days+/-. There are many more statistics that I have researched about HUD homes that help my clients get the upper hand with HUD homes and other REO properties. Work with me and I can put my statistical research to work for you so that you buy at the absolute lowest... this does mean that we might be overbid a time or two but that is ok because we will move on to the next deal that slips through the cracks so that we can optimize your investment.

      I have seen many HUD and other REO homes sell for up to and beyond 50% of cost to build and many homes can be mortgaged at or below rental costs. Contact me and we can organize our efforts to help you realize your real estate goals!

    1. Helpful Tips When Going For Sale By Owner (FSBO)

      Posted Under: Home Selling in Albuquerque, Design & Decor in Albuquerque, How To... in Albuquerque  |  September 20, 2010 6:22 PM  |  691 views  |  No comments
      The Greater Albuquerque’s current market conditions are not really geared for FSBO’s. In the past 6 months 25% of all sales in the NW were bank foreclosures, or short sales. The National Association of Realtors reports that the majority of for sale by owners end up listing with a Realtor and on average sell their home for 16% more than selling FSBO; part of the reason is because most buyers are represented by an agent. Other reasons are because owners who sell by themselves lack the expertise to price a home (many real estate agents don't really know how to evaluate precision pricing either) to sell and fall short on marketing knowledge. If going at the home selling alone you should seriously think about hiring an appraiser and asking for a GPAR; General Purpose Appraisal Report. This report costs less, usually around $350, depending on appraiser and complexity of the subject property. The appraisal report will give you information on market conditions, what you should list the property for, what the sale price is likely to be, what the median days on market is, and much more information that will provide you with the knowledge necessary to negotiate. With all of this being said, it is still not impossible to sell your home on your own. I have prepared some tips that should improve your odds. If you want a list of real time listings or need a referral using Real Living’s Relocation program I can help get you positioned to see your next home ownership goal.

      Preparing Your Home to Sell as a For Sale By Owner

      Staging a home is a valuable step in procuring your buyer. Empty homes and homes that are left unclean like dishes in sink, unmade beds, back yards with toys left everywhere are hard to sell and virtually impossible to sell for current market value.

      • Before you begin to prepare your house for sale, examine the home from a stranger's viewpoint. Ask a friend to help, who might be more removed from your attachment.
      • Consider spending money on improvements, fixing things that don't work and making repairs before selling to improve your profit.
      • Do not underestimate the power of home staging. It can mean the difference between selling now for more money or not at all.
      • Pets in the home present its own set of challenges. It's harder to sell a home where pets live.
      • If you have a vacant home think of staging alternatives.

      Steps To Do FSBO Marketing Right

      With all the money you will be saving over hiring an agent, spend a big chunk on advertising. Figure out your target audience and get the message to them.

      Signage

      Signage encourages home shoppers to immediately call you or your agent. It's free advertising! If your home is a corner lot, put up two signs.

      • Some homeowner associations prohibit real estate signs.
      • Some HOAs allow only window signs.

      Try talking to a neighbor whose home is located at the corner of a busy street, asking for permission to put a sign in that yard with an arrow pointing toward

      Photograph the Front

      The most recent data shows that over 80% of purchasers are starting their search online. Listings without a photo or with only an exterior shot are often passed over and ignored. Buyers are visual. Follow these tips and your house photo will look ten times better than the competition's:

      • Crop out sidewalks and streets.
      • Remove vehicles from driveway / front of home.
      • Shoot up-close & angled photos.
      • Avoid shade on the house.
      • Clear away vegetation blocking front door or path to door.

      Exterior Photographs

      If you own a condo or townhome without a yard, then take pictures of the clubhouse, pool, spa or tennis courts. If you have a yard, however, buyers will want to see it.

      • Emphasize space and shoot long.
      • Mow the lawn & trim bushes.
      • Remove evidence of pets.
      • Put away children's toys.
      • Avoid shooting into the sun.


      Interior Photographs

      Take photos of every room in the house. It is the digital age… why not?

      • Open drapes & blinds, bring in the light.
      • Turn on lights.
      • Focus on interesting details like the condition of a wood floor or a fireplace mantle.
      • Remove trash cans & close toilet lids in bathrooms.
      • Use floral arrangements in kitchens & dining rooms.
      • Avoid taking pictures directly into mirrors with flash on. There should not be any people or pets in photos of the house.


      Get It In the Newspaper

      Print advertising reaches buyers who read newspapers. Online ads reach the rest. If your neighbors say, "Everywhere I look, I see your home advertised," you're doing a good job. Puts ads in:

      • Major newspapers. Find out which days pull the most readers. Typically it's Sunday but some newspapers also publish "picture classifieds" on other days.
      • Local newspapers. You can probably run a larger ad for less money that will more closely target those looking in your area.

      Direct Mail

      If you're an unrepresented seller, you can buy mailing lists from list brokers. If you are represented by an agent, ask about a direct mail program. Here are a few places to mail:

      • Neighbors. Everybody has friends and relatives who might want to move near them.
      • Agents who represent buyers in your neighborhood.
      • Buyers who live in other areas and often relocate to your neighborhood.

      Open Houses

      Not every home is suitable for an open house due to location or other factors, and sometimes the only way to determine that is to try it. If nobody comes, that's probably a good indication. However, if your home is located near a high traffic area where buyers often swarm, then it's a good candidate.

      • Place open house signs throughout the area directing buyers.
      • Advertise in the newspaper.
      • Advertise open house times online.

      Send E-Flyers

      Technology has made it very easy to create and send electronic flyers. You can also include multiple photographs of your house. Costs vary but it's generally less than $100 to produce. Here are ideas for recipients:

      • Real estate agents who sell in your area.
      • Friends, family and coworkers.
      • Out-of-area brokers and agents who represent buyers in your area.


      Be Flexible

      Avoid marketing mistakes by being flexible with showings, offering incentives to buyers and obtaining buyer feedback.


       Get a Lock Box

      If you decide to offer a commission to selling agents, you will want to put a lockbox on your premises for easy access.


      More Home Selling Details

      Visit my website for more selling tips and ideas.

     
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