Hard to say what happened. Generally, if it's a great bargain, it can receive multiple offers within hours of hitting the market. If the listing agent said there were no offers and Fannie Mae requested highest and best, there may have been a mistake or perhaps someone pulled their offer.
Some bank-owned properties require buyer agents to submit offers via a web portal. It could be possible additional offers were coming, but the listing agent hadn't yet received notice of them.
Is the home presently under contract?
Syan Real Estate
Call/Text: (505) 730-8181
FREE Listing Alerts: www.syan.com/alerts... more
Are you talking about all of Rio Rancho or a specific part of Rio Rancho? Ventana Ranch is a development in Albuquerque and Rio Rancho is a city with many neighborhoods of various ages.
You can find homes and neighborhoods in Rio Rancho ranging from new to probably about 40-45 years old. Different neighborhoods also have different lot sizes and home styles.
Ventana Ranch is a very large development with a wide range of home sizes and styles. The oldest homes in Ventana Ranch are probably less than 15 years old and you won’t find a big difference in lot sizes because like most new developments the lots are smaller than in the older neighborhoods.
The other differences are they are in different counties and different school districts.... more
Do a Google search on it and you should find many articles. It is not required to have it replaced unless it starts leaking. It all does not leak and can last years and years. It can affect the price as some buyers are afraid of i because of all the rumors and misinformation about it. The pipe with the copper 90 deg turns are better than the original which was all plastic.... more
You could actually buy a new home here even if you have not yet sold your existing home because you are buying based on relocation. You have A LOT of options. My first step would be to connect with a mortgage lender who could assist in sorting out all of the options you have which ones are in your best interests.
Feel free to contact me with any questions or concerns that you have.
Syan Real Estate
Call/Text: (505) 730-8181... more
I will work on getting you some information right now on your lot. If you'd like to text me your e-mail address, I can send you the details.
Syan Real Estate
Cal/Text: (505) 730-8181
Hello Janet! 1053 Harrison Dr NE in Rio Rancho is still for sale. The HOA fees are $35 monthly, and the HOA does take care of the front landscaping. If you need additional information regarding this or any other property don't hesitate contacting me!... more
Rio Rancho is the fastest growing city in the State. It passed Santa Fe. It's the third largest city in the state. So, its growth is partly why you may see a lot of homes on the market. Right now, there are just over 700 homes on the market in active status.
To compare, Albuquerque has just over 2,600 homes on the market.
Syan Real Estate
Call/Text: (505) 730-8181... more
That's a nice home, I saw it awhile back.
How did you lose your home? Did the lender foreclose? Did you do a short sale? Was it a normal sale? This will affect your credit and that affects your being able to qualify for a mortgage. How's your credit been since the chapter 7?
It's probably going to be pretty tough qualifying for a mortgage just 15 months after a bankrupcy and if you had a foreclosure it's going to be awhile longer before you can get a mortgage.
You can possible buy on owner financing but that is a small percentage of the market so you'll have limited selection and you will probably need 10-20% down. Also most owners that sell on owner financing will only carry short term, 2-5 years is typical, so you may still have to qualify for a mortgage in a couple of years.
I have a lot of experience with owner financing and I would recommend meeting with a mortgage lender to see how close you might be to qualifying and what you need to do to get there, even if you decide to try to find an owner financed home. Many years ago I was working with a lady that wanted to buy on owner financing. She had a credit issue that I knew would probabhly take 4-5 years to clear before she could get a mortgage. She wanted to make an offer on a property that the owner would only carry 2 years. I tried to talk her out of it but she didn't listen and bought it through another broker. She put $20,000 down and lost it two years later when she could qualify to refinance.
From one Vet (Army 82-86) to another thanks for your service and best of luck.
Feel free to contact me with any questions or to help. No pressure, no obligation.... more
Having the repairs made and paying for the repairs is the problem as I see it. The seller is selling short so there is no money being made on the sale by them so why would they want to pay for repairs, if they even can. Will the bank, that is allowing the sale and losing money to do so, pay? My guess is they won't want to as long as the house does not belong to them so I see this as going nowhere fast. The bank might just foreclose, move the ex-owner out and then investigate when they own it.... more
The next step of the process is that the bank will secure and make the property safe and get it cleared of personal property (some banks will also clean and do minor rehab) and then they will list it for sale in the local MLS via a local licensed broker. If it is a large bank like BofA, Wells, Citi, Chase, etc... they will not consider offers at this point because they insist on the asset going through the sales & marketing process they have established, to ensure highest return, but small local banks will occasionally entertain offers at any point in the process. Contact me directly and I can set up an alert for you in the MLS so that you will know the same hour the house is listed by the bank.
360 Ventures Real Estate
For a regular sale, there are no real reasons beyond an attempt by the listing agent to try to revive a stale listing by anchoring a later buyer's expectations. After listing a house at the higher price for month or two, if the house still hasn't sold, the agent can lower the price back down and a later buyer would likely assume that it's a legitimate price reduction. It's not a practice I condone.
For short sales, this happens quite often as the listing agent would initially post an artificially low price, something around 20-40% below neighborhood comparables, to attract an avalanche of offers. Then, once offers start coming through, the listing agent gets an approval from the bank. The approved price would be based on actual comparables and is likely to be higher than the listing price. If none of the submitted offers or counteroffers don't get accepted by the bank, then the listing agent would just raise the listing price of the house to the approved price, hoping that the next offer at the new higher list price would close the deal. Again, this price discovery method does not reflect real estate professionalism.
A good listing agent would always list a house at a price that matches the current market expectations so that once real bids come through, there is a high probability of a closed transaction.... more
Based on our company's experience, the Cabezon area is a great area for rentals. It is close to Albuquerque and close to the new hospital in Rio Rancho. This area is seeing higher rental prices than other neighborhoods further north in Rio Rancho.... more
Not good Krazy4eeyore if your score is below 580. Maybe a co-signer is possible? Perhaps a special area financing program. All areas of the country are different. Best to connect with a reputable qualified loan officer and or real estate agent to see where you currently stand. They should be able to direct you on the path of loan approval. Also check with area consumer credit agencies for FREE, and see what they suggest as well.
Best of luck to you,
Unfortunately, unless you are a real estate board paying real estate agent (in other words, an "active" agent), you will not have access to the contracts that the agents use, and, we cannot provide a "blank" form to you either. In most cases, the forms we--as Realtors use--are forms used only by agents for clients.
However, you can get forms from other sources such as US Legal forms at www.legalforms.com. You will definitely have to pay for these forms since you are using the product of a legal company or legal service, but the cost appears to be modest --under $10 for a contract vetted by an attorney familiar with New Mexico's laws.
Good luck in the sale of your home, and I'm sorry that we cannot provide you with the forms that come from a Realtor's office.
Grace Morioka, SRES, e-Pro
Area Pro Realty... more
Does your contract give you a "mortgage contingency"? If so, if you can't qualify for the loan, based on appraisal... that will give you the "out" you need, and typically full return of your earnest money.
But check with your Realtor, agent or attorney (whomever you used to help you write and submit the contract), and they'll be able to fill you in on your options.... more
You really need to sit down with a loan officer to discover where you stand. The conditions to be approved for a loan are always changing and everyones situation is different. I have had great results with Superior Mortgage, West Star, and People's Bank.... more
I'm getting ready to list a full acre lot close to Norther and Unser. Costs for improvements like a well will depend on the specific property. Wells can be anywhere from $20,000+, septics from $8,000+ and with all of the land inventory you may consider finding a property that already has some of these improvements. Let me know if I can be of assistance!