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87111 : Real Estate Advice

  • All17
  • Local Info0
  • Home Buying4
  • Home Selling4
  • Market Conditions0

Activity 14
Tue Sep 19, 2017
Juliette Watson asked:
I have called my MLS to see if they can fix it, and they said that it can only be corrected by Trulia. 505-239-3184
0 votes 0 Answers Share Flag
Thu Mar 30, 2017
Mary answered:
Hi,

I have emailed you regarding this concern.

Thank you for using Trulia!

Mary
Consumer Care Advocate
0 votes 1 answer Share Flag
Thu May 28, 2015
Jeff Nobleza answered:
The most common deed restriction that banks put on title of REO properties they sell is that you don't transfer the deed within a certain amount of time to discourage home flippers and investors who sometimes buy a home, put little to no work into it, and flip it very quickly after closing.

Another common one is that if you declare that you will be an owner occupant of a property to live there for a year that you don't sell the property before that. Banks favor accepting owner occupied offers. They are trying to discourage buyers from lying to them about this.
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0 votes 10 answers Share Flag
Fri Mar 6, 2015
Lindsay Discountbjl asked:
Tue May 13, 2014
Chris O'Connor answered:
$200 more for a month-to-month lease is not ridiculously high. I've seen people pay 2x as much for a month-to-month. A lease protects the landlord, to a degree, so you'll pay less rent when the landlord is protected by a lease.

A month-to-month renter makes landlords nervous and stressed out. They charge you for the headache you're causing them. So convenience on your part = inconvenience to the landlord. You have to pay extra for that luxury.
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0 votes 1 answer Share Flag
Tue May 13, 2014
Chris O'Connor answered:
Is now a good time to sell? That depends on your personal situation and finances. We're back to being in an appreciating market so your home theoretically will be worth more tomorrow than it is worth today. If home value was the only factor then the easy answer would be to wait and wait and wait. You'll net more and more as time goes by.

But we know there are other factors involved such as the school schedules of children, work relocation, whether you will be selling your home and then buying a new home, annoying neighbors, and a myriad of other factors. In other words there is no clear answer to your question. All factors have to be weighed. This is more about what is best for you and your family.

If you're wanting to sell your existing home and then buy a new home then you're going to sell at a time when home values are very low (a bad thing), BUT you'll concurrently be buying at a time when prices are low (a really good thing). So you lose a bit on the sale but pick it up on the purchase.

Weight the pros and cons and then go for it. I wish you luck. :-)
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0 votes 4 answers Share Flag
Tue May 13, 2014
Steve Quintana answered:
Answering your question as to why it is a good time to buy a house depends on your personal circumstances. Please give me a call to brainstorm your situation and get you a solid answer to your question. ... more
0 votes 5 answers Share Flag
Mon Mar 10, 2014
Mark Johnson answered:
Hello,i am Mark Johnson, a private loan lender who gives life time opportunity loans.Do you need an urgent loan to clear your debts or you need a capital loan to improve your business? have you been rejected by banks and other financial agencies? Do you need a consolidation loan or a mortgage? search no more as we are here to make all your financial problems a thing of the past. We loan funds out to individuals in need of financial assistance, that have a bad credit or in need of money to pay bills,to invest on business at a rate of 2%. I want to use this medium to inform you that we render reliable and beneficiary assistance and will be willing to offer you a loan. So email us today on : johnsonloancompany2@gmail.com ... more
0 votes 3 answers Share Flag
Fri Feb 7, 2014
Julie Aleixandre answered:
Interest rates are a critical component to consider when buying a home and historically they are still crazy low. For example, the payment on a $200,000 home, 30 yrs., principle and interest at 4% is $954.83 a month, whereas at 5% it's $1073.64 a month. And at 6% it's $1199.10 per mo. If you can buy before rates rise it's a great idea, since for most people, it's very difficult to save the additional money required to have the same monthly payment as with a lower interest rate. I know it's a bit confusing so give me a call if you'd like to discuss this further.

Direct cell - 505-615-2546
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0 votes 2 answers Share Flag
Sun Dec 1, 2013
AQM Property Management answered:
Hey Jonny,

Do not know if you already sold your home in high desert or not.? Since you have posted this ad, the market has only gotten better, however, I feel as the next few years go on it can only get better. High Desert is a desirable area - I do not know the stats on your house, or what you're looking to get for it? But if you cannot get what you want for your house now - have you ever thought about renting the house out? There is a booming rental market now in Albuquerque and Broadstone has even constructed a new construction high end apartments that are currently renting. Knowing that you are looking to move to the midwest a good option is to rent and hire a quality property management company in to manage the property, which is a nice hassle-free option, if you wish to move sooner than later - and if the market is not at the ideal place your hoping it to be right now for your home sale, having a good property manager while managing your tenant, can keep you up to date on the market conditions on when selling is ideal. ... more
0 votes 14 answers Share Flag
Sat May 4, 2013
Steve Quintana answered:
Manuel Aguilera

NMLS #463132

Loan Officer/Hablo Espanol

505-948-1338 Cell

Superior Mortgage Services LLC

2220 Grande Blvd, SE #D

Rio Rancho, NM 87124

505-275-0200 Office

505-275-8885 Fax

888-246-8252 Toll Free

maguilera@superiormortgage-nm.com
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0 votes 1 answer Share Flag
Sun Jan 13, 2013
Steve Quintana answered:
A bank is unlikely to state they will not pursue a deficiency because that is a unilateral promise without consideration is therefore unenforceable. The bank cannot give the borrower an enforceable promise without consideration, i.e. something in return.

As to the income tax liability for the amount of the deficiency, the federal Mortgage Debt Forgiveness Act has been extended through 2013. This protects many short sellers from paying tax on the deficiency.
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0 votes 4 answers Share Flag
Sun Nov 4, 2012
Chris Smith answered:
I would recommend starting with Dean Ellison with Frost Mortgage. He can be reached at 505-362-1587 or email dean_ellison@frostmortgage.com. He will provide necessary information and options regarding financing and address any issues that you may need to resolve. Other Realtors have provided a lot of great information. Make sure to discuss your options with a couple lenders and then develop a plan for moving forward with your Realtor in your home search and purchase.

I would appreciate the opportunity to meet with you and discuss further.

Chris Smith
NM Real Estate Now
505.379.2763
... more
0 votes 8 answers Share Flag
Wed May 21, 2008
Ken Skillern answered:
Just sharing some thoughts here. Our economy is usually in about a 10 year cycle: Growth, Peak, Decline, Trough, etc. I think we are in the "Decline" phase. The last occurred in 2001-2002, so this may have been a bit shorter than usual. This has implications for all capital markets including real estate. If one were to use the assumption that the trough is next, and that we are in mid-Decline, one may surmise that 2010-2014 will be Growth years. One could also conclude that until then, residential resale real estate prices as a whole, excluding certain local markets, are in for more decline. There are events that may alleviate the pain, however. The lowering of interest rates has an effect of lowering mortgage rates, which in turn makes it easier for a borrower to obtain money to buy a house. However, with a massive supply of homes on the market, it makes sellers lower prices to attract those buyers until we work through this massive inventory. The number of baby boomers retiring in the next five years is enormous. And many baby boomers want to downsize by selling their large, expensive homes and buying smaller, less expensive homes. This competition has a downward effect on the price of a home for sale. There are upward forces on the prices of homes as well, but currently they are not very strong.

Rule of Thumb: Plan on 1 month on market for every $100K of price. Subtract or add a month for every 10% you are below or above the true market value for your home. Thus, if your home's true market value was $800,000 and you listed at $880,000, plan on about 9 months to sell your home. Now, in reality, it may take less, but this is just a planning figure to give you something with which to tentatively plan your life.

The decision to sell or keep your home is a tough one, and involves tax, legal, social and other financial considerations that only you can weigh. But if you are trying to make a decision based solely on market timing, I think that this market will bottom sometime between 2009 and 2010. Until then, we are likely to see a gradual decline in the prices of residential resale real estate. If I had to guess, I'd predict about another 15% decline for some real estate markets, including Albuquerque.

Hope these thoughts help, but again, I'm a broker, not an economist, banker, lawyer, tax adviser or anything else, so seek professional guidance by all means.
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