Financing in 87111>Question Details

sskans, Home Buyer in Albuquerque, NM

First time home buyer...

Asked by sskans, Albuquerque, NM Wed Oct 31, 2012

I need all of the information I can get.
Where do I start?
What questions do I ask?
What scams should I be aware of?
Any information would be great, thank you!!

0 votes Share Flag Financing in 87111

Help the community by answering this question:


I would recommend starting with Dean Ellison with Frost Mortgage. He can be reached at 505-362-1587 or email 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
0 votes Thank Flag Link Sun Nov 4, 2012
Great answers by all of the Realtors. I would add that a good Realtor would most likely give you a list of a few great lenders to begin the process. You are welcome to shop around on your own, but it's nice to have referrals of lenders that the Realtor knows. I call the lender ahead of time and fill them in on what I know about you. By telling you to start with the lender, doesn't really take you from the very basics which is to explain the whole process first.

I spend a good hour with my first time home buyers going through all that they can expect to happen from start to finish when buying. Every transaction is different so it's good to be aware of all of it.

Feel free to call me to start the conversation. You have taken a GREAT first step by asking for lots of information!

Mary Padilla
YES! Realty (505) 440-4878
0 votes Thank Flag Link Wed Oct 31, 2012
The responses from the other REALTORS are right on point. Before anything takes place, meeting with a lender is the first step. Having an understanding of your price point makes the whole process much easier. Most properties sellers require a pre-qual letter or a proof of funds if you are paying cash. This is usually submitted with your offer or shortly after. There are several amazing programs for first time buyers such as the MFA program which can get a person into a home for as little as $500.00 down. Your lender can assist you with the details.

After you have your price point nailed down. Select a Real estate professional to help you in your search. Look for Agents that will answer their phone and respond promptly to your inquiries. Nothing is more frustrating than calling a agent and never hearing from them again! Most agent have a good website that will allow for you to begin your search at your convenience. Selecting 3-5 properties to look per day at is a realistic number .

In the Albuquerque market, being decisive is really important. A good deal to you is a good deal to everyone. Great properties move fast, so if you see something you like you need to get the offer submitted.

You might find a property that is either a short sale or bank owned. These properties can be a great deal but they do have some downsides. The first is the time!. Many of these listings can take up to 6 month to close which can be frustrating. Another issue is many banks or distressed properties owners will not pay for some of the customary fees such as inspection, appraisals, taxes, liens , Etc. So It pays to have your Agent research the property before getting too deep into the process to ensure it make sense for you financially.

The upside is that there are many great deals out there. There are special loan programs like the 203k loan that allows for an allowance up to 35,000 to do updating on properties that are under market value. You can ask you lender for the details on that and other great programs.

As for scams, most are related to rentals in the area. The most common scam on Craigs List involves someone listing a property for rent that is currently on the MLS for sale. They are usually out of town and request you send money to "get the keys" the owners are almost always out of country. Many sound very plausible ( military deployment,work transfer, or sick family member) these homes do not belong to the person offering it and once you send the money it is gone with no recourse.

Other problems we hear about involve For Sale By Owner listings. Many think that this a great way to go to try to save money. The reality is you could end up buying a lemon with no recourse. Many are over priced and are substandard. Some have hidden liens or neighborhood issues ant could be very costly.

Searching for a new home is very exciting. If I can assist with any questions or recommend a lender direction, please let me know. I would love your business.

Patrick M. Kanieski
Prudential NM Properties
0 votes Thank Flag Link Wed Oct 31, 2012
The first step is to contact a Realtor who can guide you through the rest of the process. The Realtor will help you find a lender to qualify you and will be sure to keep you from any scams - and there are a lot of scammers these days. The process is quite complicated, so your best and safest bet is to contact a Realtor who is knowledgeable in the area you're interested in.

Margaret Hassani
Broker, Lightning Realty
Phone/Text: (813) 766-1501
0 votes Thank Flag Link Wed Oct 31, 2012

First step...connect with a very experienced and knowledgeable REALTOR (like me hehe) who can assist you from A to Z.

Finding the right lender will also be key. It can some times be the make or break of a transaction.

As for scams, watch out for Craigslist. That is one site that can draw in scammers.

For more information on buying a home, go to:

I'll be happy to assist you. Since the seller pays my commission, there is no cost to you for my assistance. Feel free to connect me.

Syan Real Estate
Call/Text: (505) 730-8181
Web Reference:
0 votes Thank Flag Link Wed Oct 31, 2012
The answer which Brian and Dawn Fossa gave can hardly be improved upon, but I will try.

Give me a call so I can put you in contact with my trusted lender. After you get with my lender, you and I can meet by phone or in person to discuss your wants and needs.

After that I will help you find a home that works for you and help you submit an offer and get your home purchase closed

Call me!
0 votes Thank Flag Link Wed Oct 31, 2012
Best place to start is with a licensed Realtor who can answer your questions and identify resources for answers to questions you should have. Second stop should be a lender who can review your financial situation and advise you on loan programs and our historically low interest rates. At that point, you will be ready to start your home search. Additional questions will come up during that search which your Realtor, lender and eventually your home inspector can answer or get you to a resource that can provide the answer. You will be in good hands with this team of experts!
0 votes Thank Flag Link Wed Oct 31, 2012
Your first step is to get in front of a reputable lender, who can take a peek at your financial status (pre-qualification), and let you know what price range is best suited for your income and debt ratios. They will also be able to tell you if there is anything that might hinder a home purchase, and help you avoid any surprises in your credit history that you might not even be aware of. Once you have cleared this all important hurdle, the next step is to find areas of town that you would like to live, and finally, start looking at properties in those areas that fall into your price range. While you are getting pre-qualified, you can customize a search on our website, tailor it to your needs & desires, and it will even notify you when new matches come onto the market. Happy hunting!

Brian & Dawn Fossa
RE/MAX Elite
0 votes Thank Flag Link Wed Oct 31, 2012
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