Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in New Mexico : Real Estate Advice

  • All51
  • Local Info7
  • Home Buying23
  • Home Selling7
  • Market Conditions2

Activity 726
Wed Aug 9, 2017
answered:
Hello, I'm a mortgage professional.

It's hard to say as I don't know all the details but if you need any help with this you are welcome to contact me with any Mortgage questions.

Thank You
Gregg Pomeroy
... more
0 votes 1 answer Share Flag
Tue Aug 8, 2017
Yennungn asked:
I'm in New Mexico as a foreigner, I have a visa but I'm planning to marry next year here to my fiancĂ©, who is a NM citizen. After the marriage, I planned to buy a house, paying full cash.…
0 votes 0 Answers Share Flag
Fri Aug 4, 2017
Risfawnser asked:
We'd like to have someone run by our house and just check that airco/heater are running and water is not! Pick up mail; don't expect any but junk. Need for next couple of months.
0 votes 0 Answers Share Flag
Wed Aug 2, 2017
Em asked:
We are under contract for a home in all neighborhood of less than 100 houses. Schools are great neighborhood maintained, neighbors say they love it! When we looked at our house 2 others…
0 votes 0 Answers Share Flag
Tue Aug 1, 2017
David Sivils asked:
Mapping the addresses in google maps does not return the same location as in your maps. This is a very significant issue. Why is this happening?
0 votes 0 Answers Share Flag
Tue Jul 4, 2017
Kathy Burgreen answered:
Ignore Steve's reply because the answer is 100% wrong. In a Rent To Own situation, you will be required to sign a contract with the owner / seller which states you will need to pay an upfront deposit (typically 20 - 30% of the purchase price). This is NOT the same as a down payment. A down payment is a payment to the seller to show that you are a serious buyer and where you are buying the home within 1 - 3 months (no renting involved).
In addition to the upfront deposit, the contract will state that you are required to pay a monthly rent + a monthly premium amount which goes towards the down payment. The upfront deposit goes towards the purchase price. The term of the lease is typically 1 - 3 years. When the lease is finished, you will be expected to secure financing and buy the home.

Now for the bad news. Rent To Own is a great deal for the seller and a bad deal for the renter (you). The contract you sign states that if you do not buy the home for any reason, the seller will keep all of your money (no refunds). You will lose thousands of dollars if you can't or don't buy this home. You need to think thru the following: Suppose you find a job where you need to live elsewhere? Suppose you don't like the house and want something different? Suppose you can't qualify for a mortgage loan? Suppose you have a medical crisis and can't afford to buy the home?

For all of the above situations, the seller / landlord will keep your money because that is what the contract says. As much as you want to change the contract to benefit you, the seller / landlord will refuse to sign. Bottom line: continue to rent and stay where you are. Work on improving your credit and save plenty of money. Then in a year or two, you will be ready to buy.
... more
0 votes 2 answers Share Flag
Thu May 18, 2017
Ben2bfe asked:
It's really annoying not to be able to hide the sidebar listing agents contact info. You are not able to see as large pictures of the property, also the sidebar placement detracts from…
0 votes 0 Answers Share Flag
Tue May 9, 2017
Jeannierose7 asked:
1050 Ironshoe Rd
891 Eagle Wings Rd
18820 N Valley Dr
Are any of these properties still available?
0 votes 0 Answers Share Flag
Tue May 9, 2017
Lorraine Decker asked:
a new roof & they agreed to replace the roof. Now they have had several bids that say the roof doesn't need to be replaced? what is their obligation?
0 votes 0 Answers Share Flag
Fri May 5, 2017
Jpadoven asked:
Tue May 2, 2017
Mary answered:
Hi,

Off Market means that the property is sold, rented of remove from the site. Let me know if you have additional questions and I will be happy to assist.

Thank you for using Trulia!

Mary
Consumer Care Advocate
... more
0 votes 1 answer Share Flag
Thu Mar 16, 2017
answered:
Hello, I'm a mortgage professional.

There are programs available with no down payment.

If you would like help with this or have any questions you are welcome to get in touch with me. ... more
0 votes 3 answers Share Flag
Fri Mar 3, 2017
German Rosas-Acosta asked:
Sat Feb 18, 2017
jordan asked:
88030. Are there any Homes in Deming that are 3 or more bedroom and is willing to rent to own without going through a bank. I've had identity theft for the last 5 years and has been…
0 votes 0 Answers Share Flag
1 2 3 4 5 6 7 ...
Search Advice
Search

Followers

23