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87124 : Real Estate Advice

  • All22
  • Local Info0
  • Home Buying8
  • Home Selling5
  • Market Conditions2

Activity 54
Sun Apr 7, 2013
Josh Barnett answered:
Can we get the address? The question above does not have an address.
0 votes 2 answers Share Flag
Mon Mar 18, 2013
Patrick Willard answered:
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.
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0 votes 3 answers Share Flag
Mon Mar 18, 2013
Leigh-Jo Anzures answered:
Hello Rose,

Funds are generally not available until after the transaction funds and records. This can typically occur after closing. If closing occurs late on a Friday, it may not fund until Monday.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
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Thu Mar 14, 2013
Leigh-Jo Anzures answered:
Hello Natasha,

I would recommend getting crime stats directly from the local police department. Although some crime stat websites can give you an idea about a neighborhood, your best bet is the police department.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
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Thu Mar 14, 2013
Josh Barnett answered:
Check on Trulia's "Local Info" tab at the top, great information on crime, schools and communities.

Hope this helps.
0 votes 2 answers Share Flag
Mon Dec 23, 2013
Joe Brooks answered:
It is never too early to start planning. 1st is to identify a trusted Realtor to work with. Next identify a lender to get prequalified or at least find out what you need to do to be prequalified before you look at homes. I would be glad to assist you anytime. Call or email me.
Joe Brooks
505 977 3474
joebrooksrealestate@gmail.com

Your real estate expert.
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0 votes 11 answers Share Flag
Fri Feb 15, 2013
Josh Barnett answered:
This is usually handled on a case-by-case basis, between the landlord and the tenant.

Trulia Rentals Available:
http://www.trulia.com/for_rent/Rio_Rancho,NM/

Rio Rancho Dog Parks:
http://www.ci.rio-rancho.nm.us/?nid=1659

Rio Rancho city code on animals:
http://www.codepublishing.com/nm/riorancho/

Hope this helps, a little.
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0 votes 2 answers Share Flag
Sun Feb 3, 2013
Tim Moore answered:
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
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Wed Mar 6, 2013
Arthur Miller answered:
Good afternoon Layla,

The schools are some of the best in the state and cost of living is relatively cheap. Are you looking to buy in the next 6 months?

Warm regards,
Arthur
0 votes 9 answers Share Flag
Thu Feb 14, 2013
Michael Cheng answered:
Hum, are you a real estate salesperson or a credit repair counselor? I think you should stick with one.
0 votes 8 answers Share Flag
Sun Nov 25, 2012
David Stafford answered:
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.
David


David Stafford
360 Ventures Real Estate
505.750.3360
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0 votes 6 answers Share Flag
Mon Nov 19, 2012
Patrick Willard answered:
If you hover over the number in the shaded area it’ll bring up a box listing the reported crimes. It looks like all were suspicious vehicle, suspicious subject or noise complaint. I don’t really like the way those maps are because they don’t differentiate between crimes or just calls to the police. If one neighbor has a dog that barks all the time and another neighbor calls the police several times a certain area can look like it’s a high crime spot when it’s not.
Rio Rancho has a pretty low crime rate. I’ve lived here more than twenty years and the city has almost tripled in size in that time. As the city gets bigger of course there is more crime but relatively speaking Rio Rancho has a pretty low crime rate.
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0 votes 5 answers Share Flag
Mon Sep 24, 2012
Melanie McLaughlin answered:
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
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Mon Aug 20, 2012
Suz A answered:
A job usually is cited as important when dealing with a property management company or an apartment complex.
0 votes 7 answers Share Flag
Mon Jul 2, 2012
Martha Greenleaf answered:
In Rio Rancho, depending upon the property ( condition, price and location), we have been seeing multiple offers, full price offers, 3 to 4 percent under list, on average. We are having an extremely strong sales market that has stayed consistent since early spring. Is there a particular property you are interested in? If so, I would be happy to offer a comparative market analysis, or answer any other questions you may have.
Martha Greenleaf, Associate Broker
Coldwell Banker Legacy
Cell 505-301-1191

Main

office 505-892-1000
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0 votes 4 answers Share Flag
Mon Jun 18, 2012
David Stafford answered:
Non short sale closed: 59 days on market

Short Sale closed: 173 days on market!

36% of the homes currently listed in Northern Meadows are short sale by the way.

Let me know what other info I can provide for you Judy!

David

360 Ventures Real Estate
505.750.3360
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Wed Jun 25, 2014
Michael Lizzi answered:
Hey there Robert! I am on the board of directors for northern meadows. There are monthly dues that can be paid annually quarterly or monthly. If I can be of assistance let me know ! I can get you all the info you need. I live there sell there and serve there. Thanks for usin trulia!! If you are on facebook you can find our page by searching ... more
0 votes 7 answers Share Flag
Sun May 27, 2012
Michelle Spalding answered:
Hi Wayne,

You posted your question in the Market Conditions forum and there is no link to a specific property you are asking about to allow an agent in your area provide you additional information.

See if you can post a hyperlink to the property in question!

Thanks,
Chris Spalding
Realty ONE Group
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0 votes 4 answers Share Flag
Wed Apr 4, 2012
Robert D Hughes answered:
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,

Rob
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0 votes 1 answer Share Flag
Mon Sep 24, 2012
Michael Cheng answered:
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.
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