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Home Buying in Albuquerque : Real Estate Advice

  • All471
  • Local Info32
  • Home Buying155
  • Home Selling43
  • Market Conditions18

Activity 126
Tue Jan 7, 2014
Alyce Martin answered:
According to our MLS this evening, the home on Big Sage went into pending on 4/2/12. It is a short sale.

To find comparable homes that are available, visit my site at http://www.HomeSearchABQ.com, plug in your data to preview homes that are currently on the market. Call me with questions or assistance. I would like to work with you to find your next home. ... more
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Tue Apr 10, 2012
Rich Homer answered:
First step engage a Mortgage Broker and get pre-approved in writing. Second step, engage a Realtor and show your pre-approval letter. http://www.naplesrealestateguys.com/
0 votes 2 answers Share Flag
Mon Nov 30, 2015
Mei Cheng answered:
REC stands for Real Estate Contract. In another words, owner financing. In case Buyer is not able to qualified for bank loan, Seller is willing to finance for a period of time in exchange for a lump sum down payment plus interest paid periodically on the remaining balance. ... more
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Wed Mar 21, 2012
David Stafford answered:
You need to check with your lender to determine which programs require how much time. Some require as much as 4 years since bankruptcy, but there may be others that have much less, but charge a higher interest rate. Your credit score will also be a determining factor. Check with Jason Pike at (505) 828-9400 and he can tell you right away. You may want to make a plan to improve your score if it is still too low. ... more
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Tue Apr 3, 2012
Blythe Camenson answered:
I strongly believe that the UNM/Nob Hill/Ridgecrest areas will continue to appreciate in the next 5 years. These neighborhoods are very popular and have held their own during the crunch. They offer older, charming homes, and steps to shops and restaurants. I also feel that the "edo" (east of downtown) and the downtown areas are going to see an upsurge. These have trendy areas that are also popular. And I can't wait to see the Mountain Rd corridor get more attention. If you'd like to have your own personal tour, just give me a shout.

Blythe Camenson
Century 21 Camco
505-450-7448
... more
0 votes 5 answers Share Flag
Mon Mar 5, 2012
Leigh-Jo Anzures answered:
Buying a short sale is not the same as buying a foreclosure, HUD home, VA Home, new construction home or non-distressed property. There is a lot to consider.

1) Work with a local real estate agent who has actual experience in short sales. This can determine your overall experience and success in the transaction.

2) Understand that it can take a long time to close on a short sale. You can expect anywhere from a couple months to over a year. Determining if a short sale has been approved by the bank, can decrease the time it takes to close.

3) Understand that interest rates today, could be higher when you are actually ready to close since rates generally cannot be locked in until 30-45 days prior to closing.

There is so much more to consider when buying a short sale. For more information on short sales, go to: www.syan.com/shortsales

Leigh-Jo
Syan Real Estate
Call/Text: (5050 730-8181
... more
0 votes 2 answers Share Flag
Thu Mar 8, 2012
Leigh-Jo Anzures answered:
1) Get prequalified. While it is an exciting experience, it's important to follow the proper steps to home ownership. Getting prequalified will help determine your buying power. From loan type, down payment assistance programs and interest rates, prequalification can tell you volumes.

2) Work with a real estate agent that is experienced in the area you are interested in. He or she can assist you with finding the right home that matches your criteria.

3) During your purchase, don't run out and open new credit card accounts or lines of credit. Although you may have been prequalified, opening new accounts can hurt your credit score that could put you in a position where you are no longer able to buy.

There are many steps involved in buying a home. For more information, visit www.Syan.com for details on Foreclosures, HUD Homes, Short Sales and more.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
... more
0 votes 8 answers Share Flag
Sat Mar 3, 2012
Linda Coy answered:
If you are the buyer and are purchasing an existing home, the seller usually pays everything associated with conveyance of the property and you, as buyer pay all associated loan costs. Those loan costs are negotiable and can be negotiated. New rules for FHA loans, however, limit seller concession to buyers to 3% of the price of the home whereas 6% were previously allowed.

If that seems like a murky answer and you would like to discuss, I can be reached at the contact info here.

Linda Coy, CRS
Keller Williams Realty
9201 Montgomery Blvd, NE #101
Albuquerque, NM 87111
505-271-8200 x 5482 office
505-259-7477 cell
... more
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Fri Mar 2, 2012
David Stafford answered:
Costs to close, make some changes after closing, and move seems to always be underestimated. There are tons of little costs that add up. If you have a good broker, there should not be any significant surprises. Occasionally, some turn up in inspections, but when nobody knew the problem existed, it is usually something that can be resolved by the seller. If you are not from Albuquerque and are buying here the first time, people sometimes do not realize the differences between investing in the west side and east side. Again, a good agent should ensure no surprises. ... more
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Sat Mar 3, 2012
Steve Quintana answered:
Consult with an expert...do some reading on the subject...make sure you take your questions to your expert..insure you know what kind of short sale you are dealing with...Avoid blowhards ... more
0 votes 17 answers Share Flag
Fri Mar 2, 2012
David Stafford answered:
If there is a gate around a community, I would call it a gated community. That gate definitely is a crime deterrent, however imperfect. You might take it up with the residents and HOA to get locks installed on the ped gates. I do not know of any firm guideline of any time, determining when you can use a descriptor a gated community. In this case, it sounds like a reasonable descriptor to me. ... more
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Fri Mar 2, 2012
Ted Zmroczek, Ted Z. answered:
Hi Tom,

There was been more cooperation from lenders who are engaged in approving short sales. The process starts with the seller submitting your offer to the bank along their financial info, a hardship letter, an application and several other documents generated by the agent and title companies. Some Banks suchas the Bank of America have systems that can be monitored while the offer and the seller info is processed. It takes anywhere from 6weeks at the fastest to who knows what depending on the quality of the submitted docs and the offer itself. The Bank will ofter "counter your offer" leaving you with a decision to buy at their, price, resubmit another offer or walk away.

Please feel free to contact me for additional information at tedzmroczek@parginrealty.com


Thanx, Ted Z
... more
0 votes 6 answers Share Flag
Thu May 28, 2015
Ron Thomas answered:
You are not saying what the Deed Restriction is:
Some are added previously that continue with the property, such as a life/lease or a restriction to build certain types of businesses on the property.
Most Deed Restrictions nowadays are put there by HOAs who limit you on the color you paint the exterior or the type of roof you use.
Need more information.
It sounds like you are trying to buy without the guidance of a Realtor.

Good luck and may God bless
... more
0 votes 11 answers Share Flag
Thu Jan 10, 2013
Brian Fossa answered:
Not yet, but it is bank owned (BAC Home Loans), so it should come on the market in the future.
0 votes 8 answers Share Flag
Tue Jun 26, 2012
Christella Padilla answered:
I'll be glad to assist you. You can reach me at 505-252-2715. I look forward to hearing from you soon.

HAPPY NEW YEAR,

Christella Padilla
Coldwell Banker Legacy
0 votes 5 answers Share Flag
Sat Mar 3, 2012
Vicki Eisel Starinsky answered:
When purchasing a home, they look at many factors, including credit score and income. Your score is great, but the income would be too low to qualify for a home purchase of $100,000. Other things to consider is that although your score is high enough, you may not have enough trade lines aka revolving credit such as a car payment or credit card. You may be able to use alternative credit such as cell phone bill that you regularly pay on time every month. Typically they want three of these. You may qualify for a lesser priced home or maybe you can get someone else on the loan with you who can be considered a non occupied owner. I hope this has helped. ... more
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Sat Nov 12, 2011
Blythe Camenson answered:
Usually, yes. (But it depends on the type of loan you're getting.) You'd also have to show proof of funds or that a bank has prequalified you. If you'd like help finding the right property or getting financig, give me a call or text me at 450-7448. Blythe Century 21. ... more
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Sat Nov 12, 2011
Mona Romero answered:
Hi Matt,
As a short sale expert I can tell you that a short sale is no different than any transaction except for the fact that you need to have the seller's mortgage approval to sell the home for less than what the homeowner owes on the home.
The financing for the buyer can be any type of loan. There are times when a buyer would not be able to use an FHA loan product on a short sale and that would be in the event the property is in need of repair that would hinder it from passing an FHA appraisal or if your lender has specified repairs as a condition of financing.
I can provide you with an excellent resource for financing type inquiries if you would like.
I can be contacted directly at 505-362-3667 text or call. Also by email at MonaRomero@REMAX.net In addition you can follow this link to tons of short sale information and resources.
Best of Luck!
MONA
... more
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Sat Mar 3, 2012
Marge Bennett answered:
there will likely be 2 appraisals, one the bank does to set their value on their asset which they pay for and the 2nd the one you pay for if you are getting a mortgage to set the value for your lender. The 2nd is optional if you are paying cash or possibly if your lender and the selling bank are the same.

Until the offer comes back from the lien holder, you really don't have approval. You may be in contract with the seller if they signed your offer. look at your contract, see the time frames. Ask your agent for their advise.
... more
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Sun Oct 23, 2011
Brian Fossa answered:
Hi Matt, The initial valuation of the property is paid for by the lienholder, either by appraisal or by Broker's Price Opinion, to determine their basis for value of the asset they may acquire via foreclosure. Unless you are paying cash, there will be another valuation done by the buyer's lender. Lienholder usually will not pay for this, but every once in a while, they will, depending on the valuation of the property, or their specific motivations. In a short sale situation, an initial offer can be withdrawn at any point up to a buyer's acceptance of lienholder's conditions, and satisfaction of any inspection contingencies. I will say, if you think that you might "change your mind", short sales are probably not what you should be looking at. Lienholder's conditions can be curious & mind boggling at times. It really takes a little more commitment to the transaction than a regular transaction. There are bargains that can be had in short sales, but you must often persevere to successfully gain from them. Good luck to you. Brian Fossa, RE/MAX Elite ... more
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