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Home Buying in Rio Rancho : Real Estate Advice

  • All107
  • Local Info8
  • Home Buying36
  • Home Selling12
  • Market Conditions9

Activity 20
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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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

Your real estate expert.
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0 votes 11 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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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 Stafford
360 Ventures Real Estate
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0 votes 6 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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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,

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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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Sun Nov 13, 2011
Alan May answered:
Does your contract give you a "mortgage contingency"? If so, if you can't qualify for the loan, based on appraisal... that will give you the "out" you need, and typically full return of your earnest money.

But check with your Realtor, agent or attorney (whomever you used to help you write and submit the contract), and they'll be able to fill you in on your options.
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Fri Feb 11, 2011
Susan Agostini answered:
Since realtors are not legal advisors, I would recommend you contact a reputable title company or a real estate attorney who are familiar with the proper documentation and also various vestings to property. Good Luck! ... more
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Sun Oct 30, 2011
Lila Simpson answered:
I'm getting ready to list a full acre lot close to Norther and Unser. Costs for improvements like a well will depend on the specific property. Wells can be anywhere from $20,000+, septics from $8,000+ and with all of the land inventory you may consider finding a property that already has some of these improvements. Let me know if I can be of assistance!

Lila Simpson
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Thu Oct 28, 2010
Christian Juarez answered:
Lot 77 is owned by MYERS, KELLY SMITH & STEVEN CHARLE; and lot 75 is owned by Zia Trst Inc. Let me know if there is anything else I can help with! Christian 505-553-0594
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Sun Oct 30, 2011
Arthur Miller answered:
You really need to sit down with a loan officer to discover where you stand. The conditions to be approved for a loan are always changing and everyones situation is different. I have had great results with Superior Mortgage, West Star, and People's Bank. ... more
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Sun Jan 31, 2010
Anna M Brocco answered:
For accurate information, why not visit with any qualified loan officer(s) first-- see exactly what your budget can handle and check your credit score. FHA loans require a minimum credit score of 620 and 3.5% down. ... more
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Thu Oct 22, 2009
Nancy Peebles-Moore answered:
If you live in the area it is best to have your own appraisal done. If you want to move in the area contact a local realtor.
0 votes 2 answers Share Flag
Mon Nov 7, 2011
Grace Hanamoto answered:
Hello Christina:

Unfortunately, unless you are a real estate board paying real estate agent (in other words, an "active" agent), you will not have access to the contracts that the agents use, and, we cannot provide a "blank" form to you either. In most cases, the forms we--as Realtors use--are forms used only by agents for clients.

However, you can get forms from other sources such as US Legal forms at You will definitely have to pay for these forms since you are using the product of a legal company or legal service, but the cost appears to be modest --under $10 for a contract vetted by an attorney familiar with New Mexico's laws.

Good luck in the sale of your home, and I'm sorry that we cannot provide you with the forms that come from a Realtor's office.

Grace Morioka, SRES, e-Pro
Area Pro Realty
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Sun Oct 30, 2011
The Hagley Group answered:
Sometimes the homes on Trulia are provided by a third party (like RealtyTrac) and are not for sale at all.
0 votes 2 answers Share Flag
Sun Sep 6, 2009
* answered:
Hi Andy,

Not sure why you do not want the information from a realtor. I hope it is not because of a bad experience. I am a realtor who lives and sells a lot of upper end homes in Rio Rancho. I am always giving out this information to members of my church and neighbors. You are not obligated for any market information through me. The board of realtors reported for June that Pendings in Rio Rancho is up 35%. Again I do not want to pressure and if you decied you want more info please just send an email. ... more
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Tue Jul 21, 2009
Lori Rossi answered:
The home may be in probate court if the homeowner did not have a will.
0 votes 4 answers Share Flag
Tue Jul 21, 2009
Sandy Gilman Weishaupt answered:
Hi Maria,
Thank you for asking a great question, especially in these difficult financial times! Your heating bill will be based not only on the size of your home, but on several factors including the the age of the home. For example, new homes are usually well insulated. Also, some homes have additional sources, such as a pellet stove to take some of the load from your heating bills. By the way, there are many ways to safely insulate and seal your home in the winter. If you would like, I will send you information on how to accomplish that.

Also, there are many, many homes on the market in Rio Rancho right now. I specialize in helping buyers find the right home for all of their needs. I would love to help you with your search, and I would respect your privacy if you would only like for me to send you information on some of the beautiful homes that are available right now.

Please feel free to contact me at any time!
Sandy Gilman
ePRO Realtor, ABR
Coldwell Banker Legacy
505-892-8900 office
505-891-6428 voice mail
505-250-9100 mobile
505-468-0902 fax to desktop
505-891-5485 or 891-5691 fax to office
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