Friday, August 31, 2012

Top 10 Buyer's Tips 2 of 10

It always seems to amaze me how much paperwork is required to acquire a home mortgage, and rightly so.  After all, buying a home buying in Albuquerque should not be taken lightly.  Buying a home is most likely the largest investment a family or individual can make.  The entire process takes about 30 days, give or take.  There are several documents that are required by an underwriter during this process.    Then, just when you think you have given everything you possibly can, they will ask for more.

In my opinion, the process is justified by the current market conditions.  When I first started selling Albuquerque homes for sell, the running joke was "fog a mirror, get a loan".  "B" paper was a popular category.  Almost anyone could get a home mortgage.  Then the floor fell right from underneath us.  Hence the strict guidelines today.

So, my number two tip for buying a home in Albuquerque, whether you are looking for a homes for sale in Tanoan or homes for sale in Edgewood, GET PRE-APPROVED!  Not pre-qualified but pre-approved.  Once you have obtain prof of your pre-approved in the form of a letter, then hit the pavement with you Albuquerque Realtor and find that home!  One more thing.  I recommend using a local lender that knows your current market.  They will most likely know how to avoid many of the pitfalls that a large, out of state lender would not be privy to.

by Tim Fish

Thursday, August 30, 2012

Top Ten Buyer's tips - 1 of 10

When working with buyers for homes in Albuquerque, I often am asked several questions during the entire process.  With each sale comes a unique set of questions and problems.  Every deal seems to be different from the last.  Some buyers like to try a control every little detail down to the paint color on a sheetrock repair (which is perfectly fine) and others sit idly by and trust that their professional realtor is in compete control (which is also fine).  Point is, every deal is different.

With all this being said, I think my point is that it may be ok to ask a friend or neighbor how he or she's home buying adventure went, but keep in mind - your real estate adventure will be different than theirs!  Whether you are looking at Ridgecrest homes for sale or High Desert homes for sale, Each deal is costume tailored.

My very first tip for buying a home seems like a simple one, but it may be the hardest.  A buyer must first DECIDE to buy.  Once this has been accomplished, the process gets about 50% easier.  I have seen doubtful buyers too often and it is difficult for all parties involved to commit 100% towards that goal.  Its like being on a team that is not too sure if they really want to win the game.  But once that team is committed 100%, there is not much that can stop that team from winning!....except financing, but we will cover that one next!

by Tim Fish