Friday, December 21, 2012

Tips for Avoiding Closing Delays

It happens sometimes, and its no fun but there are delays in closing for time to time.  There are a few things that you , as the home buyer, can do to avoid delays and here they are -

  • Be sure your Realtor has submitted all inspection invoices if applicable. Most inspectors these days require that payment be made up front but some do not.  If those inspectors submit an invoice, the title company will need that documentation. When drawing up a final HUD statement, the escrow office will need to know who is paying for what.  
  • Invoices from all repairs should be submitted as well.  There are often repairs to be made and if the contractor's invoice are not on the HUD statement, it could put the brakes on the closing.
  • If you cannot be at the closing and intend to use power of attorney, you MUST provide the title company with all the proper paperwork.  If you do not know what the proper paper may be, call your Realtor or escrow officer ASAP so you can get this over to the title company right away.
These are a few things that can help when buying a home in Albuquerque New Mexico.  Your Real Estate professionals should be more than capable to help you with any questions you might have regarding you closing process.

Thursday, December 20, 2012

Does the house qualify??

So, you received your pre-approval for an FHA loan and you are ready to go see all the good deals that you have seen in the Albuquerque MLS.  Some of the deals look amazing!  You think to yourself "I can do some work on the home.  I'm good with a fixer-upper!"

Hold that thought...

If you have been qualified for an FHA loan there will be several things that the home itself must qualify for if your lender is going to invest in you and that home.  These items can range from a non-functional furnace to missing tiles or shingles on the roof to significant cracks in the walls or slab.  In other words, the home must be "turn key" in order for it to pass the FHA test which will be done by a certified FHA appraiser.

So, I would be willing to bet that a majority of those great deals are Albuquerque short sales or bank owned properties.  These homes are all sold as is.  The seller will not pay for inspections OR repairs.  You may get lucky on a foreclosed home (not HUD) and get the bank to pay for the FHA required repairs, but don't count on it.

My point is this; be careful about buying these types of properties and be SURE that your Realtor is experience in these types of deals.  They can be very risky and, before you know it, you could have thrown $1,200 at a home that will not qualify for the loan itself.  The inspections should be staggered and done one at a time based off what you and your Realtor discuss.  Paying for the home inspections one at time rather than all in one day could save the Albuquerque home buyer money.

by Tim Fish

Tuesday, December 18, 2012

Getting Ready

Before you begin selling or even looking for the home of your dreams, there are a few things you should do first.  Total preparation will help make the home selling and home buying process smoother and much more efficient.

Organize Your Finances

- Get a free credit report

- Make a household budget.  Figure out where money is coming and going.  You will need to know you income vs. you debts.

- If you haven't spoken to a mortgage professional yet, you can do he/she a favor by starting to gather the following items:

   - 3 years of income tax returns
   - Bank statements for the past three months. ALL PAGES!!
   - Current copies of pay stubs
   - Records of past derogatory credit issues that have been resolved (if need be)
   - Also, proof of supplemental income (if need be)

- If there has been a recent divorce or a bankruptcy, the lender will need to see all of those documents as well.

- And last, but not least, pay off minor debts and do not incur new debt (don't buy anything for the new house!)

Shop your loan according to your profession

There are several loans that may be specific to your area.  For example, here in New Mexico there is a loan that some qualify for that helps the buyer with down payment called NMFA.  You should be aware of such programs.  The best way to educate yourself is to speak with a mortgage professional like Mariah Trujillo at Legacy Mortgage.  These professionals are KEY to getting the best programs possible for you.

Call if you need home buying or selling help!

by Tim Fish

Tuesday, December 11, 2012

Glenwood Hills Albuquerque Homes

The Glenwood Hills Neighborhood is nestled along the Sandia Mountain foothills on the eastern border of the city of Albuquerque. Located south of High Desert, this community is well established with larger size lots and streets that seem wider than newer subdivisions developed these days.

There is easy access to many hiking and mountain biking trails in the Sandia Mountains and the paved bicycle/pedestrian trail that runs for 10 miles along Tramway Blvd. Makes exercising convenient. But if you prefer a gym, there is the Highpoint Sports and Wellness fitness center within walking distance. It is a private club that features such amenities as tennis and aquatics.

Glenwood Hills real estate is also located in close proximity to several shopping areas and many good restaurants so you have all the conveniences of city living. Eldorado High School is the public high school for this area. It's a top rated school in Albuquerque.

Another bonus is the police substation at the entrance to Glenwood Hills.Convenient city amenities and the Cibola National Forest creating a beautiful mountain landscape as your backyard, who could ask for anything more? Well, as a matter of fact this area has an active and effective voluntary property association that looks after the security and interests of it's homeowners. It is a really nice place to live and Glenwood Hills homes for sale are popping up daily. Contact The Albuquerque Real Estate Group for homes available in this area.

by Tim Fish

Monday, December 10, 2012

Buying in North Albuquerque Acres: Wells and Septic Tanks

Homes in North Albuquerque Acres range from double wide horse properties to $600,000 to $1,000,000 homes and sometimes more. There are several things to considering when buying in this area and the two biggest, in my opinion, are wells and septic tanks.

Some homes in Nofth ABQ are tapped into city sewer and city water but there are several homes that contain their own wells and septic tanks. These should be looked at closely when purchasing a home in this area. It is an absolute requirement that the septic tanks are looked at. Some of the septic tanks have been install quite some time ago and may need to be updated to the newer three chamber system, which is basically a sewage treatment system on the property. Once the septic issues have been ironed out (if any), the septic system will have to be recorded in the new owners name along with the well.

Well inspections typically will test the quality of the water and the condition of the well equipment itself. If the well water tests come back bad, the well water itself may be corrected, so don't freak out! Ask your Realtor to explain your options so you are crystal clear on what must be done in order to ensure the water supply to the property.

Happy home hunting!! Call us if you need help or have questions at 505-385-9303

By Tim Fish