Thinking about buying an HUD foreclosure?

  HUD foreclosures can be a very good buy, and because of the pricing it is a tempting thing to do. But is buying a HUD home for everyone?

  No.

  Purchasing a HUD foreclosure is tricky and should be approached with caution.
Once a sales price is established and agreed by HUD, it is wise to have an independent inspection of the home. This will give you an unbiased opinion as to the condition of the property. The cost of the inspection varies but you can expect somewhere $350- $1000. The inspections are the cost of the buyer and must be paid at the time of the inspection.

  Additionally, if the utilities must be turned on to complete the inspections, they must be turned on in the Buyers name and that cost must be paid in advance as well. If the property has been winterized the buyers must deposit a de-winterization fee with HUD to be used to re-winterize the property after the inspections have been completed.

  If the utility meters have been removed the buyer is responsible for the installation of the meters at the time of reinstall. If the gas meter has been removed the buyer must pay for a pressurization test to insure the gas may be turned on to the property.

  Obviously, the cost of determining the condition of the property could exceed $1,000!
If you decide that you do not want to purchase the home the monies paid are gone.

  So, before you are tempted with what seems to be a great deal, remember what it will cost you just to find out!

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.

by Tim Fish

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

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

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

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

Top 10 Albuquerque home buying tips 3 of 10

My #3 tip for buying an Albuquerque home for sale, whether you are looking for Sandia Heights homes for sale or Glenwood Hills Real Estate would be this - try not to see too many homes.  There are several homes for sale right now in our Albuquerque MLS and it could be a bit overwhelming.  Try to narrow down your needs and the area you would like to live in and work with your Realtor to search for the right home.  It can be very confusing and very exhausting trying to see too many homes.  This, more often than not, will burn out a buyer.

So, communicate your needs with Realtor and he or she will get you on the right track!

By Tim Fish

Zillow states they are the "Largest" real estate website

The Big "Z"?

Things are changing in the Real estate web world as Zillow moves into the number 1 spot. Many agents are paying fees to be a part of the Zillow "Premier Agent" program. Zillow then takes the funds they receive from "Premier Agents" to assist in funding their site.

Problems exist for Zillow in the New Mexico search because New Mexico is a non-disclosure state. This means the terms of New Mexico home sales are not made public. In most areas the Zillow Zestimate of value is very accurate, however, our disclosure laws cause a real problem with Zillow Zestimate.

When a market analysis of value is needed in New Mexico, whether it be homes for sale in Corrales or homes for sale in Sandia Heights, A trusted real estate advisor is necessary.

At the Albuquerque Real Estate Group we use the same comparable data that is made available to the lenders appraisers.

If you are looking for fast and Accurate estimates of value please feel free to give us a call! We would love to help you!

As always, for all your Albuquerque real estate needs, whether Albuquerque Homes for sale, or
Albuquerque Real Estate Brokers, be sure to contact The AlbuquerqueRealEstateGroup.com

by Tim Fish

Thinking of buying a home now in Albuquerque?

Thinking of buying your first home? Is now the right time? Is this the bottom of the market?

Despite the economic hard times our Country has seen lately, the housing market here in Albuquerque has been showing signs of recovery. Home prices are low and interest rates are very good. There are some great deals just waiting for buyers to snatch up.

The fun part is looking at all the options a buyer has these days. From brand new homes that can be somewhat customized to bank owned fixer uppers and everything in between.

The first thing a potential new buyer needs to do is figure out how much home they can afford. Most people have no idea. This is why speaking with a lender is so critical. Sometimes buyers are surprised at how much home they can afford. Also taking into consideration, the tax breaks of home ownership.
Other times, they are surprised to learn that monthly payments will include private mortgage insurance or taxes higher than they assumed. Either way, this is the first step.  Whether you are looking to at homes for sale in Rio Rancho or homes for sale in Glenwood Hills, we can help!

At the Albuquerque Real Estate Group we work with lenders that make this first step super easy. With one phone call a buyer can get all their loan related questions answered. It is a simple process to start.  There are many programs available and it is essential buyers finds the right one. Another plus is that then a buyer knows what price range they should be looking in.

Then comes the fun part, looking at homes! Our website is a great way to search for homes in Albuquerque and the surrounding areas. Feel free to call or email us with any questions. We are waiting to help you find your new place to call home. As for the question "Is this the bottom of the market?" Nobody really knows. In fact there is only one way to tell...and that is when the market is on it's way back up. Don't miss out!!

By Tim Fish

North Albuquerque Acres, A great place to live!!

An area that has received increased attention is in the extreme northeast section of the city, and it is called North Albuquerque
Acres.

Originally it is said that this distant area of Albuquerque was used as an enticement to get young professionals to relocate to your fair city. When they came they received a lot! What a deal right? Well back then it was a long way north of the existing City limits!

Times have changed! Now North Albuquerque Acres provides a tranquil escape from the inner city life. One of the main attractions of the area is the abundance of wildlife! I remember that one Christmas eve my wife and I returned home to be greeted by a small herd of Deer in our front yard. Quail are a big part of the area as well. In the spring it is common to see a mama quail running down the rear wall when a half a dozen babies all in a line running right behind her.

On another occasion I recall standing in my backyard watching the sun set on the Sandia mountains and suddenly the largest Owl I have ever seen came swooping up and landed on our roof. Our feathery visitor remained there for about an hour before it flew away.

Almost every night you can hear the sound of coyotes howling during those waining moments of day light. Then only quiet exists.

We loved it there and I can recommend North Albuquerque Acres homes for sale to anyone wanting city convenience yet a country atmoshere.

Be sure to visit our site and watch the Video on North Albuquerque Acres!

As always remember, we are here to assist you!

by Tim Fish

Several choices in (Home) shopping - guest blog, Lorri Zumwalt

My teenage daughter and I were shopping the other day. The sales associate that helped us was someone that clearly did not belong working with the public. She was incredibly rude and condescending. Argued with me over whether a product existed or not. I was right. I knew more about what she was selling than she did.

Yeah, it was the make-up counter at a department store. Let's not underestimate the importance of finding the right anti-aging serum. Also, it was gift with purchase time.

My daughter is in her second year in a high school marketing class. She is very observant and notices both good and bad customer service, even at age sixteen. She said "Let's go to another store that sells this same stuff!" My response was "You are right, I will not give her my business." My daughter is aware that consumers have options.

We at the Albuquerque Real Estate Group understand that you have options too. Our goal is to give excellent customer service, whether you are looking for Rio Rancho real estate or Edgewood real estate. We want people to share their experience as a positive one. If you are looking to buy or sell Albuquerque real estate, please contact us!

My daughter and I both made purchases that day from the same store. Like I said it was gift with purchase time and that limited our options. We just found a different sales associate that had a great attitude and was happy to help us. After I explained to my daughter that these ladies work off commission she said "That first lady will not last very long!" I could not have said it better myself!

Happy Shopping!! :)

by Lorri Zumwalt

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

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

Homes near Nob Hill, Albuquerque

A lot of times, when people think of homes for sale in Nob Hill Albuquerque, they tend to think older "fixer uppers" that cost an arm and a leg.  This usually ends their dream of living in one of the homes in the UNM area.  In fact, there are several homes in the surrounding area that are quite affordable and I recently have had the privilege of listing such a home on 5000 Palo Alto, Albuquerque, for $255,000.

The features of this home are -

1 story
1944 square feet
One car garage (two car tandem)
Original wood flooring
Kitchen opens to newer living area w/fireplace
3 bedroom
2 full bathrooms
Newer windows
And Very, Very Clean!

Enjoy the video!

by Tim Fish

Affordable homes in great areas of Albuquerque!

I recently took a great listing in a fun little area of Albuquerque.  The home is located in an Uptown neighborhood in Albuquerque.  This area is near several great shopping areas including the infamous Uptown Albuquerque.  This outdoor shopping area contains an Apple store, Bebe, Williams Sonoma, California Pizza Kitchen and several other great shops.  It really is a great outdoor shopping experience!

The home is a 3 bedroom, 1 full bathroom on a BIG lot.  It is approximently 1520 square feet and very, very clean! Listed at only $150,000. Check out the video below!

Thanks for watching!

by Tim Fish

The Numbers Don't Lie!!

The Real Estate Data from FHFA is interesting to say the least! I logged into the site and downloaded their current report and found out that their numbers are from conventional purchase and refinance appraisals across the country. According to their numbers,the USA seasonally adjusted house price index for the Q1 2012 was up .48% from the same quarter one year earlier. Doesn't seem like much to shout home about does it? Well, it is a big deal when you see that this .49% increase actually represents a 3.05% increase over Q4 2011! Also this number is the first positive increase in the national price index since Q2 2007!! What about Albuquerque? Albuquerque MLS has experienced a -15.6% annual appreciation since Q2 2007. We are not out of the woods just yet but we have been growing in the right direction for the last 2 Quarters! There are roughly 2836 residential properties for sale in Albuquerque as of 5.19.12. According to the Greater Albuquerque Association of Realtors, there has been 1549 closings Q1 2012. If this were the end of the first quarter it would indicate less than two month's supply of homes available!! Based on the above stats, it seems that the supply is beginning to reach a critical point which will lead to rising home prices. In other words: Now is the best time to buy or relocate to Albuquerque!!

by Tim Fish

Big City vs Small City

My family and I recently visited Chicago, the third largest city in the US. It got me thinking, could I live in a big city? First of all, forget driving. There is no way I'd want to compete for road space with all the taxi drivers. The fact that everything is in walking distance or a cab ride is pretty cool. There were times I encouraged my kids to walk long distances in an effort to save the cab fare. My cheapness would probably get me in great shape.

Actually the walking would help offset all the eating. Big cities like Chicago have some fantastic restaurants. You can get just about any kind of food at any time of day. My wife's favorite was the Italian Beef sandwiches and mine was the pizza. Normally I don't like deep dish, but this was crispy and so delicious.

The "Magnificent Mile" sure lives up to it's name. Every store you could imagine is there and some you never would have thought of. From the very expensive Tiffany's and Saks Fifth Avenue to Old Navy. The highlight for me was seeing Kelsey Grammer and his very pregnant wife shopping in a high end luggage store. He made a purchase, I didn't.

Now let's compare housing prices found in the Albuquerque MLS. You can get a condo in the downtown area for a few hundred thousand and up to several million. These look like apartments, stacked one on top of another with no yard. No thanks! Let's just say, your real estate dollar here in the Albuquerque Real Estate Market buys you a heck of a lot more. Albuquerque relocation would be as easy decision for me!

First of all, I like to drive and do not want to rely on someone else to take me places. Pizza in Chicago was good, but Dions pizza with green chile is better. The shopping was fabulous, but there is nothing I need that I can't get from our stores here or on-line. The bonus is I avoid the 9.5 percent sales tax. The big difference is I like open spaces, mountain views, and the quietness of small town life. Albuquerque is just big enough.

by Tim Fish

It's Sunday and you'll find be biking the paths...

by Tim Fish

Saturday and Sunday afternoons you will find my wife and I biking along the Rio Grande river! What a wonderful afternoon! There is a black topped walk/bike path that begins at Alemeda NW and Rio Grande NW and goes all the way to South of Central by the Zoo.

Seeing the North Valley homes in Albuquerque offers all kinds of little surprises that make your time there special. In addition to the bike paths there is a great nature center at the West end of Candelaria NW. It's a special place for Adults and children alike.

There Farmer's markets providing fresh vegetables, Wine festivals featuring fine wines of New Mexico, and even a Lavender featuring everything Lavender.

There are horses, cows, chickens, and camels (yes a camel!). A rural area fighting the encroachment of the city!

This is another great choice as a place to reside. If you are a horse lover there are places throughout the valley that offer great riding along a ditchbank.

We hope you enjoy the attached video,

If you would like more information about homes for sale in Albuquerque and homes for sale in Albuquerque North Valley please contact us at TheAlbuquerqueRealEstateGroup.com

CAUTION....Children at play!!!!

by Tim Fish

What a place to live! If a secure neighborhood is tops on your list, if enjoying the outdoors holds a special place in your heart, if you like to socialize, and if you enjoy a great place to play golf then you might consider homes in Tanoan Country Club for sale. This area is a must see in Albuquerque New Mexico!

This beautiful subdivision is located in the far Northeast heights and generally has wonderful views of the Sandia Mountains. Hiking, biking are also very close to Tanoan.

There is a A+ 27 hole private golf course that will challenge the skills of any handicap golfer. The clubhouse has a restaurant, snack bar, card room, and Pro shop.

Homes begin in the low $200"s.

We hope you enjoy our video on this beautiful golf course community!

If you would like more information on Tanoan, or any of the Albuquerque golf communities please contact us at TheAlbuquerqueRealEstateGroup.com

Homes in the area of the University of New Mexico

by Tim Fish Summer in New Mexico is wonderful!! Daffodils have bloomed everywhere, the dry temperature is in creeping up and the fruit trees burst to life in a rainbow of color.

One of the areas that seem to wake up from winter's sleep quickly is the University of New Mexico neighborhoods. I believe it's because the growth of the vegetation is mature. Lots of tulips, daffodils, and crocus seem to pop up around many of the homes in the area.

The pedestrian traffic on Central avenue around UNM comes to life too! Ridgecrest homes for sale and homes in Nob Hill are some of the most popular in town. Stores of every kind line both sides of Central and shoppers and lookers are everywhere.

The style of the housing here varies, some homes are made of mud and flat roofs. Others are covered with stucco and have beautiful pitched tile roofs. Other homes are very contemporary and seem to have survived the early 50's (They actually did!)

Older is the norm, warm is the feeling, and peaceful is the reality. Don't let me mislead you, "Rockin" is just moments away!

The university area is always a wonderful choice of lifestyle!

We hope you enjoy the video attached!

Please remember, for more information about the Albuquerque homes for sale around the University of New Mexico contact us at TheAlbuquerqueRealEstateGroup.com

by Tim Fish