Wednesday, September 29, 2010
Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of the property.
In Albuquerque real estate transactions, it is a customary practice that the seller will pay for the owner's policy on the closing of their Albuquerque home. The interesting part is that Albuquerque home builders (as sellers) will pass this cost on to the buyer, thus causing the buyer to have to pay this cost again when they sell the house. Buyers of Albuquerque homes should be aware of this when they factor in the costs of purchasing a new construction home in Albuquerque.
For questions regarding title and the process - contact Fidelity Title
Have questions about real estate in Albuquerque? Come see/email/chat/ with us anytime!
Wednesday, September 22, 2010
In Albuquerque, for example, customary closing costs for sellers are the title fees, and the buyers' closing costs are typically anything associated with their loan. The buyer may be asked to pay for the inspections and home warranty if these are desired.
"Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Closing costs normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey. Closing cost percentages will vary according to the area of the country; lenders or Realtors® often provide estimates of closing costs to prospective homebuyers and sellers."
In my co-authored book "Get the Best Deal When Selling Your Home, Albuquerque, New Mexico Edition" - I provide a comprehensive list of definitions and guidelines for selling your Albuquerque home.
You can contact me for a free copy anytime!
Linda DeVlieg, Associate Broker
Coldwell Banker Legacy
Albuquerque, New Mexico
Monday, September 20, 2010
First in a series of articles regarding 'real estate words' that you might encounter in your search for an Albuquerque home or while selling your Albuquerque home.
A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed, or if a provision of the mortgage is violated.
You may run across this term during the course of a Real Estate Contract (or in common terms Seller Financing). If you are buying a home with a NM Real Estate Contract and someone talks about the 'acceleration clause' be aware of the practical applications of this term. If the home you are purchasing (or selling) has an existing mortgage on it, most likely the mortgage document has an 'acceleration clause' contained in the document which prevents you from transferring ownership of the property without paying off the existing loan. If you buy a home with a NM Real Estate Contract, you may be asked to 'wrap' the existing mortgage, and file a Special Warranty Deed, thus transferring ownership of the property. If the existing mortgage holder discovers this, and this is a violation of the terms of the mortgage, they may impose the Acceleration Clause and you and/or the seller may be forced to pay the entire principle balance or face foreclosure of the property.
Before considering a New Mexico Real Estate Contract or Owner Financing for the purchase or sale of a home, be sure and contact a real estate attorney for advice on how to proceed.
For more tips and advice, please feel free to contact Linda DeVlieg's eTeam Real Estate Group anytime.
Stay tuned for regular updates and more definitions that help you in your Albuquerque Real Estate experience
Tuesday, September 14, 2010
Why hire a professional designer - to avoid costly and time consuming mistakes, for one. Secondly, to save on your time – a professional knows where to go and who to talk with. Your time is valuable and a designer can save you time, money and headaches, especially when it comes to knowing where to go. Thirdly, to obtain the desired result/outcome of the project. Many people think that watching HGTV gives them liberty to do everything themselves. This is a mistake. When you do not really know what you are doing – only think you do – that is the result a potential buyer sees, a “do it yourself job”. Not the result you should be going for.
In this economy, time is money and selling a house takes time – why waste it. Hire a professional – if only for a few hours. Perhaps you need help with picking out a new paint color, ideas on staging your home, what to take & what to keep, etc. The point is to sell your home as quickly as possible – this is not the time to be frugal. The term “spend money to make money” applies here more than you may realize. If you need to spend $20,000 to fix up your home to sell it, then do so if you are able to. You can increase the price of your home by $30,000 - $50,000 with these improvements and then the house can be listed in a higher category bringing in a new range of potential buyers. I know for a fact this works – I’ve done just that for clients. Good luck and stay positive!
And for help selling your home once it's perfectly staged, please call Linda at the eTeam Real Estate Group. I'm here to help with ideas, a complimentary market analysis and research tools to help you get started!
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