Continued Happy New Years to everyone from Archer and family. I thought Id post a sample of some of the Buyers and Sellers Tips that have been generously provided for us by the NAR. There is some really good information and common sense in these hand outs. Take advantage of the free offer and request any of the handouts listed previously.
I am working on getting the Handouts for Sellers Table of contents list posted too.
Can you believe that almost 45% of the homes reported sold in December were Foreclosure properties or Short Sale candidates.
Short Sales require a patient Realtor who understands the complexity of the process. But short sales are not for everyone. In fact not everyone "upside down" in their home can even qualify for a short sale. Frankly there may be other (better ?) options for homeowners who are now having payment issues with their homes. Ask your RE professional if you are a candidate for loan modification, short sale, or one of several other measures designed to get you through the hard times. A Realtor worth his salt will have a handle on the options that distressed home owners are facing.
I will be happy to discuss your situation personally and privately, and can give you resources that may be able to help.
It's even possible for Sellers to sell traditionally (with little or no credit damage) if the debt and value numbers are not too out of balance.
Buyers handout 19 is posted below. Good information especially for the FIRST TIME HOME BUYER or for the Buyer who has been away from the market for awhile...
10 Things to Take the Trauma Out of Homebuying
1. Find a real estate professional who's simpatico. Homebuying is not only a big financial
commitment, but also an emotional one. It's critical that the practitioner you choose is
both skilled and a good fit with your personality.
2. Remember, there's no "right" time to buy, any more than there's a right time to sell. If
you find a home now, don't try to second-guess the interest rates or the housing market
by waiting. Changes don't usually occur fast enough to make that much difference in
price, and a good home won't stay on the market long.
3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision,
but too many ideas will make it much harder to make a decision.
4. Accept that no house is ever perfect. Focus in on the things that are most important to you
and let the minor ones go.
5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate
process, but trying to"win" by getting an extra-low price may lose you the home you
love.
6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical
aspects of the house itself--room size, kitchen-that you forget such issues as amenities,
noise level, etc., that have a big impact on what it's like to live in your new home.
7. Don't wait until you've found a home and made an offer to get approved for a mortgage,
investigate insurance availability, and consider a schedule for moving. Presenting an
offer contingent on a lot of unresolved issues will make your bid much less attractive to
sellers.
8. Factor in maintenance and repair costs in your post-homebuying budget. Even if you buy
a new home, there will be some costs. Don't leave yourself short and let your home
deteriorate.
9. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home,
especially for the first time, is a big commitment, but it also yields big benefits.
10. Choose a home first because you love it; then think about appreciation. While U.S.
homes have appreciated an average of 5.4 percent annually from 1998 to 20A2, a home's
most important role is as a comfortable, safe place to live.
Chapter 19
Reprinted from Realtor Magazine Online by permission of the NATIONAL ASSOCIATION of REALTORs
Copyright 2005. All rights reserved. www.REALTOR.org/realtormag
RETURN TO DREAM HOME NEW MEXICO
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