Real Estate in New Mexico
Ruidoso Real Estate
Ruidoso, Alto and Lincoln County, New Mexico Real Estate
 

BUYERS TIPS

   

Scott & Stacey Miller Owners Scott Miller Qualifying Broker

 
REAL ESTATE IS STILL ONE OF THE BEST INVESTMENTS YOU CAN MAKE.


Buying your new home is a serious venture. It can be an absolute pleasure or a massive headache.
Your houseis not just your home, it is a serious investment in the dwelling, the area and your future
.

When buying a home - you're bound to have many questions. For example, "In what area can I find a home
thatsuits my needs?", "How much money will I need to afford the monthly payments?" and "How long
will the home
buying process take?"

Advice for First-Time Buyers

Pre-Qualification: Meet with a mortgage broker and find out how much
you can afford to pay for a home.

Pre-Approval:
While knowing how much you can afford is the first step, sellers will be much
more receptive topotential buyers who have been pre-approved. You'll also
avoid being disappointed when going after homes that are out of your price
range. With Pre-Approval, the buyer actually applies for a mortgage and
receives a commitment in writing from a lender. This way,assuming the
home you're interested in is at or under the amount you are pre-qualified
for, the seller knows immediately that you are a serious buyer for that
property. Costs for pre-approval are generally nominal and lenderswill
usually permit you to pay them when you close your loan.


List of Needs and Wants
Make 2 lists. The first should include items you must have (i.e., the number
of bedrooms you need for the size of your family, a one-story house if
accessibilityis a factor, etc.). The second list is your wishes, things you
would like to have (pool, den, etc.) but that are not absolutely necessary.
Realistically for first-time buyers, you probably will not get everything on
your wish list, but itwill keep you on track for what you are looking for.

Representation by a Professional
Hire your own real estate agent, one who is working for you, the buyer,
not the seller.

Focus & Organization
In a convenient location, keep handy the items that will assist you in
maximizing your home search efforts. Such items may include:
• One or more detailed maps with your areas of interest highlighted.
• A file of the properties that your agent has shown to you, along
with ads you have cut out from the newspaper.
• Paper and pen, for taking notes as you search.
• Instant or video camera to help refresh your memory on individual
   properties, especially if you are attending a series of showings.

Location
Look at a potential property as if you are the seller. Would a prospective
buyer find it attractive based on school district, crime rate, proximity to
positive (shopping, parks, freeway access) and negative (abandoned
properties, garbage dump, source of noise) features of the area?

Visualize the house empty & with your decor
Are the rooms laid out to fit your needs? Is there enough light?

Be Objective
Instead of thinking with your heart when you find a home, think with your
head. Does this home really meet your needs? There are many houses on
the market, so don't make a hurried decision that you may regret later.

Be Thorough
A few extra dollars well spent now may save you big expenses in the
long run.Don't forget such essentials as:
• Include inspection & mortgage contingencies in your written offer.
• Have the property inspected by a professional inspector.
• Request a second walk-through to take place within 24 hours of closing.
You want to check to see that no changes have been made that were not
agreed on (i.e., a nice chandelier that you assumed came with the sale
having been replaced by a cheap ceiling light).

All the above may seem rather overwhelming. That is why having a profes-
sional represent you and keep track of all the details for you is highly recom-
mended.Please email me or call me directly to discuss any of these matters
in further detail.

How to Negtiate with Seller
Buying a home is one of the most important purchases most people will
make. In order to make the right decision the first time, potential buyers
need to be prepared. Consider the following Be prepared

Be Prepared
Research the housing market in the target area. Once you have information
about the general area, focus on the particular property and seller. Look for
answers to questions such as:
• Why is the homeowner selling? (If they're moving because they find the
   area undesirable, you might want to consider this issue.)
• How long has the home been on the market? (If it has been on the market
   for a long time, perhaps there are negative facts about the property that
   you need to know.)
• How much did the seller pay for the home compared to the current asking
   price? (If the seller paid more, find out why. Was it a general real estate
   trend, or did property values in that particular neighborhood go down?)
• What is the seller's time frame for selling and moving? Does it fit within
   your needs?
• Are there any defects in the home or problems with the surrounding    
   neighborhood? (For example, is the roof so old that it will likely leak during
   the next storm? Is there a new construction project in the area that will   
   lead to major traffic congestion?)
• As the potential buyer, you want the advantage. While you want answers
   to all your questions to the seller, reveal very little about your circum-
   stances. Do not give the seller personal information such as your income,
   the maximum you are able to pay for a down payment or the home, or
   when you want to move. Make sure that your agent knows not to reveal
   any such information to the seller or his/her agent.

Also, do not let the seller see how much you want the property. If you appear
desperate or overly enthusiastic, the seller then has the stronger bargaining
position. When meeting with the seller or listing agent, keep your emotions
in check.

Etablish a Timeline
Find out if the seller needs to have the sale closed sooner rather than later.
Ifthe seller is feeling pressured to sell, use that to your advantage in nego-
tiating. Even if you, the buyer, are the one with the deadline for purchasing
a home, don't let yourself be rushed into making concessions or a purchase
you may regret later.

Advice for First-Time Buyers
Fortunately for buyers, there are a variety of mortgages to choose from.
It is in your best interest to investigate each of them to determine which
is the best for your situation. You probably won't qualify for all of them.
In fact, you may only qualify for one. But if you do qualify for more than
one, you may save yourself money (and worry) in the long run if you do
your home-work before signing on the dotted line.

Establish a Timeline
Find out if the seller needs to have the sale closed sooner rather than later.
If the seller is feeling pressured to sell, use that to your advantage in neg-
otiating. Even if you, the buyer, are the one with the deadline for purchasing
a home, don't let yourself be rushed into making concessions or a purchase
you may regret later.

Types of Motgages
Fortunately for buyers, there are a variety of mortgages to choose from.
It is in your best interest to investigate each of them to determine which
is the best for your situation. You probably won't qualify for all of them.
In fact, you may only qualify for one. But if you do qualify for more than
one, you may save your-self money (and worry) in the long run if you do
your homework before signing onthe dotted line.

Fixed Rate Mortgages
• You plan on living in your new home for many years, and/or
• You are not a risk-taker and prefer the stability of knowing
   how much your payment will be each month.

Since most home loans are for a period of 30 years, if you want a payment
you can count on for that long of a period of time, a fixed rate mortgage
may be what works best for you. Once your loan amount and interest rate
are calculated and locked in, a fixed rate mortgage will guarantee that you
will have the same payment over the life of the loan. Making extra payments
to principal will allow you to pay your loan off sooner.

This may not always be the best choice, however. If interest rates
are very high at the time you take out your loan, with a fixed rate
mortgage you'll be stuck with that high interest for the life of the
loan(unless you choose to refinance). Conversely, if interest rates
are very low, you'll come out the winner with interest rates that
will stay low no matter how high interest rates go in the future.

The following are the advantages and disadvantages of the
varying lengths and terms of fixed-rate mortgages.

Fixed Rate Mortgages
• Pay off the loan in half the time of a 30-year loan.
• Equity builds up more quickly than in a 30-year loan.
• Payments are higher (which may be a problem if you
   lose your job or become unable to work).

20-Year Fixed-Rate
• Pay off the loan in 2/3 the time of a 30-year loan.
• The overall interest paid is considerably less than
   for a 30-year loan.

30-Year Fixed-Rate:
• The most common choice, especially for first-time homebuyers,
   as it's the easiest of the fixed-rate loans to qualify for.
• Monthly payments are lower than for 15-year and 20-year loans.
   This can prove especially helpful if you do not have a lot of "padding"
   between the amount you can afford to spend and the monthly
   payment for your desired property.
• More desirable if you plan on staying in the same home for years,
   since equity builds more slowly than for shorter-term loans.
• For income tax purposes, this term provides the maximum
   interest deduction.


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Premiere Homes & Premiere Service

There are many Alto, New Mexico Homes for Sale today. Don't miss out on this great opportunity. Home prices and sales are difficultto predict and Alto, New Mexico Real Estate reflects some great potentials for investment. We are located in Alto and are completelyin tune with Alto Real Estate for Sale. Alto Golf Communities are nothing short of beautiful with panoramic views to enjoy during your golfing game. If looking for Golf Course Properties, be sure to contact us through the address below. We're also at your disposal should you be searching for any Ruidoso Homes
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I hope you enjoy our site and know that we are committed to provide you with
services that more than meet your expectations ... getting your home sold in
Ruidoso or Finding a home in Ruidoso and its vicinity.

Scott Miller Qualifying Broker

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