Albuquerque First Time Home Buyers Guide

.So you’ve decided the time is right

for you

to buy your first

Albuquerque Home

.You’ve decided you how much you can afford, you've found the right house and nowyou’re ready to make an offer. What does that really mean, Make an Offer? Well itmeans you’re going to write a proposal. The proposal goes on a Real EstateAssociation of New Mexico (RANM) form called a purchase agreement.The purchase agreement is a contract, and therefore you should think carefully throughwhat you propose before you write it. Here are some of the things you need to consider to protect yourself when you’re ready to make an offer.

Making an Offer on an Albuquerque Home for Sale

Here’s what you’ll need to consider and maybe even negotiate when you make an offer on an

Albuquerque Home

Purchase price

. How much are you going to offer? Should you just offer full price? I’dsay not usually, unless the home just came on the market, it looks perfect, you loveeverything about it and it seems like it is priced to sell. In that case you might consider it, but usually there is some negotiating involved.Since you are not an expert on the

Albuquerque Real Estate Market

, you’ll need theguidance of an

Albuquerque Realtor

to help you understand how the home is priced-isit priced to sell, or is it priced above the market? Realtors are working the market dailyand should understand pricing. They should also understand what the current trendsare. For instance, did you know that even the current buyer’s market houses are stillselling for really close to list price?

Closing Date

. You may want to close quickly, but the seller may still be looking for their next place to live. Or perhaps their new job out of state doesn’t start for two monthsand they didn’t think their house would sell so quickly. You may need to negotiate onthis to find a solution that works for everyone, or if negotiations stall, find another house.

Closing Costs

. There are three types of fees that most people lump together and call“Closing Costs.” On the purchase agreement there are Loan Related Fees, PrepaidRequired by the Lender and Title Company Closing Costs. All of these are negotiable,but depending on which ones you ask sellers to pay will make your offer more or lessappealing. Although they are negotiable, there is a standard way that homes are sold inAlbuquerque which is different from how they are sold in Santa Fe, or Denver or Tempe.

Inspections

. There are many Types of Inspections you can have performed on a home.Take heart, if inspections reveal big problems, the contract describes how you willresolve them or how you can terminate in some cases and still get your deposit back.Different types of inspections are needed depending upon the home you are looking topurchase, but at the very least you should have a full home inspection and a termiteinspection. It used to be standard practice on and

Albuquerque Home Sale

for theseller to pay for these inspections, but now many buyers are choosing to be more incontrol and pay for inspections themselves so they can choose the home inspectioncompany. You'll also have to consider if you'd like to get a home warranty.

Repair Allowance

. When you write the offer you will need to propose a repair limit. If the cost of repairs need on the house exceed this amount, you can either renegotiatethe sales price or terminate the agreement and you may be entitled to get you deposit