The Home Buying Process in Albuquerque
Home Buying Steps in Albuquerque, NM
Is it time to buy a Greater Albuquerque Metro home?
I would love to be your home buying guide and Real Estate agent. I hope to make the home buying process fun and comfortable with as little stress as possible. Below I have outlined the critical steps in purchasing your next home. Contact me at your convenience when you are ready to begin. (505) 363-1533.
1. Find A New Mexico REALTOR®
Home buyers will never pay a fee or commission when utilizing my services in closing their next Albuquerque real estate transaction.
The Home buying process can be stressful and is probably one of the largest financial transactions a person makes in their lifetime. You really want somebody who is going to listen to you and answer your questions. I believe that you should pick a REALTOR® you are comfortable with; that you can communicate with; that you can trust; that is educated and experienced.
You can check out any New Mexico real estate agent’s education and records HERE.
2. Get Prequalified
Sellers are only looking at accepting offers from preapproved home buyers. It will be critical to have a preapproval letter from a lender before you begin your search. Not only does this make you a more desirable home buyer, it is important in knowing your home buying power. Once you are prequalified: DO NOT BUY ANYTHING ON CREDIT until we close, and continue to pay all current obligations on time.
See: Home Buying Loan Application Checklist
3. Home Search and Preview
Now the fun part, with REALTOR® in tow and preapproval letter in hand, you’re ready to begin the search.
The great thing about searching for homes on the internet is that you can do it at your leisure and without any pressure. It will help you refine your wants and needs as you look through the listings and photos of the homes that are available for sale in Albuquerque, but you will still want to see inside.
The great thing about a REALTOR®, we can get you inside those homes for a tour. We also see a lot more homes than the average person and our personal knowledge of the market and the neighborhood allows us to usually find the home of your dreams quicker and with less hassle than driving around looking at every home for sale.
See: Home Search Checklist
4. Make An Offer
You walk in the front door and you just know it. You see yourself entertaining in the kitchen or relaxing on the patio, something makes this home the one.
It is time to make an offer. We will go over neighborhood comparables to help you decide on a fair offer that will allow negotiations to begin. The offer can be accepted, rejected or countered by the seller. The goal is to get the seller to agree to your terms.
5. Title, Escrow & the Pending Period
Your offer has been accepted, congratulations, now the clock is ticking. Generally we want to close within 30 to 45 days from acceptance, but we need to get most of the work done within the next 17 or so days.
Those first 17 days are our contingency period. Delivery of the earnest money to the title company for escrow must occur within 48 hours. The title company will make sure the home has a clear title. You will choose your inspection companies, and review the seller’s disclosure and homeowner’s association documents. An appraisal and survey will be ordered. If anything is amiss during this time the seller is given 3 days or so to correct the situation. If everything is to your satisfaction, we are now ready to close.
We are there, all contingencies have been overcome and your lender has completed the final items required to obtain financing.
2 hours before our closing appointment with the title company we will do a final walk through, just to make sure the home is still in the condition that you expect it to be.
You should allow 1-2 hours for closing. There is a lot of paperwork to explain and sign, bring your valid ID’s.
Don’t be afraid to ask questions about what you are signing and why. This is the time to ask any final questions. With your REALTOR® and your title officer by your side you will have decades of experience at your disposal.
7. Funding & Taking possession
This used to be the day of closing, unfortunately that is no longer the case. Usually the day of funding and the day you can receive the key to your new home is the very next business day. Escrow must make sure that the funds are valid.
INSURING YOUR NEW HOME