albuquerque Realtor - Wes Darby Realtor in Albuquerque

If you need an Albuquerque Realtor to help you buy a home, I’m your man.  I want your real estate transaction to be positive, successful, and fun. I’m an aggressive Realtor in all the right ways. With an Albuquerque Realtor like me on your side I can help you best your competition as a buyer.  Most Albuquerque Realtors offer similar service, but not me.  I take service for clients to the next level. If you’re in Albuquerque or Rio Rancho I’d like to earn your business and be your Realtor.

I know how exciting and hectic it can be when you are moving, and buying or selling real estate.  It can be a complicated procss and that’s what you have me for.  I make sure the details of your Albuquerque real etate transaction goes as smoothly as it can. This way you can concentrate on other things, like picking out drapes.  While you’re working or doing something you enjoy, I’ll make sure your purchase is moving along.   As your Realtor in Albuquerque, I’ll be dealing with the title company, staying on top of inspections, coordinating appraisers, dealing with disclosure doc’s, and communicating with the seller’s Albuquerque Realtor.

The process of buying a home is complicated.  First, we submit an offer that I’ve carefully crafted with you. We get you the best price and terms possible. Once our offer is signed and accepted by the seller, you can then relax a bit.  As your Albuquerque Reaotor, I can’t. I stay on top of document deliveries. I arrange for inspections for termites, plumbing, and overall structure of the property.  There are title insurance details and random mortgage tasks that must be done in order for you to walk away with the keys to your new Albuquerque home and have a successful closing.  Realtors in Albuquerque are busy people.  

To give you an idea of the checklist of duties that I have to take care of in almost any real estate transaction… I usually start by working with a title insurance company.  I submit your purchase agreement to them, and they make sure the sellers of the property rightfully own the place.   They also ensure there are no “clouds” on the title.  These “clouds” on the title could be a bank with a lien on the property, unpaid property taxes due to the state, or a divorced party with some right or claim to the title of the property.  If you so desire, or if you’re in a rural area of Albuquerque, (East Mountains:  Tijeras, Sandia Park) I might suggest you go beyond the regular CLTA and pay a little extra for an ALTA policy which guards against property line accuracy.

As your Albuquerque Realtor, I can deliver your earnest money to the escrow company if needed. The escrow company might prefer you wire earnest money to them directly.  Before closing, they need for the balance of the house to be wired if you are paying “cash.”

Home inspections need to be done and more extensive inspections if you’re financing the property.  Real estate can look great on the outside but have some real skeletons in the closet.  As an Albuquerque Realtor I think I’ve seen it all.  Wood destroying insects such as termites can be lurking.  There might exist a sinking foundation problem. The house might be older and have steel or outdated plumbing.  In order to replace plumbing with modern pipes it costs so much you might be better off buying another house.

Disclosure documents must be signed by the seller. I need to make sure the seller produces those in a timely manner so we know of any issues before you get attached to the property.  There are also purchase agreement timetables that must be followed by you and all Realtors in Albuquerque.  Depending on when your home was built, we have an idea what to look for during inspections.  

Appraisals need to be done if you’re financing.  Hopefully the listing Albuquerque Realtor did their diligence in a comparative market analysis (CMA).  Mortgage underwriters aren’t satisfied with a Albuquerque Realtor’s valuation.  They always require a licensed real estate appraiser to verify fair market value of the home.  As an experienced Albuquerque Realtor my valuations are aren’t far off.

There could be further negotiations at this stage due to findings of the appraiser or home inspector.  I can advise you how to proceed and get concessions from the seller without making them mad or blowing the deal.  I don’t like to see your home purchase go south. Sometimes it’s the right thing to walk away and go back to the drawing board.

You get the point. Your home purchase can involve attorneys, surveyors, an appraiser, a title company, mortgage broker, lender, loan underwriter, and two real estate brokers. All these specialists have a specific job. It’s my job as your Albuquerque Realtor, to bring it all together.

As your Realtor in Albuquerque, I only bring things to your attention when they’re necessary.  You don’t need to know some of the behind the scenes details.  I let you know if you should.  My goal is for you to have a great experience buying your home.  I’ll be with you every step of the way. From before signing of the contract to the closing, when you get the keys to your home.

Commercial property, vacant land, residential homes, are all my business.  I have four real estate offices in the Albuquerque.  My home office in High Desert, Realty 1 offices in Eagle Ranch, Rio Rancho, and the Alameda office on the East side.  We can use any of these locations that are convenient for you.  I know the area and can help if you’re in the market for a home in Albuquerque. If you’re new to ABQ I can give you a quick overview of what areas are like, price differences, and what’s in proximity to each area. I like to think my broker associates and I at R1 are the best Realtors in Albuquerque. Please give me a call and let’s talk real estate.

Real Estate Investment

As an Albuquerque Realtor I’ve worked with real estate investors to buy and sell property. I have a good understanding of real estate investment strategy, and options.  With the help of an Albuquerque Realtor like me, you can expect good advice, on the investment you’re making.  Most investors aren’t able to properly invest in real estate, because of large liquid capital requirements.  Real estate investment is also mostly long-term.  Fix-and-flip property is a small niche in the business.  I think it’s saturated and overly competitive.  Most Albuquerque investors are better off with other avenues.  I’ve seen fortunes made from investors leveraging equity in properties they own to buy more and more property.  I’ll simplify and explain.  An investor buys a home and then rents out the property.  The rent paid is enough to cover the mortgage payment and maintain the property in good condition.  Over time, value increases.  The amount of money that the property increases in value (equity) can be pulled out of that house with various types of loans. The equity is rolled into a new property as the down payment.  Now the real estate investor owns two properties.  This can be done over and over.  I know a few Albuquerque Realtors and investors that now own dozens of houses.  They did it making smart investment moves in real estate.  They never came out of pocket with much money, or took much risk.  They’re now truly wealthy.  

Commercial Real Estate Investment

As a commercial real estate broker in Albuquerque I can help calculate Cap Rates and Gross rent Multipliers to ensure a deal makes sense.  Commercial real estate investment is sometimes speculative, so ROI can vary depending on vacancy rates, and expense factors due to age and type of the property etc.  Part of my service as a commercial real estate broker is property valuation.  I use several methods to calculate value but it’s usually done by the income approach.  

If you need help in buying, selling, or leasing Albuquerque commercial property, please give me a call.  I’m happy to help.  

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Call wes

(505) 910-9669

How I serve albuquerque home buyers

LOCATING THE RIGHT PROPERTY FOR YOU

I go beyond what most Albuquerque Realtors do to help you find the best home.  Most Realtors in Albuquerque will leave you on your own to search through the MLS (Multiple Listing Service). Then they’ll show you properties you found and like most.  I’ll help you understand how to search the MLS like a pro Albuquerque Realtor by explaining how to narrow your search and save us all time.  There are many fields you might not understand correctly on the search form.  I’ll make sure you don’t miss anything.  Knowing the home characteristics and neighborhoods you desire, I create e-mail alerts for you. These notify you when new properties come on the market.  You can also set an alert for current listings that reduce their price to your price range.  The MLS will be your new best friend while searching for your future home.  You’ve got to love technology for how it can simplify our lives.. and save us from looking at homes that wouldn’t work for you. Now the real estate business is much more efficient.  I provide you with better service than most Albuquerque Realtors when it comes to assisting in your property search.   I strive to  exceeded what my clients expected from their Albuquerque Realtor.

I live in the Albuquerque, NM area (High Desert) and know our area well.  I’m great at locating the right property for you.  I’ll try to figure out what your specific needs are in a home.  I apply my knowledge of the area to find the property that best suits your needs.  If you have young kids that would benefit from a nearby park, or if you’re a golfer and want to be close to a course, I’ll try to understand your wants and help you find a home that’s a great fit for you.

Buying a home is exciting and you’ll certainly have a lot on your mind. I simplify your life at this time by setting up appointments to view the houses, driving, and talking you through my thoughts on each property.  It’s the American dream to own our own little piece of this rock we call earth.  I love helping my clients achieve their dream.

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As an Albuquerque Realtor I can sometimes glean information from a home listing that can benefit my client.  When I represent you, as your Albuquerque Realtor, you gain the advantage of my experience.  I can often save you money or gain concessions that sweeten the deal. I can make your buying experience better. ‘Everything in life is negotiable’ and that certainly applies to real estate.  Real estate is negotiable in many ways, not just money.  We might want to ask a home seller to leave that new TV that just works perfectly in the room. Or maybe the refrigerator that fits the unusual space so well.  Buying real estate is complicated.  Anything we can negotiate that will make your life a little easier is great.
 
The real estate market is constantly fluctuating.  As a Realtor in Albuquerque I’m more in tune with this than you might imagine.  I’m always looking at market data.  I compare list prices to recent selling prices of comparable homes. I can advise you which way the market is swinging.  This could save you thousands when buying a home.  The more recent the data the better.  Real estate’s a moving target.  What homes were selling for two months ago isn’t what’s going on now.
 
Another tool Realtors in Albuquerque use in helping you make a great deal is analyzing turnover rate.  If houses are staying on the market longer than usual, you can bet prices will adjust downward in response.  ‘Days on Market’ can be manipulated by Albuquerque Realtors by removing a listing from the MLS. They add it back a day or so later as a new listing.  This makes the home look like the new kid in town.  Many Albuquerque Realtors don’t catch this one.  I’m no Okie from Muskogee:)
 
Many home buyers loose touch with value when they’re financing.  I don’t know if there’s a name for the ‘phenomenon’ but I will explain as best as I can.  It’s easier for me to spend money on my credit card, than to purchase the same thing with cash.  As a home buyer you might be pre-approved for a loan of a certain dollar amount.  It’s easy to get caught up in the moment when you find the right home.  Excitement might make you want to jump on it, but I’ll keep you in check.  You must walk the line between reason and emotion.  There’s an old saying ‘you don’t want to let your emotions drive, but you also don’t want to stick ’em in the trunk either.’  Let me help save you money by making a reasonable offer, and playing the real estate game the right way.  Those extra thousands I can save you will help somewhere else.  As your Albuquerque Realtor, let me do my job and help you negotiate the best deal possible.
 
My job as your Albuquerque Realtor is easier if you’re up front with me about your financial situation.  I also need in depth detail of your wants and needs in a home.  If you communicate with me fully I can serve you better.  This info helps me, to help you.  I’ll be here with you throughout the negotiation process with the latest information and experienced advice.

Many home buyers forget price isn’t the only, or the last negotiation. There are a number of contingencies that need to be met before you walk away with the keys to your home. I see deals fall apart because there can’t be a ‘meeting of the minds’ in regards to repairs, or things that come up during inspections.

Newer construction around Albuquerque makes life easier. But most of our homes are older. Windows might be cracked or not close correctly. Windows might be old and need replacing. Having an inspector uncover that can give us an edge in negotiation. New windows on your home can drastically reduce your energy costs, and just make your home more comfortable. The structure of the house itself must be inspected. Real estate inspectors earn their money checking out the roof. I’ve got a mild fear of heights so I’m glad inspecting the roof isn’t an Albuquerque Realtors’ job:) Home inspectors check out all mechanical equipment and appliances that are part of the home you’re buying. Ovens, microwaves, air conditioning systems, swamp coolers, ventilation systems are part of the usual inspection list. Inspection of plumbing systems, mostly to make sure it is modern and up-to-date. It does get cold and freeze here in Albuquerque. Pipes can expand and explode when we get a hard freeze. That’s no fun. Many home buyers don’t realize that this can be a deal breaker. Plumbing isn’t cheap and neither are plumbers. Retrofitting a home with dated plumbing can be prohibitive. Electrical systems need to be tested. Proper grounding such as GFCI outlets in the bathrooms and kitchens are important. We need to make sure they’re in safe working order. I haven’t seen many problems with termites here in ABQ. I think it’s because termites don’t like to live in freezing cold, but don’t quote me on that. I’m an Albuquerque Realtor, not a pest control guy:)  Checking for obvious environmental hazards are of course important. If you’re wondering why that house next to the old defunct gas station’s so cheap, well there might be a reason. Toxic waste might be seeping into the ground water or something tragic. If you’re looking at real estate that’s off the power grid, or city water, then we have to test those systems. Wells need to be tested for function, efficiency, and water quality. Septic systems aren’t fun to mess with. When buying a property with a septic system, Albuquerque Realtors usually suggest as part of our offer we get the seller to pump the septic tanks. Depending on how modern the septic system is, this might be the only time you have to do it. Homes have a lot of ‘moving parts’ to check out. When they all work properly for you, your home can be a beautiful symphony, playing just for you.

I’ve just given an outline of basic inspections that need to take place in a given home purchase. Not all home sales involve septic systems for example, but there’ll be inspections. I’ll be the one coordinating the inspectors. As your Albuquerque Realtor, I make sure everything is done in a timely manner, by contract deadlines.

I’m here for my home buyer clients.  I assist in negotiations that come up as inspections uncover problems.  I’m creative and keep your purchase from falling apart.  If the seller of the home doesn’t agree to make repairs, I can help to find a solution. I maintain a contractor list that give us the best chance of repairs done at a price a seller will agree with.

Many Albuquerque Realtors give you the doc’s involved in the title research of your future home.  They also drop the insurance binder on you, and have you review this massive doc.  I’m not going to do that to you.  I’ve looked over so many title reports that I can check one out for you in a flash.  I’ll tell you if there are any red flags.  I don’t usually see major problems, but it’s important to review.  I wouldn’t expect to see problems with a property that’s changed hands recently.  Old property under single ownership for a long time is another story.  We will want to look more closely.  I also might suggest you get a more comprehensive title report which is an ALTA policy.  These title reports also safeguard the location of property lines.

Your title binder will reveal any restrictions and or covenants the seller might not have disclosed.  It’s law that a seller disclose any of these things. Sometimes these are forgotten about.  A title binder will show any conditions, covenants, or restrictions.  The most up to date filings recorded will be in the title binder.  Home owner associations have fees and assessments that can change, and these too will be there.

Conditions, covenants, or restrictions in these doc’s might restrict the use of your home. This might cause you to reconsider your purchase.  These are important to be aware of before you purchase your property and you won’t want to miss anything. Let’s say that you have an RV you want to park on your property. Maybe you want to build a shed for it.  Any restrictions keeping you from building your shed would be important to you.  As your Albuquerque Realtor I’m committed to helping you to uncover everything of importance in your title binder.

In your title binder there are two sections that summarize the meat and potatoes of that massive doc.  In the summary there are two sections we want to pay most attention to.  The “Requirements” section. This states the things that must be done in order for the title company to issue a policy.  These prerequisites are usually things like having the sellers loan paid off, and making sure that property taxes aren’t delinquent.  The second section we want to pay attention to is the “Exceptions” section.  These exceptions are things that the title insurance will not cover or guard against.  These are the things that have already been recorded with the county such as the covenants and restrictions. These might not allow you to park your RV or build a shed for it.

A Title insurance policy (ALTA) gives you basic protection against claims against your property that arise from the ‘chain of title’ which is the record of  the previous legal owners. It also guarantees property lines are correct.

I’ve seen problems arise in title insurance for my home buyers often. One common issue I see is divorced property owners. They bought a home together. Divorce proceedings aren’t yet settled so title is still in both their names.  With only one of them still in possession and selling the property.  Title to real estate must have no ‘clouds’ on it for a title insurance company to issue a policy.  In the example here, one spouse must relinquish their legal interest in the property by a quitclaim deed. Then a new title can be issued to the single person, and then transferred to you.  The house can also be sold as is currently titled by the married couple and they then split the sale proceeds.  I have seen real estate transactions held up because widows or widowers have to transfer the title into their name as sole owner before we can complete the sale.  This process is never as quick.

MORTGAGE LENDER REFERRAL

Please understand that we should search only for homes you can realistically afford. As your Albuquerque Realtor I don’t want you to fall in love with something you can’t have.  

The first step in your home buying process is to get approved for mortgage financing, of up to a certain dollar amount.  As a realtor in Albuquerque, I can refer you to national and local  mortgage lenders that can help, and get you APPROVED!  The mortgage business is very competitive so you should get approvals from more than one source to be sure you’re getting the best interest rate and loan closing costs you can.  This is of course unless you have enough cash in the bank to buy the home you want.  Most home buyers I work with in Albuquerque require financing.  I can refer you to some local and national lenders if you like.  You should always shop more than one mortgage company, and let them know they’re competing for your business.  Mortgage lenders can add all sorts of fees and ‘points’ which add up to big bucks for them.  Unfortunately, it’s more complicated than just getting an interest rate quote.  Closing costs for you the buyer, means the cash you have to come up with out of pocket to close your real estate deal.  Mortgage loans aren’t so easy to qualify for.  It’s not just credit your credit score.  Be prepared for the lenders you shop to really get into your financial assets and background.  They like to know your work history, credit score, income, and debt to income ratio.  They look at all the loans you currently have, and lines of credit.  I’ve heard lenders generalize that a rule of thumb is that your home mortgage payment shouldn’t be more than one-third of your income.

As an experienced Albuquerque Realtor I can direct you to good mortgage lenders.  I can match your needs with the different mortgage companies and what type of borrowers they do the best for and save you a lot of time shopping around for the best loan for you.   Make no mistake, I am not an mortgage loan broker myself, just a Realtor in Albuquerque, who can help direct you to the best sources for your particular needs.  Each time you run your credit with a different mortgage broker/lender an “inquiry” shows up on your credit report.  If you’re shopping all over town for your mortgage and each of those companies is running your credit, it has a negative impact on your score.  That’s something we really don’t want.  I add value for you by directing you to the lenders most likely to give you the best interest rates and terms for your loan.  I have only your best interests in mind in doing this. It helps me if you’re approved to buy a house.  I don’t receive any sort of payment or anything from the lenders I refer you to.

If you need a mortgage loan I can help guide you to the companies I know to give the best APR’s and terms for you.  Some mortgage companies prefer to finance real estate like the more expensive homes, some prefer applicants that have steady regular jobs (and not the self employed).  Some mortgage companies give better rates to smaller loan borrowers.  Others give better rates to buyers of bigger or more expensive homes.  As your Albuquerque Realtor, I can save you a lot of time and energy by directing you to the mortgage companies most likely to give you the best terms for your real estate purchase.  If your credit rating isn’t top tier, or you work for yourself, or are a regular wage earner I can tell you which companies will likely serve you best.  

Mortgage loans are tougher to get than they were before the financial crisis which began in 2007.  Before 2007 if you wanted to buy some real estate in Palmdale, CA or anywhere else for that matter, the mortgage companies had a loan qualifying test we called the “mirror test” which meant they would simply put a mirror under your nose and if you were breathing and could fog up the mirror, well… loan approved!  Well now they seem to want to over compensate for their past.  Be ready to dig up all sorts of financial paperwork, and I suggest you be up-front about any financial information that could be of significance.  Albuquerque, NM real estate seems to be a great value. My logic and background as a Realtor in Albuquerque tells me our area will see big price increases in the near future.  This is a great time to invest in our local ABQ real estate.

As Albuquerque Realtors my colleagues at R1 and I get lots of feedback from our buyers. We know which lenders are best fit for certain borrowers.  We compare notes about this at our meetings. 

Finding the right home for you is the primary goal, but you enjoying that home with a lower payment and/or better mortgage terms is also important. R1 and I have researched and worked with many mortgage brokers and lenders in the Albuquerque, NM real estate market, and we can help you to contact those that are the best fit for you and your general financial and credit situation.

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What I call a traditional mortgage means a mortgage made to someone who works a steady reliable job and is either on a salary or getting a fairly consistent amount of pay each month or week.  If you give me a general idea of your credit standing,  I can steer you to a few lenders that are likely the best fit for you.  Certain mortgage companies/lenders offer better interest rates to buyers with certain credit parameters.  I don’t mean that buyers with better credit ratings always get lower rates.  What I am getting at is, the interest rates for a certain credit rating group (that you might be in) aren’t consistent across lenders.  Every Albuquerque mortgage broker has a  tendency to work within their own requirements and procedures, and experience tells me which are the best fit for certain borrowers. As an Albuquerque Realtor, I know which are going to treat you right and give you the best terms, and will guide you to them.

I’ve had personal experience with this one. I used to be a landscape contractor and ran my own business. I didn’t have consistent work or pay and keeping track of my finances was a nightmare. At that time I was making a pretty good living (by my standards). I thought I would buy a house, but couldn’t get a loan no matter how hard I tried. Since then I’ve been relentless in my efforts to repair my credit rating.  I know how important it is, especially today. After the real estate crisis that started around 2007 it has become even more difficult than it was back then:( If you’re a self-employed and looking for a mortgage loan just be ready to have your financial life looked at with a high powered microscope. That being said, as an Albuquerque Realtor, I know lenders most likely to approve you and give you the best terms available. Gone are the days of what I jokingly call the “mirror test” where a loan officer put a mirror under your nose, and if you were breathing and could fog up the mirror with your breath, they would approve the loan.

The credit rating bureaus like Equifax and Experian have more stringent guidelines since the real estate and mortgage crisis.  It seems easy to get a few dings on your credit report.  Maybe you weren’t even aware of that late payment, or collection, or it was a mistake all together.  Whatever the case, if your credit rating isn’t so great, you can expect your loan conditions might be less than ideal.  I would love to sugar coat it, but that’s the hard truth.  The benefits of home ownership will still outweigh possibly paying and extra point on your APR.  As an Albuquerque Realtor I see clients with not so great credit ratings make bigger down payment, or the APR is a point or so higher.  Before you buy a home, if you have time, do a little credit repair and wait for your credit rating to get better.  In my opinion the sooner you can buy real estate the better though.  Home Values aren’t going down any time soon, only up as I see it. Your savings in monthly payments due to a possible lower future interest rate will be offset by an overall increase in real estate prices.  Interest rates are at an all time low, and this can’t continue, so I suggest you bite the bullet and buy now if you can.  I know the lenders in Albuquerque ready to provide good mortgage loans for less than high end credit scores, and I would be happy to tell you who they are.

Realtors in Albuquerque generally don’t recommend adjustable rate mortgages for your home purchase. These are what got many buyers in trouble before the mortgage crisis. Buyers and real estate investors were seeing skyrocketing values prior to the real estate crisis. These adjustable rate mortgages seemed appropriate at that time.  When the interest rates on their loans rose (which exponentially increases the mortgage payment) and home values went south it led to record numbers of foreclosures. And it made good sense to walk away from being in an upside-down situation on distressed real estate. I wouldn’t want to see anyone set themselves up for failure. As your Albuquerque Realtor I want to work for you again when you sell.  These loans still make sense for a very select group only. Albuquerque real estate investors that plan on keeping the property five years or less might consider this option. The benefits of these adjustable mortgages is that they start out with lower interest rates and payments than a traditional loan.

Usually when you get a conventional mortgage loan there’ll be  fees and closing costs involved.  There’s usually a documentation fee which is just what the lender charges for the processing of the paperwork.  There are “points” sometimes added to the loan.  These “points” are a percentage of the total loan amount.  As an Albuquerque Realtor, I usually see one or two percentage points added to  home loans.   It’s required by law that you the borrower will receive a disclosure of all the closing costs involved in your transaction.  These closing costs break down the total amount of money that will be paid over the course of the loan, including the aggregate of interest and principle paid over the course of the loan term.  This disclosure is required by lawn an known as RESPA (Real Estate Settlement Procedures Act).  I encourage you to read these disclosures carefully, as they are for your benefit and allow you to shop for better terms.

faq's - albuquerque home buyers

By the time I’ve written this and you’re reading it, the market has changed. Albuquerque real estate is a moving target. Inventory of homes listed for sale is always changing. To understand the basics of whether it is currently a buyers market or a sellers market, you must understand real estate inventory fluctuation. If there are more houses for sale at a given time than there are buyers of those houses, then that situation is called a “buyers market.” The balancing of supply and demand will drive prices down and a buyer can essentially afford to buy more house. In the inverse situation there are more buyers of homes than there are homes for sale, then that creates a “seller’s market” and the balancing of supply and demand for those homes drive prices up. A seller gets more money for the same house in this situation hence the term “seller’s market.

I suggest that if you want to find the best real estate broker in Palmdale you pick up the phone and call me directly at (505) 910-9669. You can always e-mail or find me on my website atAlbuquerque-real-estate.com and submit your contact info to the form provided. 

Who is the best Realtor in Albuquerque?

I like to think that I’m the best Realtor in Albuquerque. I’m not a top producer with lots of fancy titles but I know the area well and give great customer service. I can help you buy or sell a home quickly and I deal with raw land and commercial property often. Interview me personally and you’ll see why I get such high marks from my past clients. There are over three hundred and fifty real estate brokers in my office at R1, and if you don’t think we mesh well or anything, I can refer you to one of the other brokers in the office.

As an Albuquerque home buyer you don’t have to pay a real estate broker to help you buy a home. Real estate commissions are paid by the seller of the home.  As a buyer you might as well employ my services as a Realtor because this is spent money whether you find the house yourself or not. If you find your Albuquerque home  yourself, you still need professional help. If you aren’t represented by a Realtor already then the real estate broker who has the property listed for sale will likely become your broker as well. They are then known as a facilitator. The selling broker can collect commission on both sides of the transaction. When you’re buying a home in ABQ you want a Realtor who is representing you and only you. A Realtor who is playing both sides of the fence doesn’t have your best interests in mind. Utilize the resources available to you as a home buyer and get help from a professional Albuquerque Realtor such as myself to help you negotiate the best deal on your transaction.

Great question. I like to think that I’m the best Realtor in Albuquerque. If you ask ten people this question you get ten different answers. On what criteria will the Realtors be measured?

The best  Albuquerque Realtor for you might be someone you relate to or is a family member. Then again if your brother or bum of a relative is a Realtor here, and you don’t want them to know your business, then they might not be the best for you. Some might say that the best real estate broker in Palmdale might be the one who had the most in gross volume sales. Others might say the best real estate agent was a member of the multi-million-dollar-club or some other distinguished title. In my opinion the best Realtor is one who will listens carefully to your needs and pays attention to you. A Realtor who really keeps your best interests in mind at all times. Some of the top producing Albuquerque real estate brokers might be considered the best by some standards, but they’re too busy to give you the time of day. I think my team at R1 and I are the best Realtors in Albuquerque. I specialize in 87XXX zip codes:)  I can help with your real estate needs whatever they may be. You’ll believe after doing business with me, that I am the best real estate broker in ABQ I have no doubt.

It’s more complicated than you might think. In most transactions there are conditions that must be met in order to even submit an offer that will be seriously looked at and given consideration. An Home seller, or their Albuquerque Realtor wants to know you’re qualified (or pre-approved) to buy a home before they’ll even give you a showing of the home. No one likes having their time wasted. Sellers are wary of people who might be casing their property. Screening is necessary to protect the safety of the people looking to sell their homes.
Making an offer should be carefully done. As a buyer, you want to make your offer contingent on the home passing the proper inspections. In addition, you  want other contingencies such as a certain move in date, or acceptance of financing. You make an offer on real estate through an Albuquerque Realtor such as myself.  This way the paperwork is done right and the offer will be legally binding on the seller if it’s accepted.

As an Albuquerque Realtor I get this one a lot. Home loan pre-qualification is a rough estimate of how much home you can afford. With pre-qualification you will still need to go through a lot of paperwork and a real approval process before you can actually buy a house.

Pre-approval is a definite amount of money you can spend on a house. The mortgage company, bank or credit union, has given absolute approval of a certain dollar amount that they will lend for your Albuquerque home purchase.
The difference between pre-qualification and pre-approval might sound insignificant but it’s not. Consider this example. You find a house in Albuquerque or Rio Rancho that you fall in love with. This is the perfect home for you and your family. You want to be near Arroyo Del Oso Golf Course, a good school for your kids, and your work is just a mile away. This home checks all the boxes including the price and absolutely everything. This house has been on the market for only a few days, and there are several other families thinking exactly what you are. This is the perfect home for their family too. Offers start flooding in to the seller of the home. One family has a pre-approval and can close on the property several weeks faster than another family with only a pre-qualification. The seller can choose between buyers.  This does happen often with desirable properties. Which one of the offers or buyers do you think the seller will take? Of course the seller chooses to accept the offer from the buyer with a pre-approval. It’ll be heart breaking for the family with the pre-qualification. When you go shopping for a home, be prepared and cover your bases. When the perfect home for your needs comes up, you want to be poised and able to buy. Buying real estate is competitive at times. As an experienced Albuquerque Realtor I can tell you there’s a difference.  Pre-approval could give you the edge over the competition.

Yes you get a tax break for buying a home. Everyone’s financial situation is unique but almost everyone gets tax benefits when buying a home. I’m an Albuquerque Realtor and not a tax attorney or accountant but I understand the basics. The interest you pay on your mortgage can be deducted (at least in part) from your taxable income. As well as your mortgage interest, you can deduct property taxes. The financial aspects of buying a home are complicated but the simple answer is yes you do get a tax break for buying a home. Do the math and compare the bottom dollar costs or renting a home to buying. The smart money is buying real estate. I went to a “Rich Dad Poor Dad” seminar about a year ago and one of the main suggestions was to buy real estate if you possibly could. Tax advantages are just one of the benefits of home ownership. Albuquerque real estate is appreciating at or above the national average. You save money on your federal and state income taxes, build equity and wind up owning an asset. Contact your accountant or real estate tax attorney for a detailed analysis of the benefits for you specifically. Everyone’s financial situation is different, because of income tax brackets, income, investment goals, and other circumstances. As a Realtor in Albuquerque I can tell you one thing.  When you rent you get no tax break or tax advantages so consider buying if you can.

Contingencies are the if, then type of conditions. Your offer might state that you’ll buy the property, if the house doesn’t have termites. Or you are willing to buy the home, if the well and septic system check out. Or you might need to sell your current home in Rio Rancho before you can buy this one on the East side. As your Albuquerque Realtor I can help you with that:)  Contingencies certainly have their place in real estate offers. Be aware that there are often multiple offers made on the same property. The home seller will choose to accept the best overall offer. Contingencies are a factor in determining which offer a seller will accept. A seller might choose to accept an offer for less money because it’s a cash offer, and isn’t contingent on a buyer obtaining financing. Or a seller might choose to accept one offer over another, because of fewer inspections being required, or a faster closing. Be aware that the inclusion of contingencies in your purchase offer can weaken the offer in comparison to others.  As a Realtor in Albuquerque I can tell you, there’s competition for you when buying a home.  

This is a great question. As Realtors in Albuquerque, NM we talk about this a lot at R1. I am asked often “is it a buyer’s market?” or “is it a seller’s market?” The condition of the real estate market in ABQ is constantly fluctuating so it’s hard to give a straight answer. If I had to sum up my opinion of the condition of the Albuquerque market, it would be that I’m optimistic. I think 2021 will see price appreciation, historically low interest rates, will create more demand for housing than there is supply.  This is a time of recalibration for the real estate market in Albuquerque. As a professional Albuquerque Realtor I am educated on market conditions and looking at trends.

A short sale is situation in which the seller of a property and the lending institution agree to sell the home for less than what’s owed on the mortgage. You might be able to get a bargain. Realtors in Albuquerque will all tell you these are a mess to deal with though. A short sale helps a home owner who’s under water on their mortgage, avoid foreclosure. This is a win for all parties involved. It’s good for the whole Albuquerque real estate market. A short sale is good for the seller of the home, because they avoid foreclosure and the financial ruin that comes along with it. It’s still not great for the sellers credit report, but better than a ruinous foreclosure. Short sales are good for the lender or mortgage company, because the foreclosure process is long and expensive. A lender would logically only approve a short sale in the case that they would net more money than they would after going through foreclosure and selling the property afterward. The lender might not like the idea of a short sale but it might be the best financial option for them at times. A short sale can be a win for the buyer because they get a home for a bargain price. The Albuquerque real estate market benefits from a short sale also. Foreclosure properties are generally not well kept. For this reason they stay on the market for a long time. Not many home buyers have the time and money to make extensive repairs to a home before they move in. The excess housing inventory floods the market and drives overall home prices down. Short sales aren’t something Albuquerque Realtors desire, but they’re a necessary evil. We will still feel the effects of the real estate market crash for some time to come.

When you’re buying a home and have made an offer that’s accepted by the seller, the next step is to transfer some earnest money. As the name implies “earnest” money shows that you’re earnest (ready, able, and willing) and want to purchase the home. This money is usually a percentage of the purchase price of the home. As your Albuquerque Realtor, I can deliver a personal check to the escrow company for you.  It’s not refundable if you default on your end of the purchase contract. Earnest money shows the seller you’re serious. You should be ready to transfer earnest money quickly. This is a required step of the purchase process. Be prepared so you can transfer it quickly when needed.

This is a great question, and one I love talking about. Home Equity that is:)  Home equity is the reason that there have been more millionaires created through real estate investment than any other form of investment! Equity is the money or value that you have in your home. Not all your monthly mortgage payment is equity. There’s a lot of interest paid in the early stages of a mortgage. Check out an amortization table for a more in-depth analysis. As your Albuquerque Realtor I can give you an amortization schedule and show you.  The interest you pay on your home isn’t building equity, but it can benefit you in being an income tax deduction. Equity is built in your home only from the portion of your mortgage that goes toward the “principle.” Principle is the original sum or outstanding balance of the loan. As you build equity in your home, you can use that equity as leverage to finance or buy other things outright. You can use the equity in your home to do just about anything. You can use the equity as collateral for the purchase of another property, to buy a car, start your own business, send your kids to college or anything else you can imagine. Equity is yours to do with as you please. Instead of throwing your money away on rent and building equity for your landlord, you can accumulate wealth yourself. This is the American dream. At the end of your mortgage term you have a valuable asset that’s probably worth two times what it was when you originally financed the home. Real estate is an incredible hedge against inflation. As an Albuquerue Realtor, I feel good helping home buyers grow their wealth by building equity in their real estate. The beauty of buying a home is that your equity is protected against inflation. Albuquerque real estate is a tangible asset. When real estate is traded, it is traded for real-time value. When you buy a home you are making the safest most stable investment I’m aware of. The best part about an investment is that, unlike other forms of investment, you can live in the home while gaining and protecting your equity. You can’t live in, and raise a family in a stock or bond.

The problem with answering this question, at least when my personal friends ask it, is that they aren’t honest with me about their income or they just plain don’t want to share their financial life with someone so close to them. As an Albuquerque Realtor, it’s just my work and I try not to pry into privacy.  I understand that and I refer them to several mortgage brokers which keeps it impersonal. Just about everyone I know wants to own their own home. Most of them want to own the biggest and most expensive home they can. We shouldn’t be a slave to our mortgages. Life’s too short. You need to budget appropriately to have good quality of life with some disposable income, over and above your monthly mortgage payment. There’s a general rule of thumb for how much home you can afford, but I shouldn’t get into it. Better that I defer this question to the real experts on the topic, a mortgage broker. As an Albuquerque Realtor, I have mortgage calculator widgets on this website for your general reference only. Please don’t rely only on such a simple tool as this for one of the most important financial investments that you’ll make in your life. An Albuquerque area mortgage broker will be able to get you thinking realistically about what you can afford.
An important consideration is how much down payment you have. A down payment sometimes isn’t necessary at all. Some of todays mortgage assistance programs and first time home buyer incentives are great. Having ten to twenty percent down is nice but not necessary.

Albuquerque Realtor For residential rental & commercial lease broker

If you need to rent a home or apartment I can assist you with a list to start your search.  If you’re looking to lease or buy commercial property in Albuquerque I can help you find a suitable property and negotiate a fair deal.  

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