Buying Property
Benefits Of Working With An e-PRO
Home Buyers Real Estate Tax Tips
Buying a New Mexico home is an exciting time in one's life. Making the smart move of choosing the very best REALTOR® is your first step to ensuring that your new home and community meets your needs. Our services and experience with Albuquerque Luxury Homes range from financial aid to helping you find the home that best suits you and your family. For your convenience we offer a free search of the local MLS (Multiple Listing Service) we also provide listings by email. We pride ourselves on repeat business and referrals from our clients and friends. Please feel free to browse our testimonial page for an inside view of what you can expect from Albuquerque Homes Realty and Team McCormack.
As Your Albuquerque Homes Realty Agent, We Will:
- Listen to you! We want to understand and determine what you personally want and need in your dream home.
- Conduct comprehensive searches for properties that fit your pre- determined criteria. We keep you informed of daily inventory as soon as it becomes available. We will send this easy to read information directly to you via email and a "Listing Cart" service we provide you. This service alone gives you the competitive edge over other potential buyers of similar homes.
- Assure that you see all the properties in the area, price range and criteria guidelines. During the home tour process we hope to educate you about the neighborhood and surrounding communities.
- Guide you through the entire home buying process, from getting pre-approved financing, home shopping and skilled negotiations.
- Make sure you don't pay too much for your new home and help you avoid costly mistakes. We conduct a market analysis of the home(s) you choose, this gives you the necessary knowledge to make an educated and accurate offer to purchase.
As An e-PRO, I Will Promptly Respond To Your Inquiries:
An e-PRO is a Realtor who has successfully completed the complex e-PRO course for real estate professionals. The National Board of Realtors endorses this detailed course which teaches technical and professional etiquette for working with real estate customers and clients on-line. This includes web site service, email, on-line tools and up to the minute computer communications skills. An e-PRO offers the latest Internet utilities, making your life easier responding to your questions quickly but never sending you unwanted information. An e-PRO's skills saves you the buyer valuable time and money while keeping your NM real estate business private.
Before You Start Looking For Your New Home:
- Check your credit rating. Straighten out any errors before its too late. Your credit score can make a big difference in what pay in total interest.
- Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.
- Find a loan program that meets your needs and get pre-qualified (preferably pre-approved). When making an offer to purchase we always recommend a letter of pre-approval, and some sellers will not even consider an offer without it.
- Choose a REALTOR® that you trust and who understands your needs. Choose Team McCormack of Albuquerque Homes Realty "Truly The Team That Cares".
- Determine what neighborhood best matches your needs.
- Identify important features you need would like your new home to have.
- Have Team McCormack email you appropriate listings that you can view and evaluate. Once you have picked your favorites we will schedule your private showings. Remember we can email you updates of all new listings as soon as they become available!
NM Buyers Closing Costs to Expect:
Closing costs and who pays those costs can vary substantially across the United States. Know what to expect at your NM real estate closing. Although many closing costs are completely negotiable local customs and trends often determine the standards. Below is a very general concept of normal closing costs paid by the buyer on a conventional non-government type loan. These figures are based on a median price range New Mexico home of $250,000.00. The below example presumes a 20% down payment. Please note these are only estimates and examples; please contact us for a no obligation detailed analysis of your actual costs.
Origination Fee: ($2,300) Normally 1% of the loan amount. This example is based on a 20% down payment or $50,000. Collected by the lender to process the loan.
Credit Report:($45-$65) Charged by your lending institution to obtain your current credit status and FICO scores.
Tax Service Fee: ($75) Often negotiated as the sellers closing costs.
Underwriting Fee: ($225) A fee collected by the lending institution to have the loan reviewed for final approval.
Loan Document Preparation Fee: ($200-$250) A fee collected by the lending institution to prepare all documents necessary to close escrow.
Hazard Insurance: Varies significantly depending on the price of the home, your provider, your history of claims etc. You will pay one year in advance and normally 2-3 months into escrow to included in your monthly payments.
Prepaid Property Taxes: Varies with tax values set by the assessors’ office. You will be expected to pay the pro-rated amount of taxes based on close date.
Private Mortgage Insurance:Varies with the lending institution. No PMI is collected in this example because of the 20% down payment, which avoids PMI.
Mortgagee Title Policy: ($80) Includes most Endorsements
Recording Fees: ($50+-) Collected to publicly record the mortgage, warranty deed and other public documentation.
Inspections: In New Mexico most standard home inspections are negotiated and paid by the seller, however some inspections like radon, lead paint, mold etc may be negotiated to the buyers side.
Please Note: The above referenced closing fees are only estimates and vary considerably depending on your individual loan situation, credit scores and cash down. For a no obligation estimate of your specific closing costs please contact Albuquerque Homes Realty and Team McCormack.
New Mexico Home Buyers Tax Tips:
Home Owner Deduction Information
New Mexico Real Estateis truly a great investment opportunity especially as the Albuquerque and Rio Rancho NM areas are quickly growing and appreciating. Now is the time to make you financial move.
Albuquerque Homes Realty has a long standing working history with local and out of state investors. We recognize the special needs of investing including the often complex 1031 Exchange. Albuquerque Homes Realty utilizes up to date techniques that make long distance transactions seamless.
We will listen to your specific needs then match you with the best possible resale homes,duplex to 4-plex, new home-builders, multi-family dwellings or land fitting those special needs. Once we have established the parameters of your real estate goals we can then monitor the market and update you with all fresh inventory. This keeps you better informed and better positioned to act on a viable property. John and Shirley McCormack will stay in direct communication with you each step of the way. Albuquerque Homes Realty strives to make all your business transactions seamless and productive.
Albuquerque Homes Realty’s years of repeat client investors and referrals has proven their experience and professionalism is key to your real estate success. We want to be your real estate consultant for life!
Contact Team McCormack for a no obligation no hassle consultation.
The information you provide will NEVER be given or sold to any other entity. It is used solely to help us serve you better!
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