Foreclosure With Extenuating Circumstances
Generally, lenders will take into consideration any extenuating circumstances surrounding the foreclosure on your Albuquerque real estate.  Was there a death or illness that prevented you from earning money to pay your mortgage?  Did you have a job transfer that came with a steep pay cut?  Were you severely injured and temporarily disabled as a result?

You can add a memo to your credit report that explains any lapses in credit worthiness to potential lenders.  This report can be up to two hundred words and will be shown to all who look at your credit report.

Many lenders will shorten the waiting period for documented extenuating circumstances.  The customary waiting period after a foreclosure is at least seven years.  But with documentation, the waiting period can be shortened to as little as three years.

Deed-in-Lieu Of Foreclosure and Short Sale
You may be wondering what the waiting period for financing is for deed-in-lieu of foreclosure or in the case of a short sale.  Fortunately lenders aren’t quite as strict if you were able to avoid an actual foreclosure sale.

The waiting period for a deed-in-lieu of foreclosure is four to seven years.  If there were special circumstances surrounding the deal, you may be able to qualify in as little as two years.  The lender may require a certain down payment or credit score as a condition of approval.

Getting financing after a short sale is the easiest.  Generally the lender will only require a two year waiting period before they’ll approve financing. 

The good news about financing after foreclosure is that it is possible.  Your dreams of owning Albuquerque real estate don’t have to end because you’ve had a foreclosure in your past.  You may just have to be a little more patient.

Whether you’re ready to buy your next home or simply have a question about Albuquerque Real Estate, I’d love to help.  Give me a call today at 505-401-0496 or email me at Adam@SandiaPeakRealty.com

For more information, please visit my website at www.SandiaPeakRealty.com

• Kitchen remodeling stands at the top of any list of most attractive projects for re-sale value. Crisp clean new cabinets, fresh tile and countertops all make for buyer approval and is money well spent.
• Bathroom remodeling is a good bet but not nearly as good as adding additional bathrooms, unless your home already has a lot of them.
• Adding central heat and air to replace floorboard or radiator heat is a huge selling point for any Albuquerque home for sale.
• Installing a deck or patio. This one hovers close to the middle of the do/don’t numbers but it is still a nice investment that can make your home feel more comfortable and give it more ‘space.’

Items that are less likely to be worth the money include:

• Installing a backyard pool.  Some people think a pool is attractive.  To many buyers, it’s nothing but additional work and expense.  Unless you live in a climate where the majority of people want a pool, steer clear of this investment.
• Converting your basement into a finished living space. Many buyers like a finished basement, but it’s the main living space that counts most to them.  Your money would be better spent above ground.

It is important to fix up your home to get it ready for buyers.   But with money tighter than we’ve seen it in a long time, you need to focus on those improvements that will give you a good return on your money.

If you’d like more tips on what works and what doesn’t when fixing up your Albuquerque home for sale, I can help.  Call me today at 505-401-0496 or email me at Adam@SandiaPeakRealty.com

For more information, please visit my website at www.SandiaPeakRealty.com

You may wonder if you have any recourse with the seller.  Most likely not.  Unfortunately, your last chance to object to the condition of the house passed at the final walk-through inspection. 

You need to be sure to check several things at the final walk-through, including the state of any repairs you negotiated in your contract.

• Check all the lights.  Turn the lights on and off, this will also signal any underlying electrical issues.
• Check for leaks by running water from all the faucets, and looking underneath all the sinks for any moisture.  Check the seal on the toilets by flushing each one at least once.
• If there are any appliances that are part of the sale, turn them all on and off.  Test the oven by turning it on and waiting a few minutes for it to warm up.  If the refrigerator has an ice maker, then it should work at the time of closing.  The garbage disposal should be in good working order as well.
• Make sure all the doors work, and open and close smoothly.  Open and close all the windows.
• Turn on the furnace and the air conditioning before you leave the Albuquerque home.  Wait long enough to be sure that each is working properly.

When you hire me as your real estate agent, I’ll be by your side guiding you every step of the way, including the final walk-through inspection.  Call me today at 505-401-0496, or email me at Adam@SandiaPeakRealty.com

For more information, please visit my website at www.SandiaPeakRealty.com

The Population Reference Bureau reports that there were 76 million births during the 19 years covering the baby boomer generation.  A large percentage of these baby boomers, who are now between the ages of 46 and 64, are looking or soon will be looking for a home to live in during their retirement years.

What are they looking for? The National Association of Home Builders says this market wants practicality over technical advances:

• Storage space – Most have amassed a lot of personal belongings they aren’t willing to get rid of when they move.
• First floor master bedrooms – The older you get, the less stairs you want to climb as a rule.  First floor master bedrooms are an excellent selling point.
• Easy-open windows – No one wants to struggle with opening windows.  This is especially true with the older generations.
• Room-related aids – Grab bars in the bathrooms, easy-to-reach kitchen cabinets, railings on the porch: these aids can make a big difference to older buyers.
• Public transportation access – Many of the older generations prefer public transportation to driving, and easy access to that transportation is paramount.
• Non-slip flooring – It’s a fact of life. The older you get, the more fragile your bones and muscles are.  Non-slip flooring reduces the chance of severe injury.

The two major features older generations want fall under the categories of “easy living” and “security.” Home maintenance and repair services, outside lawn maintenance and security systems are big sellers.  As well, home entries without stairs, lever-handled doors, wider hallways and walk-in showers and tubs are all extras that raise the chance of the older generation buying a home.

If your Albuquerque home isn’t bringing younger buyers, take a second look.  You may very well be targeting the wrong market!

If you’re trying to sell your home, or if you’re looking for a home to live in during your retirement years, I can help. Call me at 505-401-0496 or email me at Adam@SandiaPeakRealty.com

For more information, please visit my website at www.SandiaPeakRealty.com

Make Your Best Offer
So, how do you make the best offer on an Albuquerque home for sale that has a counter-offer out on it?  First of all, if there is another offer on the property, submit an offer for the most money that you would pay for the house.  You may not get another chance to negotiate for this dream home, and you don’t want to miss your opportunity.

Get a Pre-approval Letter
A seller will take your offer more seriously if you attach a pre-approval letter from your lender to it.  If your offer is similar to the other person’s, you may win out because you have financing already secured.  Many sellers are waiting for their old homes to sell before they buy a new one.  If your offer will get them into their new home faster, it might be the edge you need to get the home that you want.

Increase Your Earnest Money Deposit
Make a large earnest money deposit on the Albuquerque home for sale.  If you’re unable to pay more for the home, you can increase the size of your earnest money check.  You don’t lose any of the money because it will go towards your down payment or closing costs. 

If you’re thinking of buying a home, I’d love to help you find your perfect home.  Call me today at 505-401-0496, or if you prefer to remain anonymous, feel free to email me at Adam@SandiaPeakRealty.com  Either way, I promise to respect your privacy.

For the past year or two, however, virtual (or conceptual) staging has come into the real estate world. Somewhat like traditional home staging, the virtual stager spruces up your home for sale.  The differences are where the work is done and what the live house looks like. They may not sound like much, but these two differences have people asking, “Sales method or a snake oil scam?”

Virtual Staging
Home staging came about because the real estate industry realized that most buyers have a tough time visualizing what a place will look like with their unique touch on it. With more tech savvy buyers, however, some may not even visit the home to enjoy the staged view. Many buyers find their potential home online and, once they’ve viewed the online pictures, contact the REALTOR® listing the home.

Virtual staging provides beautiful images for buyers to look at online using digital enhancement. You may have a home staging team doing the computer work, or it may just be one person with fantastic design software.

Here are the benefits to virtual staging:

• It may pull in more potential buyers than non-virtually staged homes.
• It can be cheaper than having a home stager come to your home.
• If you’re worried about vandalism and theft (some sellers have had the staging furniture stolen), it may solve this problem.

But there are potential pitfalls you need to be aware of before you try virtual staging:

• The first and most obvious is not to use virtual staging to deceptively hide imperfections in your home.  The purpose of these images is to enhance, yes, but if you hide issues it’s not only unethical, but, in some states, illegal.
• The second is to be sure to let the potential buyer know that the home is either vacant or has different furniture than what’s shown.  You must be transparent and upfront that the images are computer generated.  Otherwise, they will feel confused – or even scammed – when they get to the home to see and buy it.  This may seem a deal “killer,” but it all depends on how this information is presented.

Home stagers have written in favor of real life home staging (putting down virtual staging, of course).  Virtual stagers have written the opposite.  So which one is better? If you have one of the Albuquerque homes for sale, consider your budget, your options and what you want to accomplish.  As long as you’re willing to be upfront about the images, virtual staging may be the right option for you.

Need help preparing your home for sale?  I can help.  Give me a call today at 505-401-0496 or email me at Adam@SandiaPeakRealty.com

For more information, please visit my website at www.SandiaPeakRealty.com

What do Discount Points Cost?
The cost of each point is equal to one percent of the loan amount.  For instance, for a $200,000 loan one discount point equals $2,000.

For example, you are trying to buy Albuquerque real estate worth $200,000.  The lender may tell you that if you buy 2 points at $2,000 each, you’ll get an interest rate two percent better. 

Should I Buy Discount Points?
Some lenders will allow you to purchase discount points to be approved for the loan.  By buying a discount point, you’ll get a lower interest rate.  This can reduce your monthly payments, which could put your credit to debt ratio in the right range.

 You have to know how long you’ll live in the house or you could lose money purchasing the discount points.  If you sell or refinance before you reach the break even point, you’ll wind up with a net loss.  Use an online mortgage point calculator to help you determine if buying discount points is a money saving proposition for you.

Points may be a good way for you to save money on your Albuquerque real estate if you plan to stay in your home for a long time.  Want one more benefit?  Discount points are tax deductible in the year in which they’re paid.

Need help understanding mortgage and real estate terms? 

For more information, please visit my website at www.SandiaPeakRealty.com

In addition to FSBO signs, directional “home for sale” signs at intersections can also be useful.

Classified Ads
While they’re not outrageously expensive, classified ads, which need to repeated several times to be most effective, can begin to empty out your pocketbook.  Talk with your local newspaper about the most economical plan they offer to get maximum exposure for your home.  Ask if they’ll help you write and design your ad at no additional charge.

Flyers
Create a flyer containing several pictures of your home, a description and contact information.  You can have tear-off strips at the bottom with your phone number on each one.  Place these flyers anywhere you or your family members go that has a bulletin board that allows you to post flyers for free.

Magazines and Community Publications
Most communities have publication.  They don’t cost an extreme amount of money for a short ad, and you don’t have to be a real estate agent to buy one.

Internet
There are several places on the internet where you can advertise your FSBO.  On some of the sites, you can even include photos and information on any open houses you’re having.  The prices vary depending on the site and how much functionality you want.  Since statistics show that about 87% of all buyers start their search on the internet, this is a must.

Marketing your home as a FSBO does take time, effort and money.  But there are people who have successfully marketed and sold their own homes.  Remember, you can always change your mind and hire an Albuquerque real estate agent. 

If you’ve decided to hire a professional Albuquerque real estate agent to sell your home, or would like to find out exactly what a real estate agent can do for you, please give me a call. 

I’d love to show you my comprehensive marketing plan that’s proven to sell your home fast and for the most money.  You can reach me today at 505-401-0496 or email me at Adam@SandiaPeakRealty.com   Happy Selling!

For more information, please visit my website at www.SandiaPeakRealty.com

• Buy a home you know you can afford.  If you struggle each month to make your mortgage payment, you are more likely to find yourself facing a foreclosure.  Do yourself a favor and determine how much money you can afford to spend on an Albuquerque home before you start looking for one.
• Whenever possible, plan ahead. A solid financial plan can be a lifesaver during difficult financial times.  If you know you’re going to lose your job, set aside money to cover your mortgage payment while you’re looking for new work.
• Talk to your bank.  Your bank doesn’t want to deal with a foreclosure any more than you do.  Explain your financial situation and ask them for an extended grace period or temporary delay in payments.  This can give you a chance to get your finances back in order.
• Pay your mortgage first.  If you don’t pay your credit card, you will be slapped with late fees and possible account closure.  Skipping several mortgage payments can cause you to lose your home.  When you pay your mortgage on time each month, you also have more leverage to negotiate with your bank.
• Refinance your home. Refinancing your home at a lower interest rate can significantly lower your monthly payment. If you’re struggling to pay your payment because your adjustable rate mortgage went up, try switching to a safer fixed rate mortgage.
• Sell your home.  It is difficult to sell your home and move, but it is certainly a better alternative than foreclosure.  Once your home is in foreclosure you have to move anyway.  Selling your home helps you avoid damaging your credit in the process.

Don’t wait until it’s too late to stop foreclosure.  I can help you sell your Albuquerque home.  Call me today at 505-401-0496 or email me at Adam@SandiaPeakRealty.com

For more information, please visit my website at www.SandiaPeakRealty.com

• Looking for an Albuquerque home.  Creating a wish list for a house that fits within your budget can cause the initial signs of stress.  Once that list is created, a new panic may settle in as you wonder if you will find the right home for you within that budget. Expect this panic to increase as you look at more homes.
• Presenting an offer.  No one wants to be rejected, even if it’s about property.  Remind yourself that it is perfectly normal to worry about getting an accepted offer and that the sellers are also experiencing a similar feeling of woe at this point.  Both sides want the same thing: a signed contract.
• Signing the contract. Once the contract is signed, a new panic may set in.  You may wonder if you got a fair price or if you chose the right property for you.  From this point until closing day, you will think about this decision and about all the changes before you. Moving means finding new stores and restaurants and new roads to work.  This is called buyer’s remorse.  Just remember, it’s a common phenomenon that you’ll get through it.
• Closing.  Once the papers are signed and the check has been turned over to the title company, a sense of finality takes over.  You know that there is no turning back at this point and may still wonder if you made the right decision.  Again this is perfectly normal and happens to almost everyone.

Don’t navigate the waters home buying on your own.  Let me help you find the Albuquerque home for you.  Call me today at 505-401-0496 or email me at Adam@SandiaPeakRealty.com

For more information, please visit my website at www.SandiaPeakRealty.com