1. Do I need a
REALTOR® to
represent me?
2. What if
I simply work with the seller's REALTOR®?
3. What
if I represent myself?
4. What
does it cost to have a REALTOR®?
5. What are a
REALTOR®'s
broker duties?
6. Can I have a
contract with you?
FINANCIAL QUESTIONS
1. How do I
finance a home?
2. How much
can I afford?
3. What
costs are involved in buying a home?
4. What is
earnest money?
5. Do I need
money down?
6. What if I
have bad credit, no credit or a bankruptcy?
7. Can I buy a
car or big ticket item before buying a home?
8. What
if I recently bought a car or big ticket item?
GENERAL
QUESTIONS
1. How
soon could I be in a home?
Typically, you could be in a home in as little as 30 days from the
time an offer is accepted. This is generally how long it takes to close.
Keep in mind that the 30 days does not include the time spent searching
for a home or if you purchase a new construction home (New construction
homes can take about three to six months to build).
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2. What are my responsibilities?
Remember, your REALTOR®'s
duties are to assist you. Sometimes, helping your REALTOR®
help you can be to your advantage. A successful transaction requires the
cooperation from all parties associated with the sale. Your
responsibilities can consist of the following:
• As
soon as practically possible, get prequalified. You will save
yourself time by knowing what price range of home you can shop
for.
•
Cooperate with your REALTOR®.
Trust your REALTOR®'s
knowledge and experience, that your best interests is his/her priority.
Be sure to have all the information and paperwork your REALTOR®
needs in a timely manner.
• Be
sure that you are on time for appointments. Your REALTOR®
represents you and you are a reflection of your REALTOR®.
If your REALTOR®
comes off as unprofessional because you missed an important appointment,
it could hurt your negotiating power and leverage you have with the
parties involved.
•
Remain flexible and understanding. If a specific home does not have
every single amenity you would like, it does not mean it is not the
ideal home. Knowing the difference between needs and wants can assist in
your home search.
•
Follow your REALTOR®'s
lead. If you walk into the home of your dream and the other agent sees
your eyes widen with a bright glow, it will not exactly help your
REALTOR® get
the best deal for you. Once the keys are in your hands, your REALTOR®
will be the first to jump up and down with you.
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3. Why should I buy instead of
rent?
Unlike renting, a home is not only a place to live, it is an
investment. When you make a monthly rent payment, that money is gone,
forever. Now, when you make a monthly mortgage payment, it goes towards
building equity. Plus, as a homeowner, you can deduct interest from your
income taxes and you can also deduct the property taxes. Most of all,
you will live in a space that is all yours.
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4. How will I find a home that is
just right for me?
Your REALTOR®
has access to the MLS (Multiple Listing Service). The MLS is a
comprehensive database of all properties for sale in a given
geographical area. A search for a home can be performed to produce
listings that fit your criteria. Also, via this specific web site (www.nmrealty.com),
a search for new construction homes can be performed.
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5. How do I get started?
All you need to do is call us at (505) 730-8181 or e-mail info@nmrealty.com
to get started. We'll help you get connected with a lender as well as
begin a search for your new home. Your inquiry will give us an idea of
your interests and how best to assist you.
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REALTOR®
QUESTIONS
1. Do I need a REALTOR®
to represent me?
In one word, yes. A REALTOR®
can provide a number of services and advantages that many may not be
aware of. Most of all, as a Buyer, it does not cost you anything to have
a REALTOR®
represent you.
A REALTOR®
has access to resources that are not available to the public. Not to
mention, a REALTOR®
has undergone education specific to the industry's Laws, Practices &
Principles. A REALTOR®
has also passed an intensive State & National exam as well as
training and ethics courses to ensure you are adequately represented.
A real estate transaction involves one of the biggest
financial decisions most people make in their lifetime. A typical
purchase of a home requires about two dozen signatures and the
understanding of sensitive contracts and forms detailed with fine print.
As a Buyer, you need a knowledgeable representative to be there to help
you break it down. REALTORS®
can also help you obtain a lender,
determine buying power, inform you on down payment requirements, advise
on escrow payment matters, property taxes, closing costs and utility
bills. REALTORS®
can also help you find out what benefits you might be eligible for, such
as first time buyer benefits or benefits for teachers, policemen, etc.
During a transaction, you will need to know what closing
costs you do or do not have to pay. You will also need to understand
what disclosures you should be aware of and what they mean. It is
important to know any contract you are signing, especially a real estate
contract. You want to make sure that you are not agreeing to something
you would normally not commit yourself to.
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2. What if I simply work with
the seller's REALTOR®?
The seller's REALTOR®
will be representing his/her client's best interests, not yours. For
example, trusting the advice of an
attorney representing their own client in a legal matter that affects
their personal interests, puts you at a
disadvantage. You basically want someone batting for you, not the
other team.
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3. What if I represent
myself?
Similar to how you would not want to represent
yourself in court, you do not want to represent yourself in a real
estate transaction. While some may be experienced and skilled in
negotiating, the technical and specific issues of real estate are
extremely critical. Having a REALTOR®
to dot the i's and cross the t's, can positively
support your personal abilities and achieve your ultimate goals.
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4. What does it cost to have
a REALTOR®?
Nothing, zero, nada. It does not cost you anything to have a REALTOR®
represent you. This makes having the assistance of a REALTOR®
priceless. You receive skillful and educated representation without the
expense, but with all the benefits.
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5. What are a REALTOR®'s
broker duties?
As your REALTOR®,
you are entitled to a variety of duties ranging from honesty to
confidentiality. For a complete outline of broker duties, click
here.
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6. Can I have a contract with you?
Yes. We understand that you are committing your time and money
towards an important investment. In return, we will commit our time and
resources to you.
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FINANCIAL
QUESTIONS
1. How
do I finance a home?
As a buyer, you have many options, from First Time Home Buyer incentives
to Down Payment Assistance programs. Once you speak with a lender, you
will be able to determine your financial options and capabilities. To
get in touch with a lender or have your lender discuss your options with
us, call (505) 730-8181 or e-mail info@nmrealty.com
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2. How much can I afford?
After careful examination of your financial position, a
lender can adequately inform you of your buying power. They will
take into consideration all options available to you to ensure you have
the widest range to work with.
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3. What costs are involved in
buying a home?
Like all investments, there are necessary costs involved. One cost you
will typically face will be earnest money (Note: Earnest money is
applied towards the purchase of the home). Other fees can be found in
closing costs which include down payment (Note: Down payment is not
necessary in every transaction), filing fees, origination fees,
inspection fees, etc. Many of the closing costs are negotiable and will
not all apply to your specific purchase.
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4. What is earnest money?
When you sign an offer to purchase property, the seller may require
earnest money to be included. It expresses to the seller that you are
serious. The amount may vary (e.g. $500, $1,000, etc.) and is always
negotiable. The earnest money is applied towards the purchase of the
home and can be refunded if you do not qualify for the purchase.
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5. Do I need money down?
Other than earnest money, you may need a down payment. However, with
Down Payment Assistance Programs and other incentives available to
buyers, you may not need any money down. Once you begin speaking with a
lender, you can determine if a down payment is necessary.
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6. What if I have bad credit,
no credit or a bankruptcy?
Just because you have bad credit, no credit or a bankruptcy, does not
mean you cannot qualify for a home. This is where the prequalification
process is necessary to determine your position and available options.
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7. Can I buy a car or big ticket
item before buying a home?
It is in your best interest to hold off on any auto or big purchases
until after you have purchased a home. Your debt to income ratio is
taken into consideration on how much you can afford. Holding off on that
big screen TV or new living room set until after the closing on your
home could be the difference between qualifying or not.
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8. What if I recently
bought a car or big ticket item?
If you have already made a big purchase, it does not mean you are
excluded from the opportunity of purchasing a home. You will want to
disclose all applicable purchases and existing debt with the lender so
that they can determine what is and what is not a factor in your
borrowing power.
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