Albuquerque Real Estate News

Albuquerque Area Open Houses – April 19th & 20th

Here is the list of open houses scheduled for this weekend. Here are a few tips and etiquette to keep in mind if you are going to go out “Open House-ing”.

  • Do a little home work before heading out. Make a plan where you want to go and what you want to see on-line first.
  • Be polite and respectful to the host and home. People are letting you in their private space, respect that.  The host (Realtor or Owner) will most likely want to get your contact information, give it to them, If you already have an agent just let them know.
  • If you find a home you like, have YOUR Realtor schedule a follow up showing. This will avoid confusion on who is representing you.
  • DON’T make yourself at home… think of it as visiting a museum. Look but don’t touch. Keep your kids with you. 
  • Hold your criticism. Not every home is for you and thats fine, just wait till you are back in your car to share.

Happy house hunting…

You can also browse out Open Houses Map.  

161
matches found

$1,150,000
Open House (04/27/2014 - 1:00 pm)
# of Bedrooms:3
# of Bathrooms:3
Square Footage:4367
Year Built:1991
Area:180 - Placitas Area
Subdivision:La Puerta
Description:Rarely does a home of such quality in private 8 acre setting with great vie...
Listing Office:Coldwell Banker Legacy
Last Updated:April - 16 - 2014
; View Photos (34)
$1,050,000
Open House (04/27/2014 - 1:30 pm)
# of Bedrooms:4
# of Bathrooms:6
Square Footage:4131
Year Built:2001
Area:31 - Foothills North
Subdivision:Highlands/High Desert Un 02
Description:OPEN HOUSE! Sunday 04/27 from 1:30 to 3:30 PM. The views are breathtaking f...
Listing Office:Keller Williams Realty
Last Updated:April - 23 - 2014
; View Photos (38)  |  Virtual Tours (1)
$895,000
Open House (04/25/2014 - 11:00 am)
# of Bedrooms:5
# of Bathrooms:5
Square Footage:3254
Year Built:2005
Area:180 - Placitas Area
Subdivision:Diamond Tail Ph I
Description:OPEN PARADE HOURS!The Artisan House at Diamond Tail Ranch. A previous BUYER...
Listing Office:Keller Williams Realty
Last Updated:April - 23 - 2014
; View Photos (40)
$799,000
Open House (04/27/2014 - 1:30 pm)
# of Bedrooms:4
# of Bathrooms:4
Square Footage:4761
Year Built:1986
Area:20 - North ABQ Acres
Subdivision:Lands/Huber
Description:Give me a home where the buffalo roam!! This amazing property sits on an a...
Listing Office:Coldwell Banker Legacy
Last Updated:April - 24 - 2014
; View Photos (5)
$750,000
Open House (04/27/2014 - 1:00 pm)
# of Bedrooms:4
# of Bathrooms:4
Square Footage:4470
Year Built:1973
Area:10 - Sandia Heights
Description:Wonderful Southwestern Bungalow on over an acre in Sandia Heights! Arts & C...
Listing Office:Coldwell Banker Legacy
Last Updated:April - 24 - 2014
; View Photos (11)
$725,000
Open House (04/27/2014 - 1:00 pm)
# of Bedrooms:3
# of Bathrooms:4
Square Footage:3485
Year Built:2007
Area:180 - Placitas Area
Subdivision:Anasazi Meadows
Description:Great attention to detail has been paid to this executive home that sits on...
Listing Office:Coldwell Banker Legacy
Last Updated:April - 22 - 2014
; View Photos (37)  |  Virtual Tours (1)
$695,000
Open House (04/27/2014 - 12:00 pm)
# of Bedrooms:4
# of Bathrooms:4
Square Footage:4002
Year Built:1998
Area:130 - Corrales
Description:Open house on 04/27/14 from 12:00pm to 3:00pm. Two Unique Homes on 1 Acre! ...
Listing Office:Keller Williams Realty
Last Updated:April - 22 - 2014
; View Photos (47)  |  Virtual Tours (1)
$619,000
Open House (04/27/2014 - 1:00 pm)
# of Bedrooms:4
# of Bathrooms:3
Square Footage:2928
Year Built:2004
Area:180 - Placitas Area
Subdivision:Sundance Mesa
Description:Quality craftsmanship shows through out this custom home in Sundance Mesa. ...
Listing Office:Coldwell Banker Legacy
Last Updated:April - 22 - 2014
; View Photos (48)
$600,000
Open House (04/27/2014 - 1:00 pm)
# of Bedrooms:3
# of Bathrooms:3
Square Footage:3136
Year Built:2007
Area:180 - Placitas Area
Subdivision:Sundance Mesa
Description:Looking for a home of superb quality in a private setting with spectacular ...
Listing Office:Coldwell Banker Legacy
Last Updated:April - 16 - 2014
; View Photos (55)
$599,900
Open House (04/26/2014 - 1:00 pm)
# of Bedrooms:3
# of Bathrooms:3
Square Footage:2835
Year Built:2007
Area:103 - West River Valley
Subdivision:Riverfronte Estates 02
Description:Beautiful Pueblo Style Home In The Secluded River Front Estates! This South...
Listing Office:Campbell & Campbell Real Estat
Last Updated:April - 11 - 2014
; View Photos (39)

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Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.

Albuquerque Real Estate Talk – March 29, 2014

Spring 2014 Home Buyer and Home Seller Guides are Here!

Real Estate GuidesWe continue to strive to be the “go to” source of Real Estate information in the Albuquerque area. We have available two guides… “Things To Consider When Buying a Home” and “Things To Consider When Selling a House”.  These guides are produced by top Real Estate experts and include guidance from top resources like the Joint Center of Housing Research at Harvard, the Federal Reserve, the National Association of Realtors, Pulsenomics Survey, and More. Here are some highlights…

 

  

 

Guidance For Home Buyers

  • 5 Financial Reasons to Own a Home
  • How does owning a home impact your net worth?
  • Does the “Serenity Prayer” apply to home buying?
  • And more…

Guidance For Home Sellers

  • Rent vs. Sell? 10 Questions to ask.
  • Should I Sell Now?
  • Is it time to “Move Up”?
  • Thoughts if considering FSBO.

Fill out the form below and we will email the guide right away.

 

Albuquerque Homes With a Pool… in February?

Albuquerque Homes with a PoolIt’s time to start thinking about summer in Albuquerque and buying that home you always wanted with a swimming pool. Why? Because the numbers tell us it’s time.  Lets look at the data… The average home buyer spends 12 weeks in  home search process. The average escrow time (from contract to final closing) is 40 days.  Add at least another week for move in, that put us smack in the middle of May, perfect season to enjoy that pool!

We have a couple resources on this site to help you find homes for sale with a swimming pool. Visit our Homes with a Pool page to browse by price or area, and learn things to consider when buying a home with a pool.   Swimming pools come in all shapes and sizes (literally) and are definitely not created equal. The most common type we see are in-ground and can be Gunite (cement), Vinyl, or Fiberglass construction and can have many different features.  You will also find above ground (in general lower quality than in-ground), or community pools. 

One last note… it you decide to get a home with a pool be sure to do your due diligence and get appropriate inspections and learn what maintenance and upkeep is needed.

 

 

Albuquerque Real Estate Talk – Jan 25, 2013

  • Albuquerque Housing Update for 4th Quarter 2013
  • Should I get my home inspected at time of listings or wait till we have a contract?
  • Do we have Termites and other wood destroying insects in the Albuquerque area.
  • Top Remodeling projects that give you the most bank for the buck.

Albuquerque Homes for Rent

Albuquerque Homes for RentWe are often asked about homes for rent in the Albuquerque area and have found it can be overwhelming for someone searching for homes for rent. The Albuquerque area does not have a single database of all homes for rent, however the Albuquerque MLS does provide us with many of the homes that are available. Although we do not work with homes for rent or do property management, we have provided a tool here on our website for you to search for homes available for rent that are listed in the MLS database. We have created this search page to help you find rental properties. Homes for Rent Search - Search by Location, Features, Etc.  

The properties on our site are only ones that have been placed in the MLS database by a property manager that is a REALTOR® and must follow the ”REALTOR® Code of Ethics”.  They must also abide by New Mexico real estate law and is governed by the New Mexico Real Estate Commission.  Point is…  BE CAREFUL, there are other property listing sources availab like CraigsList and other free classified sites and these are notorious for scammers and fraud.  Make sure you are dealing with a reputable company or person (check references),  only deal with someone local (DO NOT WIRE MONEY!), and meet at an office not just the home.

So here’s a real story… Person 1 “Renter”  finds a home for rent on CraigsList, emails from the ad that they are interested,  Person 2 “Landlord” responds and sets up a time to meet at the house for a showing, they meet and the house looks good and they complete a lease (one page), Renter gives Landlord a check for $1,500 for 1st month and deposit and Landlord gives Renter the key.  All is fine right… not exactly. One week later the “Real” Landlord shows up to show the home and asks Renter what they are doing there and Renter shows them the lease.  The lease is a fake and the original Landlord is a scammer that somehow got a copy of the key and rented a home they don’t own or represent.  The Renter… out $1,500.00 and had to convince the Police they were not part of the scam!  Moral… “Trust but verify!”

Albuquerque Real Estate Talk – Jan 18, 2013

  • What’s up with the Qualified Mortgage rules.
  • What home can get for $200,000 in the Albuquerque area.
  • Some great homes with a large garage.

 

Join us Saturdays at 10:00 am

Albuquerque Real Estate Talk – Dec 14, 2013

Tego: Good morning and welcome to Small Business Saturday. This is Albuquerque Real Estate Talk, and we’re on the Rock of Talk AM 1600 KIVA and FM 95.9. This is Tego Venturi with Keller Williams Realty and the Venturi Team. We host this show every week talking about, oh, residential real estate here in Albuquerque area and kind of what’s been going on in residential real estate, talk about the market, talk about mortgages and interest rates and all that fun stuff. And that’s one of the things we’re going to talk about today is mortgages and, you know, some of the different types of mortgages that are out there and some of the ups and downs with that.
I have a guest today. It’s Sarah Gmyr-Maez with New Mexico Mortgage Advisors. Sarah, can you hear me okay?
Sarah: I can. Thank you.
Tego: Great. I got Sarah on the hotline here so not here in the studio with me. But Sarah thanks for joining me. And you know, we talked briefly earlier and you were saying it’s kind of been a volatile week in interest rates. What’s going on there, and what have you seen going on?
Sarah: Well, every week there are different reports that come out. And this week, there were retail sales reports and unemployment rates so a lot of high volatility because of the week of what the reports were. But also, the main thing was the Feds talked about tapering again, and whenever they talk about tapering, which has been keeping interest rates low, that will make the rates go up.
Tego: Sure, sure. And do you see kind of any effect on what’s going on in the financing world in the sense that are less people doing refis now? Is that slowed down because the interest rates have bumped up over the past few months?
Sarah: Yes, less people doing refinances, but the purchase business seems to still be, you know, going strong.
Tego: Yeah, and you know, and enough we’re seeing in our, you know, part as realtors, you know, it’s steady. Obviously, there’s always a little bit of a seasonal slowdown this time of year, you know. We’re in December coming up on Christmas. However, there are still people buying and selling houses.
So you know, if you’re in the market, don’t be discouraged to go out there and look. It’s a good time of year to be shopping. You know, people that have their house on the market this time of year, they’re serious sellers. People buying this time of year are serious buyers.
So you know, no matter what side of the transaction you’re on, it’s still a good time to buy or sell that home. And honestly if you look at the trend, we don’t see a huge slowdown in our market, not like, you know, Minnesota or something like that where, you know, the business just goes away. And you know, I’ve heard that from some of the people up there.
Again, this is Tego Venturi with Keller Williams Realty and the Venturi Team. I wanted to mention that if you want to get a hold of us, you can visit our website at welcomehomeabq.com or call us at 933-6881.
One thing I wanted to talk about was there was a national foreclosure inventory report that came out this week from CoreLogic. They’re one of the national companies that does statistics on real estate trends. And the thing that was pretty substantial is the national foreclosure inventory is down 31% from October of last year, 2012. So that’s a big, big turnaround. And then, there are a number of actually foreclosed homes is down 30%. And so obviously, they’re in correlation.
However, here in New Mexico, really we’re only down about 1% in foreclosure inventory, and there are a couple of reasons for that. But you know, Sarah, you, obviously, you’ve been in there at the mortgage business for a long time. Back in, oh, the go-go days, 2004 to 2006, let’s say, where, you know, you could pretty much, most people could get a loan without a whole lot of qualifications. I mean, do you think that’s really what created a lot of our issues? I mean I know there are a lot of things that created our issues that really, you know, had the housing bubble burst in ’08. But, you know, what was going on back then that kind of created that bubble that we had?
Sarah: Well, what was going on is they weren’t asking for income documentation necessarily, asset documentation to verify if you had, you know, funds to close or reserves for so many properties. Also, they were weighing a lot of it on just credits. And then they also lent to people that didn’t even have very good credit on the subprime site of it. So with the combination of all that, you didn’t necessarily have to qualify. They didn’t have to double check that you actually qualified, and nowadays, you do. If you don’t qualify and your income doesn’t substantiate the purchase of the house and your ratios are not in line, then you just can’t, you know, purchase that house. You have to actually be able to pay for it and qualify it based off of your income.
Tego: Imagine that you actually have to prove that you can pay for it to get the loan.
Sarah: That is correct, and people that did investment properties, they weren’t even checking to see how much they had in assets, you know. And nowadays, you have to have what’s called “reserves.” They want to see so much extra money in the bank set aside in case something were to happen because they want to make sure you can make these payments for three, six months, 12 months down the road, payments and –
Tego: Yeah, if you lose your tenant or yeah.
Sarah: Yeah.
Tego: Yeah. And I know, you know, back in the day, there were people coming in from out of state, you know, different areas, kind of these big investment seminars where they say, “Oh, just buy it. It doesn’t matter if you’re losing money every month on your home from an investment standpoint. So you know, you’re charging $1,000 in rent and you’re paying $1,500 a month in mortgage. It doesn’t matter because the home’s going to appreciate anyway, and in the long run you’ll pay off.”
So of course, what happened is, you know, that bubble burst, and you know, a lot of people had homes, second home, investment homes that they just can’t afford.
So we’ve slowly, here in New Mexico, you know, been kind of dealing with these distressed properties as either a short sale or obviously the foreclosure process. But, in New Mexico, the reason we’re kind of behind, I think, the rest of the country is we’re pretty slow in processing foreclosures compared to other parts of the country.
Sarah, are you familiar with that whole world or is that kind of out of your world?
Sarah: You know, it’s a little out of my world.
Tego: Yeah.
Sarah: I do process foreclosure transactions on the loan side when someone’s purchasing one.
Tego: Sure.
Sarah: But as far as knowing those numbers, no, I’m not familiar with that.
Tego: Yeah, yeah. No, that’s fine. And you know, New Mexico is what they call a “judicial foreclosure state,” which means the foreclosure actually has to go through court. There actually has to be a judge approve it. In some other states, it’s a pretty streamlined process. Here it does take, it takes some time.
But what we’ve been seeing here in New Mexico is a slow decline. And I’ll give you some of the numbers here. Number of sold properties from November. In November of 2011, the number of sold properties that were bank owned properties, foreclosed properties, was about 36% of the market, just over 36%. Last year November, it was about 31%. And then this year November, it was 28%. So we’ve come down a little bit, but we still do have a good supply of those distressed, foreclosed properties on the market kind of working through.
The number of new properties coming on the market that were bank owned or foreclosed type properties, we’re down to about 20% per month, where at the peak where it’s about 35% of the homes coming on the market were foreclosed properties. So I mean we’re moving in the right direction here in New Mexico.
Part of I think the reason it’s taken longer for us is our prices have not appreciated. And you know, we may be seeing a 2 or 3% appreciation here in the Albuquerque area over the last year. That’s not a huge bump up like some other markets that have had, you know, some big, big appreciations, which, obviously, once you put some equity into properties, that whole issue kind of goes away of being upside down on your property.
And so Sarah, let’s get off of that topic for a minute. What do you see coming, you know, in the next year with interest rates? You know, we started out here talking about what interest rates were this week. What do you see coming? What is your crystal ball telling you on mortgage interest rates?
Sarah: Well, obviously, I don’t have a crystal ball, but what I’m hearing is that interest rates are supposed to be going up here. They’re thinking within the next year and slowly creeping up between now and then. So that’s just pretty much what all of our analysts that we, you know, get information from are all stating as well.
Tego: Yeah. Last year — or excuse me, last week, we talked about Dr. Lawrence Yun, who was here. He is the Chief Econimist for the National Association for Realtors. He was here in Albuquerque addressing our Board of Realtors. And you know, his forecast for the year is, you know, maybe a 1% appreciation or, excuse me, 1% increase in interest rates by the end of next year, so you know, maybe 5-1/2, 5-1/4, you know, somewhere in that range, which of course, historically, is still a smoking good interest rate.
So Sarah, when we come back here, let’s talk about what that means if you buy now versus buy a year from now and that 1% interest rate, how that really is going to affect your mortgage and how that, you know, how much more home you can or cannot afford because of that.
I want to mention one thing here. We’re going to take a break in a moment. But I want to mention if you’re looking for deals, I’ve create a place you can go online where you can look at all the latest foreclosed properties since we’re just talking about foreclosed properties and a number that are coming on the market. We have a website called “albuquerqueforeclosurelist.com, albuquerqueforeclosurelist.com.”
You can go there. It’ll show you all the newest properties coming on the market that are bank owned and/or foreclosed, and also it gives you a little bit of advice about, you know, dealing with and purchasing foreclosed properties. It’s not as easy as it may seem. You may get a good deal, but there are going to be some pitfalls. And you need a good realtor like us to kind of help you through the process.
This is AM 1600 KIVA and FM 95.9. And we’re Small Business Saturday here today. And this is Albuquerque Real Estate Talk. This is Tego Venturi with Keller Williams Realty. And we’ll be back in a moment.
Welcome back to Small Business Saturday, and this is Albuquerque Real Estate Talk. And I’m Tego Venturi with Keller Williams Realty and the Venturi Team. Usually, here with my wife, Tracy. And she is out showing some folks homes today, which is part of what we do.
So I have my guest today is Sarah Gmyr-Maez with New Mexico Mortgage Advisors, one of our trusted lender partners that we work with.
You know, the real estate transactions involves a lot of moving parts and pieces, and you know, the lender, the realtor, actually two realtors, you got both sides, and then title people, you got inspectors. So you know, there are a lot of people involved. And so it’s great to have, you know, trusted people that we like to work with. And Sarah is definitely one of them.
So Sarah, I forgot to ask at the first segment there, how do people get a hold of you if they like to contact you about getting a mortgage or refinancing?
Sarah: They can reach me at 505-319-0622. That’s the bus number to reach me if they have any questions or want to get a hold of me to get a mortgage.
Tego: Sounds good. And then we have your — excuse me, getting off track here. We have your information on our website at welcomehomeabq.com. We have a link to your website as well if people want to get a hold of you. And your MLS number?
Sarah: 279382.
Tego: Great, got it. Okay. Make sure we just get that in there because I think that’s required, right?
Sarah: Yes, it is required.
Tego: Yeah. Okay, good.
Well, Sarah, we were talking about interest rates and the forecast, you know, coming forward, and you know, a lot of people are thinking probably another 1% bump up over the next year. What does that equate to when you’re purchasing a home? You know, how much — let me give an example. If we’re buying a $200,000 home, which is kind of the average here in Albuquerque, what does that equate to, a 4-1/2 versus 5-1/2, let’s say?
Sarah: It’s about 125, $127 a month, which is about, you know, 20 to $25,000 more in a house that you can buy.
Tego: Yeah. That’s substantial because, you know, $125,000 house versus let’s say $150,000 house, depending on the part of town, is pretty substantial. Or, let’s say, 175 versus 200 is probably a better example. Those are very different properties. So you can definitely get a lot more house for the money when you consider that, you know, homes in Albuquerque, you know, range from 80 to, let’s say, 150 a square foot with the average somewhere around $100 a square foot. You know, that’s a lot more house, that $23,000 can buy.
Sarah: Yeah.
Tego: So for sure.
Sarah: Yeah, most certainly. Much different house, too.
Tego: Yeah, yeah.
So I want to ask you. You and I were having this discussion here a while ago talking about, you know, Fanny, Freddy, FHA, VA. You know, we hear all these things and all these different types of loans. And you know, people hear it in the news. And it’s kind of like, “What are they? What are they all about? What do they do?” So I wanted to kind of ask you a little bit about that and just kind of give us some kind of quick definitions of how all these pieces fit into the loan and home financing program.
So first off, what’s FHA?
Sarah: FHA is a government-sponsored program. Well, they all are kind of are government-sponsored programs.
Tego: Sure.
Sarah: But it’s regulated by the Federal Housing Administration. And so it basically requires less of a down payment, geared more towards first-time home buyers, and the Federal Housing Administration sets forth the regulations and guidelines to follow to meet the requirements to obtain that kind of mortgage.
Tego: Got it. In FHA, just in New Mexico — excuse me. First off, what is the kind of down payment cash from buyer requirement for an FHA loan?
Sarah: 3-1/2%.
Tego: Okay. And then, what is, I know there are some dollar limits on, you know, how much they will finance. What’s the limit here in New Mexico?
Sarah: Maximum loan amount is 271,050. And then the lowest credit score that they’ll take on that is a 580.
Tego: Okay, wow, 580 still.
Sarah: Yeah.
Tego: That’s pretty low.
Sarah: Yes.
Tego: I mean, you know, what was it? A year or two ago, you couldn’t get anything.
Sarah: 640.
Tego: Yeah.
Sarah: Yeah, it was like a 640.
Tego: Yeah.
Sarah: So it’s gone down a little bit.
Tego: Yeah, it’s gone down. Things have loosened up. You know, we were talking about what happened in ’05, in ’06, in ’04, you know, just kind of the craziness and how easy it was and just the easy money and easy lending practices. Things have changed substantially since then, wouldn’t you say?
Sarah: Yes, yes.
Tego: That’s an understatement, right?
Sarah: Yeah.
Tego: Yeah.
Sarah: There are changes everyday.
Tego: Yeah, yeah. Okay. So that’s the FHA. So 271 is the limit. So if somebody’s got 3-1/2% down so maybe they could be looking at like up to $280,000 and then qualify for that FHA loan.
Sarah: That’s correct.
Tego: That’s correct. Okay. And then what’s Fannie Mae and Freddie Mac. I mean we hear these. But how do they fit into the whole picture of the loan, lending world?
Sarah: Okay, Fannie Mae and Freddie Mac. Fannie Mae is Federal National Mortgage Association. And Freddie Mac is the Federal Home Loan Mortgage Corporation. And what they are are government-sponsored enterprises that basically expand the secondary mortgage markets by securitizing mortgages in the form of mortgage back securities. This allows more money available for mortgage lending and increases the money available for new home purchases.
And Fannie Mae and Freddie Mac both have very similar guidelines and regulations that they set forth for lenders to follow to qualify the borrowers. But they vary just a smidgen, and it’s just certain criteria that they require that you meet. So some are lenient on one area and more strict on another area, and vice versa.
Tego: And these criteria are things like, of course, credit score, but you know, debt to income ratios, on the job, you know, just all those parts and pieces that are important when somebody’s considering giving you money, right?
Sarah: That’s right, yes
Tego: So they have those guidelines. And of course, those guidelines have changed drastically since the good old days or the bad old days, depending on how you look at it I guess. And this is one thing I want to cover with you. I mean people that may not have applied for a loan since, let’s say, 2002, they might be in for a little bit of a shock at what the process is to get qualified for a loan these days. Would that be fair to say?
Sarah: It is fair to say. And that’s why when we first talk with them, we kind of prepare them for what is going to be required. And once again, it goes back to if you qualify, you’ll be fine. If you don’t, then you know, I’ll let you know right away because, you know, people have different, well, it’s kind of a misconception right now because they don’t quite understand exactly what it all entails.
Tego: Sure.
Sarah: So we go over that with them up front so there are no surprises during the process.
Tego: Yeah. And Sarah, I will say we do like working with you because of that, because, you know, you need to be very honest with your mortgage agent about, you know, what your financial situation is because, you know, the underwriting process is pretty thorough. I mean they look at everything, correct?
Sarah: They do. They look at deposits that aren’t like normal payroll deposits. And that’s the thing I think is the biggest hurdle with us is people don’t understand why they need to know where a deposit came from. And they want to make sure you’re not borrowing money to buy a house.
Tego: Yeah, yeah.
Sarah: You know, there are reasons for everything. And I always tell the customers, “Look, I’m just doing what is required.” And I prepare that for them up front and kind of explain to them what all this is going to entail because it is kind of a shocker. And it’s not as complex as people may think so I don’t want it to hinder anyone from trying to obtain a mortgage, but you know, you have to qualify. The bottom line is you have to qualify nowadays. Everything has to be documented.
Tego: Yeah. Got it. So let’s go through just if somebody’s applying for a loan, either for a purchase or a refinancing, maybe some kind of do’s and don’ts. And I think we kind of already covered the do’s which is be honest. Tell your lender everything. Don’t hold back. And if you own a property that, you know, don’t think matters, it matters. Everything matters, correct?
Sarah: Exactly. Yes.
Tego: Okay. And what are some of the don’ts?
Sarah: Well, we don’t want you to change jobs or also in your W2 employee and now you’re self-employed. You can’t quit your job in the middle of this. You can’t use that income anymore. Don’t open up any new debts, credit cards, buy a truck or car or whatever. You know, just don’t open up any new debts. Don’t let anyone else pull your credit because we –
Tego: I always like the line, you know, “Don’t go and buy a bunch of furniture for your new house because you may end up with just the furniture and no house.”
Sarah: Exactly. And then you don’t want to spend money that you have set aside for your down payment or for closing costs.
Tego: Sure.
Sarah: You don’t want to admit any kind of debts or liabilities from your loan application, as you said. You know, I know owning a property is an asset so people don’t think of it as a liability, but you pay taxes on that property. You have insurance if it’s a house too. All that stuff has to be counted in your overall debt because they’re still expenses tied to the house.
Tego: And trust me, just from our experience and all the clients that we’ve helped, you know, the underwriters, they’re good at what they do. They find everything.
Sarah: They do.
Tego: Yeah, yeah. I mean and that’s their job. And so they do a good job.
Sarah: Well, I have customers that say, “Why do I have to disclose this property?” And an underwriter will find it. They do some kind of search, and they find it.
Tego: Yeah.
Sarah: And they just didn’t think they had to for whatever reason. And then the other thing I think we already kind of touched base on was about the deposits.
Tego: Right.
Sarah: If you have any kind of deposits that aren’t payroll, these all have to be documented because they want to make sure you’re not borrowing money.
Tego: Yeah.
Sarah: And then you also don’t want to co-sign on a loan for anyone or, in the middle of something, get married or divorced because we are community property states. If you get married, we have to use the spouse’s income or the spouse’s debt on some of the loan programs depending on what program you’re on. And if you get divorced, we need a divorce decree. We need to make sure that, you know, there’s no child support, et cetera, et cetera.
Tego: Yeah. So I mean I think a good way to say this, if you’re applying for a loan or getting a home loan, get with a good lender that’s going to help you and really guide you through. And be honest. And you know, don’t pretend like something’s not there because it’s going to hurt you.
So anyway, thank you, Sarah, so much. And thank you for listening to Small Business Saturday here on the Rock of Talk AM 1600 KIVA and FM 95.9.
I’d like to thank our producer, Nick Layman with Nick Layman Media, and also to our Eddie Aragon, General Manager here at the Rock of Talk and the host of the Rock of Talk Roundup. He’s going to be doing that live from 6 to 7 a.m. here daily on Albuquerque’s only locally owned news and talk station on both AM and FM, the Rock of Talk.
And to comment or get the latest news, sports, and financial information, please visit us at the rockoftalk.com. I was just on there the other day and listening to some of the radio shows that I missed. Anyway the rockoftalk.com, be sure to check it out.
So long. We’ll see you same place next week. Thanks for being with us.

Albuquerque Real Estate Talk – December 7, 2013

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