The process of buying. (Summer 2022)

RELOCATING? and those who are not.

In our market it is not only about whether a Buyer has offered enough money, it is often more about whether the offer is the best offer in totality, meaning the offer is the most money, and the terms are the best. If you are relocating the following is a list of considerations.

In the current market houses in the area often are sold in about a week and are often selling for more than the listed price. Be prepared for this reality. Houses in the area are often more expensive than your area. Look at Zillow or Realtor.com and get an idea as to what a house that you could accept may be listed for, but also remember homes often sell for more than listed price.

Generally, there are 7-12 houses per week that become available in Los Alamos County, and then are under contract within a week.

Terms: Prior to making an offer, get a prequalification letter from your bank. Usually, Sellers will not accept an offer without a “prequal” letter. We suggest having that in hand prior to wanting to make an offer. If you don’t have a lender you are working with there are some fine local lenders you can talk to see if they meet your needs.

Many Sellers are doing a pre-listing inspection, and usually they share this with prospective Buyers. This is good for both the Buyer and Seller, The Seller can address any issues, and the Buyer has a better idea as to what they are getting into and make their offer accordingly. In New Mexico home inspectors are licensed and insured.

Terms: Many Buyers will waive an inspection, if a Seller has had a pre-listing inspection done by a licensed inspector. Waiving an inspection makes an offer “stronger”. This generally means the sale moves forward faster and the Seller doesn’t have to be concerned with a Buyer renegotiating after an inspection.

Terms: In our market many Buyers also waive the appraisal. What this means is that while an appraisal is still done, if the home does not appraise at the loan amount or higher the Buyer will pay the excess up to a cap.

Terms: Cash vs loan. Often a Seller will find a cash offer “stronger” than an offer with a loan. They find more certainty in the cash offer and have less concern that rising interest rates will make the house unaffordable to a Buyer.

Option #1: Are you willing to buy “sight unseen”? This means you have never physically been at the house. When you see a house you think you may like to buy based on the photos and video walk through let us know quickly and we can do a facetime walk through with you, at which point you can decide if you want to move forward on it. Remember many homes are under contract within a week. If you really want a house but really want to physically see it first you may want to pay the Seller a “Time off Market” fee. This is a nonrefundable fee you may put into your offer that has the Seller pull the house off the market for a specified period of time, allowing you to catch a flight and physically see the house. If you don’t like the house you cancel your offer and Seller has been compensated for pulling the house off the market.

Option #2: If you have a relocation trip planned, organize with us and we can show you what is on the market when you arrive, remember generally 7-12 homes are available in any given week. Hopefully if none of the current inventory is acceptable, we have created a relationship that may make you slightly more comfortable with the possibility of buying “sight unseen”. We can set you up with automated email updates with homes that become available meeting the criteria you have provided us.

Option #3: If you want to live here prior to buying, we suggest renting or staying in temporary housing. If living here we can also set you up with automated email updates with homes that become available that meet the criteria you have provided us and we can show the homes to you as they become available.

NOW WHAT?

We found a house!

You have prepared yourself to be ready to buy. Atomic Realty has found you a great house and you now want to make an offer. – Now what?

Read and understand your purchase agreement: We at Atomic Realty will discuss and advise you regarding all the forms and entire process during your purchase. However, if you are still uncomfortable with, do not understand, or still have questions regarding the meaning or veracity of any document in your transaction, Atomic Realty recommends seeking your attorney’s advice. ALWAYS, as with any contract, understand what you are signing and verify anything that is important to you. The obligations/responsibilities set forth in your Purchase Agreement, other than the specific listed broker duties, are those of the Buyer and Seller.

1) Read the entire purchase offer BEFORE signing it physically or electronically as electronic signatures are binding.

2) Review the Adverse Material Fact form, NMAR 1110. Atomic Realty does not provide, complete, or corroborate this information, it is a document ONLY the Seller can complete.

3) Acknowledgement of the Adverse Material Fact form, NMAR 1110 does not prevent you from objecting to an issue during the Inspection Contingency Period.

4) Investigate the Surrounding Area to verify you are satisfied with it. While it is a possible ethical and HUD violation for us to suggest areas to live, we suggest looking into crime statistics, school information and other data that is important to you and verify it is acceptable to you.

5) Review the Inspections paragraph of the purchase agreement. Please understand the consequences of waiving any part of the appraisal or inspections prior to making an offer. Furthermore, understand the consequences of escalating your offer above the asking price. (See our FAQ page for more details and examples.)

6) While most people accept the county provided square footage information. If you are suspect of the Square Footage listed or it is a material matter to you, you are advised to have it inspected and verified during the purchase agreement's inspection period.

7) Confirm your ability to obtain insurance and insurability of the property during the insurance contingency period. Talk to your insurance company, if you don’t have an insurance company you are working with there are some fine local companies you can talk to see if they meet your needs.

8) If you have not done so already, move forward with your lender and/or supply your proof of funds or prequalification letter. Check that your Pre-Qualification letter includes the information the purchase agreement requires. We will want to present this with the offer.

9) Review the entire Title Commitment, including all exceptions, within the Review Period. If you believe there is an issue, we must object in the proper time. The title commitment will tell you about encumbrances currently on your property and tell you exactly what the title insurance will insure against.

10) Adhere to your agreed deadlines. Deadlines can ONLY be extended if BOTH parties agree.

11) Conduct a thorough pre-closing walkthrough. Usually this is done a few days prior to closing. The purpose of this is done to verify the property in the same condition as when you contracted and are all the things there that were agreed upon. IT IS NOT ANOTHER INSPECTION PERIOD. If the property is not what you have agreed to and it is unacceptable, speak up. After the closing might be too late

What we do for Buyers.

How can we help you?

If you feel a Broker is trying to maximize their commissions by only showing you homes they have listed, and are pushing you towards their listings or are not showing you homes that pay them lower commissions, (FSBO’s and properties listed by other brokerages.) call us ( 505-208-0480) we will show you anything that is out there, we will even call FSBOs and try to get you in to see them. Our primary goal is to help you find a home. If you have found a FSBO that you wish to buy, and no other Broker is involved, again we will manage the entire transaction, for both the Buyer and the Seller for $599 + 1% of the sales price, that"s it!.

We are professional honest Brokers, we use no misleading tactics. Unlike some other brokerages we will not require you to sign a "buyers agreement" forcing you to work with us nor will we work against your interest. We work as "transaction brokers" - this means we will work with you with and provide:

a) Honest and reasonable care and ethical and professional conduct;

(b) Compliance with local, state, and federal fair housing and anti-discrimination laws,

(d) Written disclosure of any potential conflict of interest.

(e) Written disclosure of any adverse material facts actually known by the broker.

If there is nothing currently for sale that meets your needs, we will happily set up an alert to notify you when something comes up that may interest you and if out of town we can do a virtual showing with you.

Kate Houck. "I am ready to help you."