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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, thats 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,
(c) Performance of any and all written agreements.
(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."
Buyer's Informational Checklist
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 and not of the Brokers of Atomic Realty.
1) Read the entire purchase offer BEFORE signing it physically or electronically (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 Seller ONLY completed document.
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.
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.
6) If Square Footage is a material matter to you, you are advised to have it inspected and verified during the Inspection Period.
7) Confirm your ability to obtain insurance and insurability of the property during the Insurance contingency period.
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.
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.
10) Adhere to your agreed to deadlines. Deadlines can ONLY be extended if BOTH parties agree.
11) Conduct a thorough pre-closing walkthrough. (Usually a few days prior to closing – Is the property is the same condition as when you contracted and are all the things there that were agreed upon. If the property is unacceptable, speak up. After the closing might be too late.
Buyers - What to expect in the current market
What to consider when making your offer
Due to various factors, houses in many markets are selling very quickly and often significantly over the listed price. Los Alamos, and White Rock appear to be a couple of those markets.
What we are seeing:
As with many areas Los Alamos is a "Seller’s market". Sellers are completely “in the driver’s seat.” A common practice in this market is a Seller will list a property and then review all offers in roughly a week.
The pros and cons for this practice is:
SELLER: This allows the seller to review and consider not only the prices offered but the terms as well, for example is this a cash buyer, or has the buyer waived inspection and other factors.
BUYER: This practice also allows the Buyer to review all the associated documents to make an informed decision as what to offer.
PRICE: To get an offer accepted often, not always but often, a Los Alamos offer will need to be over the asking price. The current MLS data shows at this time the sales price of a home seems to be about 7% over asking price.
INSPECTIONS: to make an offer “stronger”, often a buyer will waive all or some inspections. If the Seller is aware that they will not have to fix anything it may make a difference to them.
ESCALATION CLAUSES. Often an offer will come with an escalation clause. The way an escalation clause typically works is in the following example:
House is listed at $400,000
Buyer X offers $410,000 but states if an offer over our offered $410,000 comes in Buyer X will increase their offer by $Y over the best offer, with a cap of EX: $430,000.
WILLING TO PAY OVER THE APPRAISED VALUE: When getting a loan, a bank will send an appraiser to determine the value of the house. We have no control what appraiser is sent or their schedule. An appraiser has mandated criteria they must adhere to as to what houses they can compare this house to, how recent the other comparable sales must be, and how much leeway they have in valuing the house.
As an example:
If a house is listed for $400,000.
And a person may make an offer of $420,000
But similar houses in the last 6-12 months have only sold for $350,000
The appraiser may only be able a apprise the house for $385,000
So, what happens then? In historical market conditions the Buyer and Seller agree to reduce the price, or the Buyer pays additional money in their down payment, or the purchase fails, and everyone walks away.
Today, because market values have increased so rapidly, appraisals have difficulty keeping up the rise in prices. In order to present a strong offer the Buyer will often share the risk of a low appraisal. This is done by including a waiver or partial waiver of the appraised value in the offer, in which case the Buyer agrees to pay part or all of the difference between the sale price and the appraised value. Remember the appraisal may not be available for several weeks after the offer is accepted.
In our example above the offer will come in and the offer may say “If the house doesn’t appraise for the $420,000 offered, the Buyer agrees to pay the difference. In our example above, with the offer of $420,000 the Buyer may opt to pay the $35,000 difference.
Note: According to some lenders an offer with an FHA, VA, or Jumbo loan may not be as attractive to a Seller to do this with as if the property does not appraise high enough
CLOSING COSTS:
If you have a relocation package, it is important to review it and use the relocation benefits offered to put forward the strongest offer possible. While all closing costs are negotiable, the convention in the Los Alamos market is for the Buyer pays almost all the closing costs. The Sellers pay the sales commission so the biggest Buyer cost is likely to be the title insurance and that varies depending upon the price of the house.
