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home buying: Real Estate Term: Appraisal - 04/07/10 11:44 AM
Appraisal:
Definition: An estimate or opinion of value of a specific property as of a specific date resulting from an analysis of the facts about that property by a qualified impartial third party.
Discussion: There are several benefits to having an Appraisal.
•- Assists the Buyer in knowing that they are not over-paying for the property.
•- Insures to the Mortgage Company that the loan amount does not exceed the value
*****Note: When you look at the current economic situation around the country, you may notice that an Appraisal can be useless to a Mortgagor. The home may be worth … (3 comments)
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home buying: Surveys - Part 2 - Kinds of Surveys - 04/01/10 01:21 PM
Kinds of Surveys:
Below is a list of the most commonly known types of surveys on our area.
ALTA Survey
A survey made for the purpose of supplying a title company and lender with survey and location data necessary for the issuing of title and/or mortgage insurance. A detailed map is required to be done to "ALTA" specifications. The acronym "ALTA" stands for American Land Title Association. Specifications of this type of Survey include (but are not limited to) determining property lines, location of improvements, identifying all easements, utilities and other conditions affecting the property. ALTA surveys are very comprehensive surveys … (0 comments)
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home buying: The 3 things you can do as a result of an inspection (1. Continue, 2. Terminate, 3. Negotiate) - 03/25/10 01:50 PM
When purchasing a home, there are different inspections that can be performed. They include (but are not limited to): Home Inspection, Septic Inspection, Well Inspection, Survey, Appraisal, Wood-Destroying Insect Inspection. There are 3 things you can do as a result of any inspection.
•1. You may read the results and decide that everything is fine and you wish to continue.
•2. You may determine that as a result of an inspection, you wish to terminate the deal. If you choose this route, you will receive your earnest money back. This is usually reserved for items that are serious. A structural problem … (2 comments)
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home buying: Lead Based Paint Information - 03/17/10 11:41 AM
Lead-Based Paint Addendum - Lead was used in paint prior to 1978. If lead is ingested, it can be deadly or harmful. Any house that was built prior to 1978 may contain lead-based paint. Because it can be harmful, there is a lead-based paint disclosure that must be signed by all parties. The Disclosure must be signed, with date and time, prior to writing the Purchase Agreement. You will receive a pamphlet explaining Lead-Based paint hazards and you will also receive the opportunity to obtain an analysis.
Please remember that it can be harmful if ingested (not inhaled).
Today's Saying: … (1 comments)
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home buying: Explanation of the Insurance Contingency - 03/15/10 02:36 PM
After Hurricane Katrina, two paragraphs were added to the Purchase Agreement giving the Buyer the opportunity to get insurance quotes and determine that home insurance is affordable. Hurricane Katrina made insurance in some areas very expensive. We have not observed this in our area. I usually put a 2 week time frame in this area to give the Buyer some time to get quotes and determine affordability. They then have a few more days to object. To date, I have not had anyone object due to an insurance price issue.
I will help you keep track of all your Due Dates … (1 comments)
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home buying: Home Inspection Explanation - 01/19/10 10:03 AM
One of the first things done after getting a property "Under Contract" is to have a Home Inspection. I occasionally get a buyer who does not want a Home Inspection. To me, it is the best money ever spent. If you REALLY do not want a home inspection, I will make you sign a document that says that although I encouraged you, you chose to not get an inspection and that you will not hold me or my Broker liable for any problems at the property. We feel that they're that important.
A good Home Inspector will show you how the … (3 comments)
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home buying: What is Earnest Money - What is it for? - 01/15/10 10:30 AM
Earnest Money is a deposit given when making an offer to show the seller you are intending to carry out the terms of the agreement. The amount should be enough to discourage the buyer from walking away, compensate the seller for taking the property off the market, and cover any expenses the Seller might incur if the Buyer fails to close.
When the Buyer gives their Agent the earnest money, the office deposits the money into a Trust Account. The money is kept there until the contract closes or the contract is terminated. When the property closes, the agent delivers … (0 comments)
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home buying: Basic Information on Septic Systems - 01/13/10 02:31 PM
New Mexico requires all septic systems to be permitted, approved, and inspected by the NM Environmental Department. All individual systems require a minimum ¾ acre lot (or a variance).
The two most commonly used are:
1. CONVENTIONAL SEPTIC TANK SYSTEM
In this system, wastewater flows from the house to the tank where settling occurs. Heavier solids (e.g. organic waste) sink to the bottom of the tank forming the sludge layer. Lighter solids (e.g. grease, soapsuds) float to the top forming the scum layer. The clearish liquid in the middle layer is the effluent.
After settling out for 24 or more hours, … (2 comments)
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home buying: Time to start Packing - 01/11/10 10:31 AM
I believe in packing over a period of time. As soon as we decided to move to Silver City, I began the packing process.
Go through all your things and decide what you no longer need and no longer want. Either have a garage sale or donate the items to a church or organization that has rummage sales. Buy and collect supplies - - boxes, tape, large markers, packing paper (or newspaper) Start packing things that you don't use every day. Christmas decorations, the good china, off-season clothing, etc. I actually invited friends over to spend time with them and they … (0 comments)
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home buying: Take the Trauma out of Buying a House - 01/05/10 12:35 PM
January 5, 2010
Buying a house, moving. It's traumatic. I remember telling a young couple that it was normal to be nervous, to lose some sleep. Still, it's one of the best investments most of us ever make. Consider the following when buying a house:
If you're not comfortable with your Realtor, find one that you are comfortable with. It's important to find someone you respect, you understand, and that you're confident they respect and understand you and your needs. Be sure their communication style fits with yours. Educate yourself on the process. Even if you've bought properties in the past, … (2 comments)
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home buying: Home Inspection Explanation - 12/17/09 01:51 PM
December 17, 2009
Today's blog is about our next Purchase Agreement topic, "What are your options as a result of a Home Inspection?"
One of the first things done after getting a property "Under Contract" is to have a Home Inspection. I occasionally get a buyer who does not want a Home Inspection. To me, it is the best money ever spent. If you REALLY do not want a home inspection, I will make you sign a document that says that although I encouraged you, you chose to not get an inspection and that you will not hold me or my … (3 comments)
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home buying: Take the Trauma out of Buying a Home - 11/17/09 10:23 AM
Novbember 17, 2009
Buying a house, moving. It's traumatic. I remember telling a young couple that it was normal to be nervous, to lose some sleep. Still, it's one of the best investments most of us ever make. Consider the following when buying a house:
• If you're not comfortable with your Realtor, find one that you are comfortable with. It's important to find someone you respect, you understand, and that you're confident they respect and understand you and your needs. Be sure their communication style fits with yours.
• Educate yourself on the process. Even if you've bought properties … (1 comments)
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home buying: The Home Inspection Process - 10/27/09 10:52 AM
October 27, 2009
Home Inspection Process
Not only will you want to have a home inspection done for your own sake, and peace of mind, but most lenders will require that you have a home inspection before they will proceed with the loan. The lending institution has just as much interest in the home as you do, so that is why they require a home inspection.
Getting a home inspection requires hiring a company to send out a home inspector to go through the home you are going to purchase. With you present, the home inspector goes through the home, … (2 comments)
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home buying: Real Estate Term: Title Insurance Policy - Part One - 09/24/09 02:19 PM
Real Estate Term: Title Insurance Policy - Part OneDefinition: A statement as to the condition of the title of real property ownership and insuring it against claims by the payment of a one-time-only premium which protects the named insured and their heirs against title defects, liens and encumbrances existing as of the date of the policy and which have not been specifically excluded from it to provide a legal defense for the policyholder and pay any covered losses incurred.
Discussion:
Title insurance in the United States is indemnity insurance against financial loss from defects in title to real property … (1 comments)
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home buying: Stickley Designed Treasure in Silver City, NM - 08/31/09 11:56 AM
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home buying: Price Reduction in Silver City, NM!! - 08/29/09 01:41 PM
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home buying: Real Estate Term: Private Mortgage Insurance - 08/24/09 11:55 AM
August 24, 2009
Real Estate Term: Private Mortgage InsuranceDefinition: (PMI) A type of mortgage insurance available to conventional lenders on the first, high risk portion of a loan guarantying payment.
Linda's commentary: I strongly feel that a Buyer should put a large down payment when buying a home. There are a few reasons: 1. Your monthly payment is less because your loan is less, 2. Your interest rate is less because your Loan-to Value is less, 3. You don't have to pay PMI insurance, 4. You can access your equity with a 2nd mortgage or Home Equity Line, 5. You can … (3 comments)
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home buying: Real Estate Term: Prepayment Clause - 08/20/09 12:10 PM
August 20, 2009
Real Estate Term: Prepayment ClauseDefinition: A clause in a loan contract that gives a borrower the right to make loan payments that are greater than the amount due or in advance of the due date.
Discussion:
From: www.michaelbluejay.com:
Prepaying your mortgage
On our page about mortgage interest, we saw that a 15-year loan saves you a bundle of interest vs. a 30-year loan. But maybe you're stuck with a 30-year loan because that's all the bank will give you, or because you already bought a house with a 30-year loan. In that case, you can still … (1 comments)
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home buying: Real Estate Term: Multiple Listing Service - 08/11/09 10:35 AM
August 11, 2009
Real Estate Term: Multiple Listing ServiceDefinition: (MLS) An association of real estate licensees that provides for a pooling of listings and the sharing of commissions on a specified basis.
Discussion: The MLS is the computer program that the Realtors use to show listed properties. When your Realtor meets you at a house to show you a property, they will probably give you an MLS Sheet which has house information on it.
The Realtor can search the MLS System to find houses that fit your needs. There is a ton of reports and analysis that can be retrieved … (2 comments)
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home buying: New listing near Silver City, NM - 08/07/09 03:23 PM
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Linda Ferrara
Silver City,
NM
More about me…
Coldwell Banker Enchantment Realty
Address: 501 Silver Heights Blvd., Silver City, NM, 88061
Office Phone: (800) 456-3132 x 12
Cell Phone: (575) 519-9249
Email Me
Everything you wanted to know about Silver City, NM including area events, popular activities, relocation information, home buying ideas and much more!
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