Every now and then a call to action to Realtors makes a difference quickly. The 50th New Mexico Legislature began its 60-day session on January 18, 2011. Some of our elected representatives quickly focused on real estate. One example was Senate Bill 320 Real Estate Installment Contract Act. This bill would have basically ended the opportunity for any seller financing in New Mexico.
In other words, any property owner who wanted to use seller financing to sell their real estate would no longer have the option to owner finance the transaction. Given the challenges everyone is facing to obtain financing to purchase real estate, if SB 320 became law, its impact on our local real estate market would have been unfair for both buyers and sellers of New Mexico real estate.
Fortunately, the news was positive today when the New Mexico Senate's Corporation and Transportation Committee tabled this controversial bill. This positive result happened due to the solid effort made by the Realtor members of the New Mexico Association of Realtors after receiving an email call to action from the association only 24 hours ago. Due to this extraordinary effort, property owners who own their real estate outright now still have the option of seller financing in New Mexico today.