Seller Financing 1 - New Mexico Legislature 0

By
Real Estate Broker/Owner with Hello Realty NM Broker License 16161

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.

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Our Santa Fe real estate market is a local one. Search All Santa Fe Listings Here and get results in both an easy list or map search. If you want to see a SOLD sign on your property or you want to make a lifestyle change by moving here, call me at 505-660-4541 to schedule a real estate consultation. No one has time or money to waste in this new landscape of real estate online. I am available to help you and make a positive difference in your real estate experience. Remember dreams are made a reality only when you act on them. Emily Medvec

Today, I represent Sellers and Buyers in all price ranges in Santa Fe and throughout northern New Mexico. My focus is to use my experience, vision and strategies to find you opportunities and solutions. My goal is always to save you time and money whether you are selling or buying any type of Santa Fe real estate, including homes, land, town homes, condominiums, ranches and commercial property. Here are recent reviews from my past clients about my know-how and service. Until you are ready to Buy or Sell, let's connect and learn more about each other on Facebook or Twitter

Emily Medvec Copyright 2019 All Rights Reserved 2007-2019

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Rainmaker
5,038,308
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I've never held a first, but I had several second mortgages at 12%.....I still have a couple of them owed to me and I collected the others....and by the way, my book arrived today :).....can't wait to read it.

Feb 17, 2011 10:54 AM #1
Ambassador
3,822,557
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Emily, I have never heard of a State doing anything like this.  They have the right to tax, but I fail to see where they would have the power to dictate to a Lender that they cannot allow for Seller Paid Costs especially when it is allowed by FHA, Fannie Mae, Freddie Mac, VA, and USDA.  I do not see how a State can override those regulations.  That certainly would have made an interesting court case.

Feb 17, 2011 11:03 AM #2
Rainmaker
306,330
Chris Canfield
Coldwell Banker Residential Brokerage - Tucson, AZ
Homes for Sale in Oro Valley and Tucson, Arizona

Hi Emily - The strength in numbers was certainly shown here!  Good for the Realtors of New Mexico!

Feb 17, 2011 12:13 PM #3
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413,797
Emily Medvec Qualifying Broker
Hello Realty - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM

Barbara, years ago when interest rates were in the double digits, we would owner finance since it was a viable alternative to what the banks were doing. By the way, I think you will be tethered to Margaret's book. From my experience here, you both are alot alike!

George, although Santa Fe has been around for 401 years, our legislature is on year #50. Our state constitution requires them to meet for 30 days one year and then 60 days the next. They are not in Santa Fe full time. The focus of this bill was to stop an individual owner from providing the financing if they had owned their property without any  mortgage. Fortunately, the bill got stopped!

Chris, information plus numbers can often make a difference. Good to see you thawing out in CT!

Feb 17, 2011 01:15 PM #4
Rainmaker
256,336
Susan Jackson
America's Network Realty Group, Inc - Sandy Springs, GA

Why were they even considering nsuch a bill?  United we stand

Feb 17, 2011 01:53 PM #5
Rainmaker
535,255
Gay E. Rosen
Julia B. Fee Sotheby's International Realty - Larchmont, NY
As Real as Real Estate Gets!

Hi Emily - I have never heard of this either -talk about big-brother! Glad it wont happen///Gay

Feb 18, 2011 07:34 AM #6
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Emily Medvec Sells Santa Fe Real Estate! Call/Text 505-660-4541
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