Buyer/Seller Tips
To Sellers and Buyers,
I will be adding new tips to this page as I think of them so be sure and return from time to time!
For Sellers
As a Seller, preparing your property for sale needs to be thought about very carefully for optimal results. Many cosmetic changes can be made with minimal time and expense. Yet, they can influence how quickly your property sells and at what price. Buyers will be comparing your property to competing properties so here are a few practical tips to help your property stand out above the rest:
1. Unclutter
By removing clutter, you will make your property feel larger, brighter, and more in tune to each Buyer's personality. If the Buyers can explore your home comfortably without too many of your belongings and personal
family photos around, they will be able to envision the house with
their own personal touches and decide how their furniture will be placed
without too much distraction.
2. Clean
Presenting a clean home to Buyers shows them that the home has been valued and well cared for. Placing fresh flowers on a table for showings and baking cookies or just putting cinnamon in the oven makes a home feel cozy and special and makes your home stand out. If you leave music on, it should be at a very low volume so it doesn't distract the Buyers
in any way. Shiny windows are a real plus and the bathroom and the
kitchen should shine also!
3. Repair
Making certain repairs will present your property in a more positive
light to prospective Buyers and can also add to its value in the long
run. If you think something is too much trouble to fix, chances are the
Buyers will feel the same way. Some Sellers actually have a licensed
home inspector go through their home before putting it on the market
and
take care of any problems that arise. This way there are fewer
surprises
after the home goes Under Contract and the Buyers do their own
inspection.
For Buyers
Buying a home is very exciting but it can also be stressful as it is one of the biggest investments you may make in your lifetime. The rewards are many, however, and definitely worth it.....years of pleasure for you and your family not to mention the equity you are building that can finance other projects near and dear to your heart.
One of the first things that you should do to lower the stress level before buying a home is to get pre-qualified with a mortgage broker as soon as possible. It takes very little time and it is free! This way you will know exactly what you can afford, what the interest rates are and when would be a good time to buy. Then when you do make an offer, your Broker can attach a form saying that you are pre-qualified up to a certain amount. The Seller will feel more comfortable accepting your offer and this is especially important if more than one offer is presented to the Seller at the same time.
After your offer has been accepted by the Seller and you are moving toward closing, be sure your Broker gives you the phone numbers of a few licensed home inspectors to talk to so you can choose the one that feels right for you regarding price, personality, credentials, etc. Your Broker will give you the names of inspectors that have proven to have integrity and lots of experience with the local Taos construction methods. Typically, your mortgage Broker will choose an appraiser but if you are paying cash, you will need some names of appraisers to talk to and choose from and you can get a list of those also from your Broker.
As a Buyer in New Mexico, your closing costs consist mostly of the cost of your loan if you don't pay cash. If you do pay cash, your costs at the title company will be under $500. as a rule unless you choose to share some of the Seller's costs during the negotiation of your contract. Seller's in New Mexico typically pay between 2 to 3% closing costs (survey, title insurance, legal documents, etc.) added to the real estate commission. For example, if a house has a 6% commission, the Seller will pay between 2 to 3% above that or 8 to9 % of the purchase price in closing costs. That means if a house sells for $300,000., the Seller may pay as much as $24,000. to $27,000. in closing costs. As a Buyer, you are spared this high cost until you sell and then it is your turn......oops!
