Whether you are considering a real estate purchase agreement as an offer, or are drafting one to purchase property, there are several terms you should know. The real estate professionals at Sunwest Escrow are here to serve as a trusted resource for those who may be new to the process of buying or selling a home. We have developed a list of elements that will likely be included in a real estate purchase agreement. We believe that all parties should be familiar with these basic terms prior to engaging in negotiations.
Important Terminology
Original Source: https://sunwestescrow.blogspot.com/2019/02/important-terms-relative-to-real-estate.html
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If you have discovered that the home of your dreams is listed as a For Sale By Owner Albuquerque property, you will need to understand how this real estate transaction is different from a home sale aided by a real estate agent or brokerage firm. The team at Sunwest Escrow has been helping For Sale By Owner sellers and buyers navigate their way around this process for years. We have created a helpful set of guidelines that will aid you as you buy a home that is listed as For Sale By Owner.
Step #1: Decide if you need to hire a real estate agent. Just as the owner can sell their house without a real estate agent or brokerage firm, the prospective buyer can also enter into this process without representation from a real estate firm. Step #2: Determine if you need legal representation. Depending on the state, laws may require the seller or buyer to have legal representation during a For Sale By Owner transaction. Step #3: See if you can get pre-approval for your mortgage. In many cases For Sale By Owner sellers need to make quick sales. Getting pre-approved for a mortgage from a financial institution can speed up this process. Step #4: Hire an escrow service to manage the funds. Always invite a third party into the real estate transaction that will be responsible for the funds. An escrow account protects both the seller and buyer from a financial standpoint. Step #5: Consider requesting a C.L.U.E. report. This Comprehensive Loss Underwriting Exchange report can be obtained by the seller. It details any insurance claims that were made on that property within the last five years. Step #6: Get an appraisal and inspection completed. To ensure that you are getting a fair value, as well as a home without significant problems, have a professional appraisal and inspection completed before moving forward with the sale. Ask the seller to repair any areas that you do not believe pass the inspection report. Purchasing a For Sale By Owner Albuquerque home can be streamlined and safe if you follow the advice in the guidelines above. For more information concerning the For Sale By Owner process, contact Sunwest Escrow today. Original source: https://sunwestescrow.blogspot.com/2019/02/guidelines-to-buy-house-through-sale-by.html Sunwest Escrow, the real estate contract Albuquerque resource, has identified five facts that we believe all potential home buyers and home sellers should know before entering into a real estate transaction.
Fact #1: All contracts are negotiable by the buyer and seller. Although a real estate contract is drawn up, that does not mean it cannot be modified. The buyer and the seller have the right to request changes to these documents as they move forward with the real estate transaction. Fact #2: The buyer can ask for a home sale contingency to be added to the contract. A home sale contingency clause is a modification to a contract that states that the finalization of the contract is contingent upon the sale of the buyer’s initial home. This protects buyers who were planning to use their home’s sale to finance their next home purchase. Fact #3: The buyer can also ask for a right of first refusal clause to be added to the contract. Drawn up before the house is put on the market, the right of first refusal allows the seller to market the house however they want but the original interested buyer gets the first option to purchase the property should other potential buyers want to make offers. Fact #4: Inspection, appraised and financing contingencies can also be added. An appraisal contingency ensures that the home is valued at a minimum amount, if it isn’t, the buyer can pull out. The inspection contingency allows the buyer to request repairs or pull out of the sale should an inspection report come back unfavorably. A financing contingency lets the buyer back out of the sale if they are unable to secure adequate financing. Fact #5: Kick-out clauses can be added to protect sellers. A kick-out clause protects sellers against home sale contingencies, allowing them to continue marketing the home to find other qualified buyers. If one is found, the seller can request that the original interested buyer remove the home sale contingency or forfeit the offer. It’s important that buyers and sellers remember these five facts prior to entering into a real estate transaction. For more real estate contract Albuquerque information, call Sunwest Escrow today! Original Source: https://sunwestescrow.blogspot.com/2019/02/5-facts-about-real-estate-contracts.html Owner Financed Homes in Albuquerque In today’s real estate market, many owners are selling their homes with only the help of an escrow company. These sellers could also offer to finance the home for the buyer. This enables the buyer to avoid getting a loan from the bank because the original owner will lend the buyer the total purchase amount. Owner financed homes can help both the buyer and the seller. The buyer has the advantage of a faster closing process with lower closing costs, a flexible down payment and the ability to work directly with the previous owner until the contract is fulfilled. The seller also benefits because they can sell the home faster, minimize carrying costs and use the buyer’s down payment to pay their own debts or put a down payment on another property. But before offering owner financing, Sunwest Escrow of Albuquerque believes that there are a few points both buyers and sellers should know. Points to Keep in Mind Before Offering Owner Financed Homes
Owner financing can be a beneficial way for buyers and sellers to conduct a real estate transaction, however, they must be aware of the pros and cons of the process. For more information about owner financing options, call Sunwest Escrow at Albuquerque today! Original Source: https://sunwestescrow.blogspot.com/2019/01/points-to-keep-in-mind-before-offering.html Now is the perfect time to sell your home. Instead of using a real estate company, homeowners can work with an escrow agent to quickly and conveniently sell their property. Sunwest Escrow, New Mexico’s most trusted escrow company, believes that many homeowners can benefit from For Sale by Owner Albuquerque listings.
Why You Should Go for Sale By Owner? 1: You Know Your Neighborhood Better Than a Realtor You’ve lived in your home for years, maybe even decades. Not only do you know the ins and outs of your home, but you also know the community and the neighbors. For homebuyers, “the perfect home” is much more than just the home itself. Buyers want the home of their dreams to be in a neighborhood that aligns with their needs, values, and lifestyle. A realtor may know the area, but unless they’ve lived on your street, you as the homeowner are the expert in this field. 2: You Don’t Need to Spend Money on a Service You Can Accomplish Yourself Today’s technology gives you access to all the tools and resources you need to successfully sell your home. Think of a real estate agent as a middle-man in the process — they’ll get you from listing to close, but it will cost a premium. However, you can list and sell your home on your own, avoiding that unnecessary expense. 3: You Know What Your Home is Worth During the negotiation or listing process, a real estate agent may encourage you to lower your asking price or make certain deals as incentives to the buyer. You deserve top dollar from your home. An appraiser can provide you with the current market value of the property and you can list the home at a price you believe it’s worth. For Sale by Owner Albuquerque You can successfully list and sell your home without a real estate agent. Contact Sunwest Escrow today and allow us to help you through the contracts and financing process on your For Sale by Owner home! Original Source:- https://sunwestescrow.blogspot.com/2018/12/why-you-should-go-for-sale-by-owner.html Sunwest Escrow is here to help you through the home buying and selling process. We’re available to answer all your questions regarding real estate contracts and owner financing. We recommend that all prospective buyers and sellers first understand the details of a real estate purchase agreement and why it’s perhaps the most important contract in the transaction.
The Need of a Real Estate Purchase Agreement A real estate purchase agreement, also referred to as a real estate contract, is a key part of your real estate transaction. This is a written contract between buyer and seller confirming that the property will be sold for an agreed-upon amount. To be legally classified as a real estate purchase agreement, this contract must meet four specific requirements:
What to Verify on a Real Estate Purchase Agreement There are other items that should be listed to ensure that the buyer and seller both understand and agree to the vital details of the contract. We insist that your real estate purchase agreement should contain the following seven items:
Real Estate Purchase Agreement Albuquerque When the time comes for you to buy or sell a property, trust Sunwest Escrow to create the detailed real estate purchase agreement in Albuquerque that buyers and sellers can invest in. Original Source :- https://sunwestescrow.blogspot.com/2018/10/need-of-real-estate-purchase-agreement.html Why Opt for Owner Financing Homes Albuquerque?
Instead of borrowing money from a commercial lending office and obtaining a mortgage, a buyer can choose to purchase an owner financed home. During this process, the current property owner lends either a portion or all the funds required for purchasing the house. This is becoming a popular alternative to normal real estate transactions, especially in times when the area is considered to be in a buyer’s market. Types of Owner Financing There are many types of owner financed homes. The three most common are land contracts, lease-purchase agreements, and mortgages. Land contracts provide the buyer with an equitable title until the buyer has paid the owner for the full amount of the property. At that time, the new owner would then receive the deed. The seller and buyer could also choose to commit to a certain type of mortgage known as an all-inclusive mortgage or all-inclusive trust deed. In these instances, the seller carries the mortgage and receives an interest override on the underlying loan that accompanies the mortgage. In cases of a junior mortgage, the seller carries the first new mortgage and the buyer takes out a second mortgage to give to the seller as payment. A third option is a lease-purchase agreement which essentially leases the property to the buyer. The buyer gets an equitable title and will receive the full title after paying the seller the full purchase price for the property. Pros of Owner Financed Homes
Sunwest Escrow is ready to help you secure the owner financed homes Albuquerque has to offer. Opting for an owner financed home will provide you with many benefits including a faster close and better financing options. Speak with one of our knowledgeable escrow agents today to learn more about this advantageous buying option. Original Source: - http://sunwestescrow.blogspot.com/2018/09/why-opt-for-owner-financing-homes.html The typical real estate transactions used to involve a homeowner hiring a real estate professional to sell their home. Today, we find ourselves in an evolving market that no longer needs this representation. Instead, those selling their homes are electing to complete these transactions without a realtor.
3 Advantages of Sale By Owner The For Sale By Owner process is a commission-free means of completing a real estate transaction. There are many advantages to the FSBO process that have made it an appealing option for sellers that wish to complete the transaction without paying for services they could execute alone. 1. The seller saves money. When you employ the services of a real estate agent, you’re required to pay them a percentage of the sale as a commission. This fee could be upwards of tens of thousands of dollars. For instance, if your agent charges a 6 percent sales commission on a $500,00 sale, you’ll end up paying them $30,000. A For Sale By Owner sale eliminates this needless fee and puts more money in your pocket. 2. The pertinent information is now readily available. Previously, sellers did not have access to the information that real estate agents did. Today, however, a wealth of information available online and through other sources enables homeowners to educate themselves. 3. An escrow agent can provide guidance. Escrow agencies that handle real estate transactions have a detailed knowledge of real estate contracts and the selling process. The escrow company can provide information, advice and other services that a realtor would normally offer. For Sale By Owner Albuquerque You don’t need a real estate agent to sell your home. Sunwest Escrow can provide you with the For Sale By Owner Albuquerque services you need to confidently complete your real estate transaction. With decades of experience, we’ll use our detailed knowledge of the real estate process to act as your trusted escrow agent. We’re here to help you navigate real estate contracts and ensure that your transaction is carried out successfully. Don’t feel pressured to list your home through a real estate agent. Let Sunwest Escrow get you the most profit from your For Sale By Owner listing. One of the most important steps in buying a home is ensuring that the real estate contract is clearly understood. Since most purchasers are first-time buyers, many are not aware of what they need to know about a new real estate contract. Sunwest Escrow understands that this new experience can seem overwhelming, that’s why we’ve provided the following tips that we believe you should know about your housing agreement.
What You Need to Know About a Real Estate Contract Albuquerque Understand the different types of contracts. General purchase agreements are contracts in which a seller and buyer agree to a real estate transaction. A state or association purchase contract is the same agreement except a real estate agent is also involved. Property-specific purchase agreements regard vacant land or mobile homes. When purchasing real estate, make sure you understand that certain contracts may only be applicable in specific situations. Make sure it correctly lists the essential details. This contract is legally binding, and as such, must list exactly what both parties have agreed upon. Before you sign your agreement, check to make sure it has the following:
Choose a reliable escrow company to withhold and enforce the contract. An escrow company is a third-party service that will keep the property deed and all other documents safe and secure. They’ll hold the deed until the transaction is completed and both seller and buyer are satisfied. They’ll also record all monetary transactions for both parties and help the seller and buyer come to reasonable agreements if there is ever a dispute. Real Estate Contract Albuquerque It’s critical that you understand the terms of this document, that the contract lists the correct details of the agreement, and that a trustworthy escrow company oversees the transaction. Sunwest Escrow has been one of the most trusted escrow companies in New Mexico for thirty years. If you have questions about your real estate contract, we’d be happy to answer your every question. Call us today for more information. Original Source:- http://sunwestescrow.blogspot.com/2018/08/what-you-need-to-know-about-real-estate.html One of the most important steps in buying a home is ensuring that the real estate contract is clearly understood. Since most purchasers are first-time buyers, many are not aware of what they need to know about a new real estate contract. Sunwest Escrow understands that this new experience can seem overwhelming, that’s why we’ve provided the following tips that we believe you should know about your housing agreement.
What You Need to Know About a Real Estate Contract Albuquerque Understand the different types of contracts. General purchase agreements are contracts in which a seller and buyer agree to a real estate transaction. A state or association purchase contract is the same agreement except a real estate agent is also involved. Property-specific purchase agreements regard vacant land or mobile homes. When purchasing real estate, make sure you understand that certain contracts may only be applicable in specific situations. Make sure it correctly lists the essential details. This contract is legally binding, and as such, must list exactly what both parties have agreed upon. Before you sign your agreement, check to make sure it has the following:
Choose a reliable escrow company to withhold and enforce the contract. An escrow company is a third-party service that will keep the property deed and all other documents safe and secure. They’ll hold the deed until the transaction is completed and both seller and buyer are satisfied. They’ll also record all monetary transactions for both parties and help the seller and buyer come to reasonable agreements if there is ever a dispute. Real Estate Contract Albuquerque It’s critical that you understand the terms of this document, that the contract lists the correct details of the agreement, and that a trustworthy escrow company oversees the transaction. Sunwest Escrow has been one of the most trusted escrow companies in New Mexico for thirty years. If you have questions about your real estate contract, we’d be happy to answer your every question. Call us today for more information. Original Source:- http://sunwestescrow.blogspot.com/2018/08/what-you-need-to-know-about-real-estate.html |
AuthorSunwest Escrow, Inc. is a customer-oriented servicer of private mortgages, real estate contracts, and other installment type notes. Sunwest Escrow, Inc. was formed by the owners of Sunwest Escrow, LC in order to provide a wider range of financial products. Archives
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