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If you’re like most New Mexico homeowners who are looking to sell their homes, you’ve probably found you’re becoming increasingly frustrated with the housing market. Things are moving very slowly, especially outside of Santa Fe. You’re never out of options – you just need to find the right approach.

NO MATTER YOUR SITUATION WE CAN HELP

There are a lot of reasons why you may want to sell your home. You may even find yourself considering a sale for a combination of reasons. Every circumstance provides a different solution, and a set of unique circumstances you’ll need to consider.

CHOOSING THE RIGHT SALES METHOD FOR YOUR HOME

SELLING THROUGH A REALTOR

The average home value in New Mexico sits at $163,000. This may seem like a reasonable number, but the growth of the market has been painstakingly slow. In areas like Belen, the median value sits at $114,000. In Santa Fe, homeowners can expect to fetch $308,000. This is a steep difference when compared to Albuquerque, the state’s second highest value area, where homes are estimated at $169,900. Value disparity is almost shocking in some areas.

Homes are listed for an average of 86 days before selling or going off of the market by other means. The market in New Mexico is dishearteningly unhealthy, which means that these homes often take drastic price cuts or the listings simply expire without renewal. In fact, nearly 17% of homes sold have been subject to at least one price cut, and in a stagnating market, fewer and fewer home transactions are actually being completed.

If you do manage to sell your home through a realtor, you can expect to pay 6% commission. If your home is near the average value for the state of New Mexico, you can expect to pay around $10,000 in commission. If your property is under the jurisdiction of a Home Owner’s Association, document transfer fees can cost as much as $1,000 in addition to a realtor’s fee.

Sell Through a Realtor
For Sale by Owner

FOR SALE BY OWNER

The New Mexico home market isn’t notorious for its speed. There’s been a lot of significant bumps in the road, and home values have been very slow to rebound since the real estate collapse. A great property in a high-demand city can take 3 months to sell. The average property in the average city isn’t likely to fare as well.

With the market being so bleak, you may decide to sell your home by owner. This can ultimately wind up costing you more than it saves. You’re responsible to pay for listing, staging the home, and advertising the sale. In a slow market, you could be spending for a long time in order to sell your home.

Since you don’t have the same resources as agent has, you’ll likely need to enact numerous price cuts to make the home more attractive. Selling by yourself can quickly become a drain on your finances. If you want a guaranteed sale, you can always sell to a home investor. This has its own pros and cons, but it may be your best option.

SELLING TO AN INVESTOR

Home investors are really the only group of people who are willing to purchase any property, anywhere, in any condition. Investors purchase with cash, and this drastically simplifies the process. You don’t have to wait around, and you’re free to move on much sooner than you would if you choose to sell through a real estate agent or the traditional by owner route.

With an investor, you’re immediately taking a significant price cut. This can sometimes be a drawback, but it can also be the only way you can get your home to sell fast without wasting time or money. If your house is out of date, in need of repairs, facing foreclosure, or needs to be sold before you move away, an investor might be your best option. After all is said and done, you’re probably not losing as much money as it may appear on the surface.

If you want a guaranteed sale, you can always sell to a home investor. This has its own pros and cons, but it may be your best option. Home investors don’t offer full market value for a home, because they intend to spend money renovating the property.

Investors buy with cash, and they buy fast. When you consider how much you’ll spend maintaining and renovating the property while you’re waiting for it to sell, an investor may actually be a more economical route.

Real Estate Investor Offer

FINDING HONEST INVESTORS

Shady investors are out there, and they’re looking to get their hands on your home. If something seems too good to be true, it probably is. Some of these people claim to live in different countries, and they offer to buy homes over the phone with large amounts of cash. Sometimes, the offer even exceeds the value of the home. An investor has to turn a profit, and they can’t do that if they’re overpaying.

A real investor will always offer below market value for your home, because they intend to spend large amounts of money revamping the property. The investor should be able to tell you how their offer was generated, and what they intend to do with your home once they’ve purchased it. They’ll never ask you to privately sign papers, especially if they’re difficult to understand. Great investors always utilize the fullest transparency.

Shady investors tend to prey on people experiencing financial hardships or attempting to avoid foreclosure. They’ll charge you rent that was higher than the mortgage you couldn’t afford to pay, and they intend to profit off of you before they evict you and move in a new tenant.

Always thoroughly research a home investment company before you decide to work with them. Read reviews and testimonials that highlight past user experiences. Ask as many questions as you can think to ask – a legitimate investor is prepared to answer them.

If you’re getting the run around, answers don’t make sense, or you’re presented with a document that seems to be exploiting you, you can always contact the New Mexico Consumer Protection offices.

NEW MEXICO INVESTORS SPECIALIZE IN HELPING HOME OWNERS IN DIFFICULT SITUATIONS

What to Do in Foreclosure

Because of the way New Mexico foreclosure law is structured, nonjudicial foreclosures are almost impossible. They’re rarely utilized because the majority of mortgage formats do not allow for them, so the vast majority of homeowners will find themselves in courtrooms. [read more="Read more" less="Read less"]

In New Mexico, judicial foreclosures generally run on a 90 day timeline. Once you’re served the notice, you have 30 days to respond. When the court grants the foreclosure, the lender must wait 30 days before beginning to auction your home. Then, the lender needs to advertise the auction for 30 days before actually holding it. Up until the day of auction, the home is still technically sellable.

The best way to prevent foreclosure is to sell the moment you’re served the first notice. Court processes are expensive and complicated for everyone involved. Your lender doesn’t want to have to spend all that money, and you don’t want to waste all that time that could have otherwise been spent seeking a new home.

New Mexico allows deficiency judgements. This means that your lender can come after you for any money they’re still owed after the sale of your house. A provision in the deficiency judgement law prohibits the lender from selling your home for less than 66% of its appraised value at a foreclosure sale, meaning they can only hold you liable for that remainder.

There is never a win situation in foreclosure, but making smart moves can drastically reduce the blow. When you’ve received your first 30 day notice, you can contact a cash buyer (such as a home investor). If the buyer is willing to purchase the home through a short sale at 66% of its market value, you can present the buyer to your lender. Your lender will usually be willing to allow a short sale to prevent foreclosure, as doing so costs them less money than proceeding with the foreclosure and bringing the home to auction.

If you can get your lender to accept the short sale offer, you can also ask them to sign a waiver that disallows them from pursuing you for a deficiency judgement. If you’re quick about it, most lenders will agree to those terms. In the end, they’re getting most of their money back without having to spend anything to pursue it. [/read]

What to do as a Landlord

If you don’t want to rent a property anymore, you can always sell it. Buyers don’t want your tenants, so you’ll have to get them out first. If you have good tenants, this may be a little easier. If you have bad tenants, you may want to watch your step. [read more="Read more" less="Read less"]

If your tenants are exemplary, it’s up to you how you wish to handle the matter. Regardless, honesty is the best policy. Let them know that you don’t want to be a landlord anymore, offer their security deposit back, and write them a letter of recommendation. Let them know there are no longer penalties for early termination. If you don’t have time to wait, you can serve them with a 30 day notice to vacate. This can upset good tenants, who may want to present a case in court against you. Honest communication is key, and being able to work with great tenants makes things better for everyone involved.

Bad tenants likely have a history of failing to pay or violating the lease in some way. You have two ways you can handle these tenants. For minor lease violations, you can serve tenants with a 7 day notice to remedy the violation. If the violation is not remedied, you can proceed with eviction. If it is, but the tenant needs to be served with another 7 day notice in the same month, they no longer have the option to cure the violation.

For serious violations, such as those that involve substantial damage to the property or felonious activity, a 3 day notice to vacate may be served. A 3 day notice can also be served for failure to pay rent, but the tenant can pay the rent before the end of the 3 days. Tenants who do not comply at this stage are eligible for eviction. If the violation is clear and the tenant doesn’t have a counterclaim, the judge will order the tenant to leave within either 3 or 7 days.

If the tenant doesn’t leave at the end of the designated period, contact law enforcement. All self eviction methods, including the changing of locks, are illegal in New Mexico. Taking things into your own hands can result in a lawsuit, and it’s almost guaranteed that you’ll be liable to pay.[/read]

What to do if you're in Probate

Though probate isn’t always necessary, it certainly isn’t uncommon. Since it’s such a regular procedure, each state has their own probate shortcuts. [read more="Read more" less="Read less"]

If you’ve inherited a property in New Mexico, you may be able to make use of a small loophole written into simplified probate code: If the entire value of the state (minus encumbrances or liens) is not greater than the administration costs, funeral expenses, recent medical bills, and personal property allowances, you may be able to skip probate with a simple affidavit.

Often times, this isn’t the case. You’ll have to allow the entire procedure to commence. The majority of estates are eligible for what’s called informal probate, and this is the easiest way to handle an estate. If the deceased didn’t leave behind any large debts and all of the heirs can work together without major disagreements, this is the process you’ll utilize.

An executor is appointed, and this person manages the estate while working closely with the other heirs. All heirs, creditors, and beneficiaries need to be notified. You’re required to submit a notice to a newspaper that informs of the deceased’s passing. Keep proof that you’ve notified everyone and published what is required. Then, the estate needs to be inventoried and appraised.

Once the estate is closed, everything can be distributed. This includes property, if you would like to sell it outside of the estate. If there are debts to be handled, you can sell the property while it’s still in probate in order to transform the value of the home into a liquid asset.

There are also formal probate procedures, which are used when an estate is convoluted. This can be due to an inaccurate or outdated will, or heirs that disagree to the way the estate should be handled. Best case scenario, unsupervised formal probate involves a judge signing off on the transfer of any property. Supervised formal probate means the court has to agree to every action taken, including the sale of the home if the proceeds are needed to cover debts left by the estate. [/read]

What to do if Home needs repairs

Whether or not to fix before selling is a debate that crosses the minds of a lot of homeowners. A modernized property with no defects is always going to sell the fastest, so this makes the prospect of bringing the property up to its fullest potential appear even more attractive. [read more="Read more" less="Read less"]

Ultimately, your decision on the matter should come from a variety of factors, including how much cash you have on hand and the timeframe in which you intend to sell the home.

Repairs take time and money. If you have a lot of both, certain repairs may be worthwhile. Some repairs don’t offer any return on investment, meaning that you aren’t adding value that exceeds what you spent. Other repairs are absolutely worth the cash, provided you can spare it.

Roofs, for example, are one of the biggest deals to potential buyers. Nobody wants to buy a house with a bad roof, especially if they have to worry about weather conditions causing damage to the home before they even move in. The average cost of a new roof in New Mexico is slightly over $5,000. If your home really needs a new roof, the return on investment is worthwhile.

If your home requires a list of repairs, the costs are going to pile up quickly. It may not be worth spending $20,000 or $30,000 just to get your home to the point where it can command fair market value for a similar home in good condition. At this point, you aren’t genuinely adding value, you’re merely spending to minimize a loss. This is often less cost effective.

You’ll also be responsible for paying the mortgage, utilities, and maintenance costs as well as the fee for the repairs. Some repair lists can take months to complete, and this causes you to sink more money into the home than you may be willing to sink. If you find that it won’t be worthwhile, you can sell the home as-is. Traditional buyers probably won’t be interested in a property that needs repairs. These people want a home they can move into immediately. They want to start their lives, not wait for a construction crew.

Home investors are always looking for properties that need repairs, because they already staff contractors to fix and renovate the homes they purchase. These companies will offer you less than full market value for the home, but you won’t have to spend anything out of pocket. They don’t care about a bad roof or rusted plumbing – they’re already prepared to handle it.[/read]

Working with a legitimate Investor

Home Buyers USA would be delighted to be the home investor you choose. We know that most people turn to home investors when all else fails, or when times have gotten tough.

Selling your home is a stressful ordeal, and we understand that you’ve probably found yourself in less than ideal circumstances. We’re prepared to help you navigate the labyrinth of court processes, short sales, and slow moving housing markets.

Contact us with information about your property and your current situation. We may be able to prepare a quick cash offer for your home. If you’re facing serious time constraints, we’ll be able to help you beat the pressing deadlines. The sooner you contact us, the sooner we can help.

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