FAQ Addressed by Albuquerque REALTOR Linda DeVlieg Killman
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I want to sell my home without a lockbox, sign or an open house, can I do this?
Selling your home doesn’t have to mean open houses, signs in the yard, or sharing the news with the entire neighborhood. If you’re looking for a more private, quiet sale, I offer an approach that fits your needs.
With my unique selling strategy, you can:
- Skip the open house
- Keep the “For Sale” sign out of the yard
- Avoid a lockbox on the door
- Opt for private showings only—keeping your home sale under the radar
Whether you prefer a more private process or have specific reasons to limit visibility, we’ll help you sell your home on your terms. Get in touch today to learn more about our discreet selling options!
I want to buy a home – how do I start?
When you are ready to buy a home, contact a real estate professional. The best Realtors will have you meet them at their office or set up a telephone conference first, and conduct a consultation with you about the process.
The first thing you want to have done is be PREQUALIFIED TO BUY
Why do I have to be prequalified first, all I want to do is just start looking around?
Starting to look around at homes is a more sophisticated process than most people would believe. If the homes are occupied, the owners need a notification that someone is coming to see their home, which usually takes a lot of preparation and scheduling on their part. Even if the homes are vacant, the Realtor has to set up appointments to see the homes and plan a route. It takes quite a lot of time and effort for the Realtor, the buyers, and the sellers. Many sellers in the current market request “Prequalified buyers only” to limit the non-serious buyers.
If you find the perfect home, and you haven’t started the process to be pre-approved, you won’t have time to contact a lender before you write the offer. Sellers will not entertain an offer on their home until they know that you can pay for it. Someone else will buy the home you have just picked out.
I won’t have any trouble getting a loan, I know there is no problem with my credit… can’t I just wait?
No, unfortunately, getting a loan is much more than just a good credit score. The mortgage process takes into consideration so many variables now that it is unpredictable to know what will count for and against you until you consult with a mortgage professional and find out what your options are. I have had many clients think that they will have no problems at all, only to find out that they cannot yet qualify for their purchase.
I don’t have a lot of time during the day to be prequalified, I can’t meet with anyone to do it. What now?
No problem! Most lenders now have secure application sites where you can fill out the basic information and do the rest on the phone with a mortgage consultant. Make sure you are working with a well-known mortgage professional with a good track record. You can do a lot of the initial work from the comfort of your home or office at any hour.
Will I need to pay for anything until I close on the house?
Yes, be prepared to pay for inspections and maybe even the appraisal at the time of the inspection or service. While some of these items sometimes are negotiated to have the seller pay, a lot of sellers are requesting that the buyer pay for the inspections that they want to have performed on the property.
What is a lease purchase?
A lease/purchase is a two-portion contract. You agree to buy the house after a period of time where you live in the property and agree on a purchase price and deposits, with a second contract that addresses the terms of the ‘lease’ period.
Is a lease purchase a good way to buy?
It depends on what your goals are. Finding a seller who offers their home for sale as a lease/purchase narrows your choices. Also, you might lose your deposit if you don’t close on the property according to the terms of the purchase agreement.
When do I get the keys to my new house?
In the Albuquerque area, the tradition is that the buyers and sellers sign their closing documents (separately, not at the same appointment), and the title company sends the documents to be recorded, and when the mortgage company “funds” the closing (releases the money) then the buyers get possession of their home. If a buyer takes possession before recording and funding, there is a risk – the risk is that the mortgage company can and sometimes does require last minute items to be completely cleared up, and if those items don’t get cleared up, the buyer could have possession of a home they do not own. There are liability issues with this scenario.
What do I have to bring to closing?
Certified funds – no personal checks. Cashier’s check or wire transfer of funds directly to the title company’s account. Give yourself plenty of time to arrange for these funds before your closing appointment. Note – if the funds are coming from money market accounts or some other non-liquid account, be sure you have set up plenty of time to get those funds in place.
How are you paid for your services?*
As a seller, you pay my brokerage a percentage of the sale at closing. This, along with customary closing costs for a seller to pay, i.e. title company fees, closing fees, and search fees, are taken out of your proceeds at closing. My brokerage then pays me a percentage of what they have collected. If no sale occurs, I am not paid anything.
As a buyer, the seller is often agreeing to pay my brokerage a percentage of an amount offered in the MLS to successfully bring you to closing. A Buyer Broker Agreement has other options. If the seller is not agreeing to pay my fees through cooperation, then the Buyer Broker Agreement will spell out how I get paid from the buyer.
*Update on the NAR Proposed Settlement Agreement which will now change the way buyer’s brokers are paid. Stay tuned for more information and updates to this new way of buying and selling a home. If you have any specific questions, please reach out to me or a reliable real estate news source to get the full picture of the changes.
So, does your brokerage pay you a salary to help people even if the closing doesn’t occur, like gas money or for meeting me to see houses?
Not at all. In fact, I pay my brokerage fees regardless of whether or not I have any closings. I am an independent contractor and I am not paid any expense monies or salary for my day-to-day real estate activities.
Why don’t all sellers have open houses? There are some homes that I see for sale that I want to see on an open house.
Some sellers appreciate that they only want qualified buyers looking at their homes under the supervision of a licensed real estate broker. An open house is just that, open to the public regardless of whether someone is really in the market to buy a house or is qualified to buy a house. Primarily open houses are done for the benefit of the broker holding the home ‘open’, to get new clients who are in need of real estate services.
Do you require me to sign a Buyer Broker Agreement?
Yes, my current business practice requires that I have all buyers sign a Buyer Broker Agreement. This Agreement will spell out how I get paid, and what our duties are together. It’s a professional document and has benefits for both the Buyer and the Broker.
How long does a closing / escrow take?
That depends! An all-cash transaction can take as little as a week. Financing, depending on the loan program and the lender, can take 30-45 days.
Can I move into the house before closing?
It’s not recommended! There are insurance issues to consider. It’s best to wait until the home is yours!
Can you recommend vendors to me?
While it sounds like a great idea for me to recommend vendors to use, we both run the risk of getting and giving a bad recommendation. I’m not on their employee list, I don’t have access to their financial documents and I’m required to guarantee their status as a licensed contractor, properly licensed with the licensing board that their expertise requires. I will never recommend the “good and cheap” vendor. There are sources to search a contractor’s information, such as Construction Industries
This also goes for home inspectors, who can be searched with this source, Home Inspectors Board
What if I click on that button on Zillow that says “request a tour”?
Zillow is a fantastic marketing company. They have a robust search engine that displays all the homes that are for sale, from a feed directly from the Multiple Listing System. If you click on that button to ‘request a tour’, you are going to be called by a real estate professional that pays to answer that call. If you are already working with a broker of your choice, this is not the best method to view a home. If you haven’t found a broker to work with yet, this will introduce you to someone, but it’s always best to have a full consultation with a real estate professional BEFORE you head out to see homes. Preparation is everything!