Real Estate Information Archive

Now that you've found the perfect home for sale in Albuquerque, the next step is to determine how much you want to pay for the home. This leads to getting a signed offer to purchase to the seller. While the whole purchase agreement is important, there are some parts that are critical to understand before you sign. Here are 3 of those parts.

Earnest Money Deposit

The earnest money deposit is the amount of money you’ll be giving the seller when you submit your offer to purchase (or shortly after it is accepted) to show you are serious. This is not the same as a down payment, which is what you give to your lender.

Usually you pay about 1% of the price of the home to the seller, and the money is kept in the broker’s trust account or with the title company. If the seller accepts the offer, the earnest money will be applied to the purchase of the home.

Personal Property

Personal property is anything that is not permanently attached to the house. Sometimes personal property is included in the sale to sweeten the deal. These items will be listed in the purchase agreement or in a separate addendum.

Items of personal property commonly included in home sales include:

• Appliances
• Yard equipment
• Furniture

Closing Date

There are various strategies when it comes to choosing a closing date. Some people feel it’s best to close escrow as late in the month as possible. This is because prepaid interest, which you’ll need to pay at closing, is prorate from the date of closing to the end of the month.

If you're keeping a tight leash on your cash flow, you may want to close escrow early in the month. Your prepaid interest charge will be higher. Yet, because mortgage interest is paid in arrears, you will skip two mortgage payments instead of one.

That said, there are some times that are better for closings, for various reasons:

• Avoid closing escrow near the fall and winter holidays, especially Thanksgiving, Christmas Eve or New Year’s Eve. Real estate professionals, like everyone else, take time off to be with friends and family.

• If you are both selling and buying, you may need a simultaneous close, allowing both escrows to wrap up on the same day. This is a delicate process and it does have its shortcomings, which can be explained to you if you are in this situation.

Sandi Pressley and her team has the experience to walk you through the purchase agreement, line-by-line, to ensure you understand what you’re signing. 

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

13504 DESERT ZINNIA Court NE, Albuquerque, NM 87111  $1,050,000

4 Bedrooms / 4 Bathrooms (4 full, 0 half) / 4556 Square Feet

Highly Sought after High Desert Contemporary Southwestern Beauty. Custom built for Original owner. Well Situated on .86 acre lot to maximize the spectacular Mountain and City views! Incredible floor plan features 4 spacious en-suite bedrooms all with private bathrooms, Dual Masters, with the largest one on main level. Gorgeous, sunny kitchen with quartz counter tops, opens onto bright, light breakfast nook and family room. Complete with kitchen island, double ovens. Soaring ceilings throughout - with walls of windows to enjoy the views from every room. Approx 1500 sqft of wrap around decks/patios on front and back of home can be accessed from all bedrooms. Gorgeous serene courtyard with water feature. Spectacular low maintenance landscaping front and back! Newer TPO top of the line roof.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

This Thanksgiving is a particularly special holiday for all of us. We've all had a tough year, but that only makes us more greatful for what we do have. So let's take all the negative things that have happened this past year and look for the positive things that we can show our gratitude for.

Here are some things we can all show thanks for this Thanksgiving:

• Family
• Children
• Parents
• Friends
• Love
• Music
• Your Job
• A Good Laugh
• Sunshine
• The beautiful New Mexico landscape
• Living in Albuquerque!

However you spend this special week of thanks, we wish everyone in Albuquerque the very best this Thanksgiving Day!

Happy Thanksgiving!

Do you hate dealing with pests every year? They tend to pop up in spring when the weather gets warmer in Albuquerque. So why are we talking about that now? Because now is the time to prepare your home to resist pests when spring comes again. Not only can pests cause damage to your home, but they are just a pain in general.

Here are some steps you can take now to make sure your home is ready to keep out these tiny threats.

Seal Gaps

Pests don't need a wide open door to get into your home. They can squeeze into any crack and crevice. Look for any unsealed gaps in your home, especially where pipes and electrical lines come into your home. Seal any gaps with caulking or foam insulation.

Store Firewood Away from the House

It may seem convenient now during the winter to store your firewood next to the house. But it's also an open invitation for pests. Store your firewood at least 20 feet away from the house.

Fix Torn Screens

Damaged window screens are also another entry point for pests. If you have any holes or rips in your screens, you can find a repair kit easily in most hardware stores. 

White Vinegar Deters Ants

Ants leave a trail for other ants to find food. You can eliminate that trail with a solution of 1/4 cup white vinegar, 2 cups water and 10 s of peppermint or eucalyptus oil.

Maintain Weatherstripping

If your weatherstripping around the exterior doors is worn or broken, you should replace it to close up any gaps where pests can enter.

Chase Away the Spiders

If spiders have made a home out of your basement, you can deter them with a humidifier to keep the humidity at about 40%. Also sweep down cobwebs when they appear. This should reduce the amount of spiders in your basement and keep them from the rest of the house as well.

Pests Don't Like Coffee

You can turn that morning cup of coffee into an effective pest deterrent. Pour your leftover coffee grounds in places where you think pests are entering. Many animals can't stand the smell of coffee. This trick can also work in your garden.

Inspect Crawl Spaces

Check around crawl spaces and basement for obvious nests of shredded material, which indicate rodents. Also look for smaller pests like ants or cockroaches.

Don’t Let Pests in Through the Dryer Vent

Examine dryer vents to ensure the damper isn’t stuck open or broken off completely. Also check that the seal between the vent and the wall is tight to keep house pests out.

Trim Plants Back From the House

Plants against the house make it easy for ants to enter. If you trim them back at least 3 feet from your house, this will close off their bridge. Keep a 3-in. to 6-in. clearance space between the soil around the foundation and the bottom row of siding to prevent ants from nesting in the siding.

With just a little bit of preparation, you can make your Albuquerque home a more enjoyable and pest-free place to live.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

13504 DESERT ZINNIA Court NE, Albuquerque, NM 87111  $1,125,000

4 Bedrooms / 4 Bathrooms (4 full, 0 half) / 4556 Square Feet

Highly Sought after High Desert Contemporary Southwestern Beauty. Custom built for Original owner. Well Situated on .86 acre lot to maximize the spectacular Mountain and City views! Incredible floor plan features 4 spacious en-suite bedrooms all with private bathrooms, Dual Masters, with the largest one on main level. Gorgeous, sunny kitchen with quartz counter tops, opens onto bright, light breakfast nook and family room. Complete with kitchen island, double ovens. Soaring ceilings throughout - with walls of windows to enjoy the views from every room. Approx 1500 sqft of wrap around decks/patios on front and back of home can be accessed from all bedrooms. Gorgeous serene courtyard with water feature. Spectacular low maintenance landscaping front and back! Newer TPO top of the line roof.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Are you thinking about buying a home in Albuquerque, but not sure if certain forms of income will help you qualify for a loan? Lenders want you make sure you can repay your loan comfortably. They can determine this by comparing your monthly income with monthly debt. If you work for an employer or for yourself, this can be done by reviewing recent paycheck stubs, W2 forms and/or tax returns. But if you're looking for additional income support to buy a home in Albuquerque, you may not be aware that there are other income sources that lenders can use.

Support Income

If you are receiving spousal or child support, this income can be used to help qualify. There needs to be a record of timely payments, which can be shown by providing copies of bank statements showing the monthly deposits being made and when. Spousal support payments need to continue barring the ex-spouse receiving the income has not married. Child support payments typically continue until the child turns 18.

Investment Income

If you have any investments, the dividends and interest can also be used. This is providing that the income is shown to be consistent over the previous two years. Also, your name must appear on the statement. Any other names on the statement will cause the lender to divide up the income among all who appear on the investment account. Income is averaged over the previous 24 months in order to arrive at a qualifying amount. 

Disability Income

If you are receiving disability payments due to an injury on the job, this can be used as well. This can be verified by reviewing a copy of the disability policy benefit statement. This income may also be used as long as the lender makes the determination the income will likely continue well into the future, for a minimum of three years. It can sometimes be the case that the disability is shorter term in nature, or the lender needs more information about the nature of the disability filing. 

Social Security Income

In order for the lender to use social security income, all that is needed is a copy of the social security awards letter. A request for this letter is made directly to the Social Security Administration either by the borrower or the lender.

Bonus Income

Like other forms of income, bonus income can be counted as long as there is a regular history of having received it. Bonus income should be both consistent and at regular intervals. Bonus income is averaged and should be paid monthly or sometimes quarterly. An annual bonus most often won’t be used. It’s thought that a holiday bonus in December may not be readily available in another time of the year. Verification of the terms of the bonus can be obtained directly from the employer.

Part Time/Seasonal Income

With a two year history of receiving part time income as well as seasonal work, such as during the holidays or during the summer, this income can also be counted when adding up qualifying income. The part time income should also be relatively consistent. Seasonal income may be counted, depending upon the lender’s internal guidelines, again with evidence of receiving it for the most recent two years and paid out in a consistent manner.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

13504 DESERT ZINNIA Court NE, Albuquerque, NM 87111  $1,125,000

4 Bedrooms / 4 Bathrooms (4 full, 0 half) / 4556 Square Feet

Highly Sought after High Desert Contemporary Southwestern Beauty. Custom built for Original owner. Well Situated on .86 acre lot to maximize the spectacular Mountain and City views! Incredible floor plan features 4 spacious en-suite bedrooms all with private bathrooms, Dual Masters, with the largest one on main level. Gorgeous, sunny kitchen with quartz counter tops, opens onto bright, light breakfast nook and family room. Complete with kitchen island, double ovens. Soaring ceilings throughout - with walls of windows to enjoy the views from every room. Approx 1500 sqft of wrap around decks/patios on front and back of home can be accessed from all bedrooms. Gorgeous serene courtyard with water feature. Spectacular low maintenance landscaping front and back! Newer TPO top of the line roof.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

Veterans Day is the day to remember that our freedom isn’t guaranteed. It’s protected by the brave and honorable men and women in our Armed Services. To those who secure our way of life… thank you!

How can you show your appreciation to our veterans today? Here's a few suggestions from military.com.

• Donate
• Fly a flag - correctly
• Ask a veteran about their service
• Don't Confuse Veterans Day with Memorial Day

Have a Happy Veterans Day!

With the end of the year close at hand and the busy real estate season over, now is actually a great time to start your home search in Albuquerque. There are some outstanding homes coming on the market, as you can see with our latest Hot Properties for November. Here are some of our most desirable properties for sale in Albuquerque. 

Feel free to contact Sandi Pressley and her team at 505-263-2173 to get more information and schedule a viewing of these fine homes. You can check out all of our listings on our Featured Listings page.

803 WARM SANDS Court SE, Albuquerque, NM 87123

$697,500

Stunning Custom home (By Guererro)on a cul de sac in 4 Hills Village, upon entering you will notice the hardwood grand staircase. Home features 6 Bedrooms, 4 Baths, with Gourmet Kitchen, stainless appliances, granite counter tops, remodeled bathrooms, an amazing walk out basement (1200 sq ft) with a bedroom bathroom (pool table stays), storage, wet bar and so much more and entertaining areas. Spectacular views from master bedroom Balcony,(there are two other balconies as well), backyard w/rv access. There is new carpet, paint, surround sound, updated lighting, fans, all new hardware on the doors, oversized 3 car garage w new doors/openers. Schedule an appt now.

Learn More!

4332 ALTURA VISTA Lane NE, Albuquerque, NM 87110

$225,000

Fantastic location in desirable gated community of Altura Village! Conveniently located close to UNM, Nob Hill, UNM Hospital, Altura Park! 3BDR/2.5BATH plus Loft! Light, bright & open with lots of living space in the great room. Open kitchen with sunny breakfast nook, gas stove, built-microwave, refrigerator, washer & dryer stay! 3 large bedrooms upstairs! Master bdr has a wall of windows, 2 walk-in closets, garden tub/shower, dual sink vanity and tile flooring in bath. Private gated community minutes away from shopping malls, Uptown & restaurants!

Learn More!

11720 COYOTE RUN Road NE, Albuquerque, NM 87122

$1,125,000

Exquisite Lee Micheal Masterpiece w/Stunning Views! Impressive architectural details paired with fine appointments throughout, make this home a North Albq Acres 'One of a Kind.' Enjoy Sandia views from main living area w/custom two-way fireplace shared w/formal dining room & opening to Gourmet Chef's Kitchen boasting gorgeous cabinets/counters; eat at island; Built-in SS appliances; two sep sinks; wine cooler, plus. Upper level has library; exercise & office spaces, Plus: Luxurious Master retreat that includes TWO balconies to enjoy Mtn & City/mesa views! Spa like en suite w/walk-in closet & built-ins. Lush landscaped backyard includes views from the covered patio; built-in firepit; water feature; & hot tub. Garage is car enthusiast's dream. See 'Feature Sheet' for more amenity details.

Learn More!

5108 WILD PLUM Way NW, Albuquerque, NM 87120

$799,000

Stunning Custom Home in desirable, gated neighborhood! On a quiet cul-de-sac this luxurious home has a fantastic layout perfect for entertaining. Chipped edge Travertine tile downstairs, lighted niches, viga ceilings and tile accents on the walls/ceiling are just few of the features this home has to offer. Kitchen is a chefs dream with granite counters, Wolf gas cooktop, pot filler, warming drawer, 2 dishwashers, 2 sinks and a wine cooler that holds 88 bottles! Master suite has balcony with access from bedroom and private sitting room. Two-way fireplace, bidet, california closets (in all rms), jetted tub and a steamer in the shwr make this a perfect retreat. Theater room with projector, recliner chairs, movie posters and popcorn maker all convey! So much more you have too see to believe.

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.