Picture this: You walk into a home in Albuquerque's Foothills, and suddenly everything clicks. The kitchen flows seamlessly into the living room, and the main bedroom captures stunning views of the Sandia Mountains. You can already envision your furniture in each space. Your heart races a little, and you find yourself thinking, "Wow, I've found the one." Sound familiar?

As longtime Albuquerque residents and experienced real estate professionals, we at the Sandi Pressley Team have witnessed this scenario countless times, and we understand both the magic and the potential pitfalls of that moment when emotional connection overrides logical analysis.

There's a certain psychology and science behind why we fall in love with houses.

Our brains are wired to make quick emotional decisions about spaces that feel like "home," often within the first few minutes of walking through a property. This emotional response can be potent and isn't necessarily a bad thing – after all, you want to love where you live. The challenge comes when that emotional connection prevents you from conducting the thorough evaluation that such a significant financial decision requires.

In Albuquerque's competitive market, where desirable properties in sought-after neighborhoods like the Northeast Heights or Corrales can receive multiple offers quickly, the pressure to act fast can amplify these emotional responses. We've seen buyers become so excited and focused on getting "their" house that they skip necessary steps in the evaluation process that identify issues to address during negotiations. By the time they discover these issues, it's often too late, and they incur significant costs.

Are there any red flags to indicate that emotion is overriding logic? The first warning sign that an emotional trap may exist is when you start justifying obvious problems. Maybe the house needs a new roof, but you find yourself thinking, "We can live with that blue tarp for a while." Or the electrical system needs updating, but you tell your spouse it's not that expensive to fix. These mental gymnastics are your brain's way of protecting the emotional connection you've formed with the property.

Another red flag is when you stop considering other options entirely. Suppose you find yourself canceling scheduled showings of different properties or refusing to look at new listings that come on the market. In that case, you've likely moved from healthy enthusiasm into potentially problematic territory. The best home-buying decisions result from having a clear understanding of what's available within your price range and in your desired area.

Speed can also be an indicator that emotion is taking over. While Albuquerque's market sometimes requires quick decisions, rushing through essential steps like inspections, appraisals, or even just making a significant decision without careful consideration often leads to regret later. We've seen buyers make offers within hours of first seeing a property, only to realize they overlooked significant issues that were apparent during that initial showing.

Emotional decision-making can create financial danger. You'd be surprised how easy it becomes to justify stretching your budget beyond what makes financial sense when you invest your emotions in a particular property. That dream home in the Bosque or near Old Town might feel worth the extra monthly payment now, but financial stress has a way of dimming even the most beautiful mountain views.

We've worked with clients who found themselves house-poor because they let their hearts override their budgets, and it's a situation that creates long-term stress and limits other life choices.

Emotional attachment can also lead to overbidding in competitive situations. While sometimes paying above the asking price makes sense in a hot market, the decision should be based on comparable sales data and your maximum comfortable payment, not on fear of losing the house you've fallen in love with. We've seen buyers bid significantly over the asking price for properties that weren't worth the premium simply because they couldn't bear the thought of someone else getting "their" home.

The tendency to skip or rush through inspections is another financial trap that emotional attachment can create. It's tempting to waive inspection contingencies to make your offer more attractive or to dismiss inspector findings as minor issues once you've found the perfect house. However, what seems like a minor problem during the excitement of buying can become a significant expense once you're living in the home.

One of the most effective ways to maintain clear judgment and objectivity is to bring a trusted friend or family member to second showings. It helps to choose someone who is emotionally free, not invested in the outcome, and who you trust to give you honest feedback. They can often spot issues or ask questions that you might miss while you're focusing on how perfectly your dining room table would fit in that sunny breakfast nook.

It's also essential to create a written checklist of your must-haves versus nice-to-haves before you start looking at properties and refer back to it regularly.

This list should include practical considerations, such as the number of bedrooms, garage space, and school districts, as well as lifestyle factors like proximity to hiking trails or downtown Albuquerque's cultural scene. When you're emotionally attached to a property, it's easy to convince yourself that features you thought were essential are no longer important after all.

Take a break and catch your breath between seeing a property and making an offer, even in competitive situations. Even sleeping on the decision for one night can provide valuable perspective. If you're still excited about the property after the cooling-off period, you can proceed with more confidence, knowing you're making a balanced decision rather than a purely emotional one.

Experienced real estate professionals become invaluable. As your advocates, we can provide the objective perspective that's difficult to maintain when you're emotionally invested in a particular outcome. We've seen enough transactions to recognize when our clients become emotionally invested in a decision, and we're confident and unafraid to point out potential concerns and ask the tough questions.

Our role isn't to dampen your enthusiasm for a property you love but rather to ensure that love includes sound reasoning as well as emotional connection. We can help you evaluate whether the price is reasonable given recent comparable sales, whether the neighborhood aligns with your long-term goals, and whether any issues discovered during inspections are deal-breakers or simply points for negotiation.

Having lived and worked in Albuquerque for years, we also bring local market knowledge that can be crucial when emotions are running high. We understand which neighborhoods retain their value best, which areas are experiencing growth that may impact your daily life, and which types of properties are good long-term investments in our specific market.

Before submitting an offer on a property you love, take a step back and ask yourself some hard questions. Can you comfortably afford all the financial obligations? Really examine the monthly payments, property taxes, insurance, and maintenance costs to make sure you won't stretch your budget dangerously thin. If you lost your job or faced unexpected expenses, would you still be able to keep the house?

Consider your long-term plans as well. Does this house fit your life as it is now, or are you planning for future changes, such as getting married, having children, or changing careers? While some flexibility is good, buying a house based primarily on hypothetical future scenarios can be risky.

Consider the neighborhood and location beyond the house itself. Are you comfortable with the commute to work? Do the local amenities match your lifestyle? Is the area likely to appreciate, or are there factors that negatively impact property values in the future?

In our local market, we frequently encounter certain emotional traps. The allure of mountain views can sometimes cause buyers to overlook practical considerations, such as the difficulty of access during winter weather or the distance from essential services. Those gorgeous Foothills properties come with considerations such as water pressure issues, fire safety concerns, and higher utility costs that may not be immediately apparent.

We've seen how the historic charm of Old Town or the Huning Highland neighborhood can emotionally pull clients in. However, older homes may present maintenance issues or renovation limitations due to historic preservation requirements. Even when the character and location are perfect, it's essential to fully comprehend any upfront maintenance costs and any future commitment these properties may require before negotiating a purchase.

Even in newer developments, emotional attachment to specific features, such as a particular lot position, upgraded finishes, or a specific floor plan, can lead to paying premiums that don't make financial sense. The key is understanding what you're paying for and whether any of those features will matter to future buyers.

We're not trying to eliminate all your emotions from the process of finding and buying your new home; after all, your emotional connection to your home is essential for long-term satisfaction. The key is ensuring that emotion doesn't prevent you from conducting proper due diligence. A house can check all your logical boxes but still not feel like home, just as a house that gives you butterflies might not be the right financial decision.

The best home purchases happen when both your heart and your head agree. You love the property, but you also understand its financial implications, have thoroughly evaluated its condition, and feel confident that it fits your current and anticipated future needs.

Sometimes, the most loving thing you can do for a house is to let it go. Sometimes, the inspection reveals major issues that the seller won't address, or the appraisal comes in significantly lower than your offer price. If you find yourself stretching financially beyond what's comfortable, it might be time to step back, despite your emotional attachment.

Walking away from a house you love is never easy, but it's sometimes the right decision. We've had clients who were heartbroken to lose their "dream home," only to find an even better property a few weeks later. In Albuquerque's dynamic market, new opportunities arise regularly, and there's almost always another house that can capture your heart while also making financial sense.

In a market where beautiful properties can generate significant interest quickly, patience might seem like a luxury you can't afford. However, taking the time to make thoughtful decisions often leads to better outcomes than rushing into commitments based primarily on emotional responses.

Now, we're not advising you to get paralyzed by analysis or to miss good opportunities while waiting for perfection. It means having systems in place to evaluate properties quickly but thoroughly and being willing to trust your preparation when opportunities arise.

Confidence in your home-buying decision comes from knowing you've done your homework. This means you need to understand the local market, have a clear picture of your financial boundaries, know what features are most important to you, and work with professionals who can provide objective guidance when emotions run high.

When you've thoroughly evaluated a property from multiple angles and it still feels right both emotionally and logically, you can move forward with confidence. That emotional connection that initially drew you to the house becomes the foundation for years of happiness in your new home, rather than a source of regret about an impulsive decision.

At the Sandi Pressley Team, we understand that buying a home is both a significant financial decision and a profoundly personal one. Our years of experience in the Albuquerque market have taught us how to help clients navigate the emotional aspects of home buying while ensuring they make sound financial decisions.

We've helped hundreds of families find homes they love that also make sense for their budgets, lifestyles, and long-term goals. Our approach combines market expertise with genuine care for our clients' well-being, and we're not afraid to provide gentle reality checks that can prevent costly mistakes.

We know Albuquerque's neighborhoods intimately, understand the nuances of our local market and have established relationships with inspectors, lenders, and other professionals who share our commitment to putting clients' interests first. If you get caught up in the excitement of finding a house you love, we're here to help you evaluate it objectively while supporting your dreams.

The perfect home for you is out there, and when you find it, you'll know it not just because it makes your heart sing but also because it passes the test of careful evaluation. The best real estate decisions happen when emotion and logic align, creating confidence that lasts long after the excitement of the purchase has settled into the satisfaction of daily life in a home you truly love.

Your dream home in Albuquerque is waiting, and we're here to help you find it while avoiding the emotional traps that can turn dreams into regrets. With the right approach, you can trust both your heart and your head to guide you to a decision you'll be happy with for years to come.

If you're ready to find your perfect home with clear judgment and confident decision-making, then let the Sandi Pressley Team guide you as you look for your ideal home in Albuquerque. Our experience and local expertise will help you decide that you can feel great about both today and in the years to come.

Contact the Sandi Pressley Team Today:

Phone: (505) 263-2173

Website: https://www.sandisells.com/

Let's find the home that captures your heart and makes perfect sense for your life.

HOT PROPERTY OF THE WEEK

9850 ANAHEIM AVENUE NE, ALBUQUERQUE, NM 87122

Located in North Albuquerque Acres, this two-story Scott Patrick home offers a classic and functional design. Meticulously maintained throughout, step inside to find soaring ceilings and light-filled rooms. A separate entrance to a bedroom/flex space is located on the main level. Open floor plan offers two living spaces, a dining room, and a kitchen with a walk-in island. Two sets of sliding doors lead to the extended covered patio, perfect for dining, entertainment, and taking in the stunning views of the Sandia Mountains. Enjoy your private pool and hot tub with a gazebo. This well-manicured property is completely fenced and offers an oversized shed with water and electricity. Backyard access. Room for your RV. The bedrooms are generous in size. The Primary suite offers a shadow-boxed ceiling, a window that fills the room with w/natural light, and a balcony.

SEE HIGH DESERT HOMES FOR SALE                      SEE OUR FEATURED LISTINGS 

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As more Americans reach retirement age, many are exploring creative ways to maintain financial stability during their golden years. One option gaining attention is the reverse mortgage - a unique financial tool that can turn your home equity into accessible funds. Let's explore what this means for homeowners in the Albuquerque area and beyond.

What Exactly Is a Reverse Mortgage?

A reverse mortgage is essentially the opposite of a traditional mortgage. Instead of making monthly payments to your lender, qualified homeowners receive payments based on their home's equity. The most common type is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA).

Qualifying for a Reverse Mortgage

The basic requirements are straightforward: you must be at least 62 years old, own your home outright (or have a low mortgage balance), and use the property as your primary residence. The home itself needs to be either a single-family residence, an FHA-approved condominium, or a qualified manufactured home meeting FHA standards.

Making the Money Work for You

One of the most attractive features of a reverse mortgage is its flexibility in how you receive funds. You might choose a lump sum payment, regular monthly disbursements, a line of credit, or even a combination of these options. The amount available depends on several factors, including your age, home value, and current interest rates.

Understanding Your Ongoing Responsibilities

While a reverse mortgage can provide financial relief, it's crucial to understand that homeowners maintain certain responsibilities. You'll still need to pay property taxes, keep up with homeowners insurance, and maintain the property. These ongoing obligations are essential to avoid loan default.

The Long-Term Picture

A reverse mortgage becomes due when you sell the home, move out permanently, or pass away. Typically, the loan is repaid through the sale of the home, with any remaining equity going to you or your heirs. It's important to note that interest rates on reverse mortgages generally run higher than traditional mortgages, and there are various upfront costs to consider.

Impact on Your Legacy

One significant consideration is how a reverse mortgage affects your estate planning. Since the loan balance increases over time, it can reduce the equity available to your heirs. If your family wishes to keep the home after your passing, they'll need to repay the loan.

The Value of Professional Guidance

A reverse mortgage might be an excellent solution for some retirees, offering a way to supplement income, cover medical expenses, or fund home improvements. However, it's a significant financial decision that deserves careful consideration.

IMPORTANT DISCLAIMER: The information provided here is for general educational purposes only. Before making any decisions about a reverse mortgage, we strongly recommend consulting with a qualified mortgage professional and financial planner who can evaluate your specific situation and provide personalized advice.

Want to learn more about your housing options in Albuquerque? We're here to help.

HOT PROPERTY OF THE WEEK!

2122 DEER TRAIL LOOP, RIO RANCHO, NM

Welcome to the community of Los Milagros. This Artistic build energy efficient home features a metal roof and owned Solar panels. Full of natural light, high ceilings, freshly painted and new carpet. 3 spacious bedrooms, 2 full baths. 2 living areas. Open kitchen offers a kitchen island, ample countertops and cabinets & all appliances. Sliding glass doors open to a covered patio, private yard. Home is on a corner lot allowing for access to the backyard, room for RV. Near shopping, schools & restaurants.

Due diligence is an important term in real estate, as well as in other contexts. It refers to the process of conducting thorough research and gathering information before making a significant purchase. In the case of buying a home in Albuquerque, due diligence involves learning about the neighborhood, school district, property history, proximity to amenities, and the specific terms of the mortgage loan. It is akin to doing your homework before making a decision.

When researching a home, it is crucial to gather information about its current condition. Assuming a home is move-in ready without proper investigation can lead to unexpected repairs or renovations.

During the house buying process, it is common to have a period of due diligence outlined in the contract. This timeframe varies depending on the state and can extend until the closing.

During the due diligence period, it is crucial to thoroughly understand the house and the neighborhood. This allows for any potential surprises to be identified, and if necessary, provides the option to cancel the contract.

Due Diligence During Your Home Search

During your home search, it is crucial to conduct due diligence. This involves taking steps to ensure that you are well-informed throughout the process. Working with a real estate agent who listens to your needs and is knowledgeable is essential. Before making an offer on a home, it is important to gather as much information as possible about the current housing market in your desired location. Your real estate agent can provide valuable insights on current property values, average list prices, and home sale trends. From there, you might start to narrow down neighborhoods.

During the pre-offer due diligence period, it is important to compare mortgage loans and lenders. Additionally, it is crucial to consider the necessary steps to insure the home. Once all necessary preparations have been made, it is time to make a competitive offer.

Due Diligence Before You Close

Before closing on a property, it is important to complete certain steps of due diligence. As a buyer, you should request a home inspection and appraisal to ensure the condition and value of the property. Additionally, it may be necessary to request a land survey review. These steps are crucial in avoiding any unexpected issues or surprises.

You might also want to talk to your real estate agent about a home warranty.

Having contingencies in your contract provides you with the option to back out of the transaction if necessary. It is important to note that sellers typically do not allow buyers to back out after making an offer unless there is a valid reason.

Once the seller accepts your offer and both parties sign the sale contract, the official period for due diligence begins. At this point, you are under contract.

The due diligence period poses a risk for sellers as it prohibits them from showing the home to other potential buyers once they accept an offer. If a buyer decides against purchasing the house at the end of the 30-day period, it goes back on the market. However, the longer a house is on the market, the less desirable it becomes, causing sellers to lose out on potential buyers during that month.

A due diligence fee can be helpful because it incentivizes the seller to accept your offer and take on the risk of removing their home from the market during your due diligence period. While it is not typically required, paying a due diligence fee can improve your deal and increase the chances of it being accepted. If you proceed with the purchase, the fee is credited towards your closing costs.

However, if you decide not to buy the house, the seller keeps the due diligence money as compensation for their lost time. It is important to note that due diligence fees are non-refundable if you cancel the sales contract, but the seller may refund the money if they back out of the sale.

Earnest money is different from due diligence money. It shows the seller that you're acting in good faith and won't breach the contract. If you breach the contract after paying earnest money, the seller keeps the money. However, earnest money can be refunded if you back out of the sale, unless your contract says otherwise.

HOT ALBUQUERQUE LISTING OF THE WEEK

Welcome to the community of La Orilla Contemporary living in a Great location with quick access to Paseo del Norte, I40, Bosque Trails, Restaurants & shopping! Views of Sandia mountains from spacious primary suite's balcony. Pulte luxury townhome, Ocotillo floor plan, open concept, connecting great room, dining room & kitchen. Kitchen offers an expansive island, room for seating 4, Beautiful granite counters, ample cabinets & pantry. Energy efficient appliances. Covered patio for alfresco dining, easy maintenance yard, room for small garden. 3 bedrooms on second level & separate Primary suite with sitting room/flex space, separate spa like bathroom. 2 car garage with finished floors & walls, tankless water heater, enter from the back. Must see 4 years young, easy living, low maintenance!

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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.

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It’s National Home Buyer’s Month and today we’re going to look at the top features buyers are looking for in a home right now. As homeowners look to update or improve their homes, possible for a sale down the road, it’s important to not only look at your current needs, but what will be a selling point to home buyers. It’s what will ‘add value’ to your home at the sale. Below are the Top 10 Features most wanted today:

1. Laundry Room- 87% of today’s buyers put this at the top of their list. Even if you have a small space, a fresh coat of paint, shelves & a hanging unit, along with a folding table can create a lovely area.
2. Exterior Lighting- Maximizing our outdoor living space is a natural extension of our overall square footage, and a beautiful way to incorporate our stunning outdoor landscape. The use of great exterior lighting not only beautifies the area but gives way to greater hours being spent outdoors. PLUS, what a way to accent the area for buyers!!
3. Energy-Star Windows- More and more home buyers are putting the focus on energy savings. Investing in Energy efficient windows is one of the best returns on your investment you can make. Whether YOU plan to live in the home for years to come, or you’re looking to sell, this is a GREAT investment.
4. Patio- Whether you have a small or large yard, home buyers look for a yard with a patio and this is one investment that will not only pay off, but does add that outdoor living space to your home as well. This doesn’t just need to be a cement patio either…have some fun!  Patio’s today come in all shapes, sizes, and elements. They can become a true work of art in your yard.
5. Walk-in Pantry- I don’t know about you, but I think this is every homeowner’s and buyers’ dream. An organized pantry for food, oversized countertop appliances, stock-up food purchases, wine fridge and more. The time it saves each and every day from looking for items to putting things away is worth it on its own. Personally, I’d put this at the top of my list!
6. Side-by-Side Kitchen Sink- Are you surprised? Most people are ready for that statement to say Farmhouse kitchen sink, however, most buyers are looking for side by side’s as they feel they are far more functional.
7. Energy Star Appliances- This really goes without saying. As we are all conscience about money saving, and the effect of our choices on the environment, we look for energy-saving appliances wherever and whenever possible. Upgrading these in your home is an excellent return on investment if you plan to convey the appliances with the sale of your home.
8. Full Bath on the main living area. Many floor plans include a half bath on the main floor/living area. Today’s home buyers are actually looking for a full bath on the main level, making it much easier and accessible for overnight guests.  If you are looking to update your home, considering a full bath on the main level could be a game changer when it comes time to sell. It would certainly separate your home from others on the market.
9. Hardwood Flooring- Not surprising at all. This has been, and remains, one of the highly-sought-after flooring elements in a home and a home buyer top 10 for a long time. One big tip- buyers like the real deal. Laminate and vinyl varieties won’t garner the same reaction that actual hardwood will. While they are more durable and lasting, actual hardwood is still the gold standard.

10.Full front porch! Who says the days of sitting on your front porch and chatting with the neighbors is in the past?!  Today’s home buyers are still yearning for the wonderful front porch nostalgia of yesteryear. Now we’re not talking about the ‘old-time’ façade, although we still love that era, todays front porch is functional, beautiful in design, and has stunning curb appeal. Plus, it gives you another natural extension of your living space and neighborhood entertainment area.

Excited to get started on your HOME BUYING journey? We’re excited to partner with you!  Call or email us today to get started.

HOT PROPERTY OF THE WEEK!

12 DUSTIN COURT, PLACITAS, NM

Magnificent VIEWS of the mountains & mesas!! Featuring an IN-LAW/GUEST SUITE! Lower-level walk-out game room/media room! Lots of natural light, wood beam ceilings, open plan, separate study/office. NEW HVAC (2021)! SILICONE ROOF RESTORATION (2022)! The living room features cozy Kiva fireplace & wall of windows with mountain views! Formal dining room & butler pantry. Beautiful kitchen has Southwest style cabinets, island, built-in oven, gas cooktop, breakfast bar & nook with banco. The primary suite features a sitting room/office, fireplace, sauna, tub, separate shower, huge walk-in closet & covered patio with views! Secondary bedrooms with Jack-N-Jill bath! 3 car garage. Paved driveway & cul-de-sac location. Natural landscape, 2 waterfalls, covered portals & private courtyard!

GET YOUR MORNING INSPIRATION WITH THE Sandi Pressley TEAM!

Congratulations, you’ve decided you’re ready to purchase a home. It’s such an exciting time and you want to dive right into looking at homes, but you need to slow down and prepare accordingly.

Purchasing a home is a big decision and a huge financial step, so you want to make sure you are fully prepared financially to be in a position to get the home you want, and can afford, at the best rates possible.  Of course, if you have an abundance of cash at your disposal and can offer cash for the house, then you won’t need to read further, but for most of us, planning is crucial.

So, let’s break down the process to ensure your success.

1. Get your finances in order. Make sure you are ready to meet with a lender to get your pre-approval. Check your credit ahead of time just so you know where your credit score stands. You can utilize sites such as Credit Karma or Credit Sesame to get a good overview. If you find issues, it is better to take time to repair those issues before seeing your lender.
2. Down payment and closing costs- How much have you saved toward your down payment and closing costs?  The more you can put down, the less you need to finance. Thus, making your payments lower each month. You’ll also need to budget for closing costs, which are typically 2-5% of the total cost of the home purchase price.
3. Getting your Pre-Approval. This is the key. The housing market is tight right now, meaning inventory is low so there are more buyers per home. You need to make sure you are pre-approved for your loan amount- not only so you know exactly what you can spend, but so the sellers know you are serious, qualify for the loan, and can purchase the home. Often buyers who are not pre-approved will not have their offer even considered.
4. Once you are pre-approved for a home loan, it is very important that you do not make any large purchases or take out any loans, credit cards, etc. You need to keep your credit profile clean and consistent with where it was when approval was made. You’ll want to continue making all payments on current rent, mortgages, car, credit cards, etc on time.
5. Your real estate agent partner is also your fiduciary in the real estate transaction and is there to protect your interests every step of the way. This is why it is critical to partner with an agent/team that is experienced and knowledgeable in the local market and the field. Small mistakes can be costly ones.

At the Sandi Pressley Team we’re here to help you realize your dream of homeownership and partner with the best lenders, inspectors, attorney’s, appraisers and more in this industry to offer the most complete services to our clients.  Ready to make your DREAM COME TRUE?  Call us today.

HOT LISTING OF THE WEEK!

13908 INDIAN SCHOOL ROAD NE, ALBUQUERQUE, NM

Stunning home in the foothills with incredible views! SOLAR OWNED! POOL & HOT TUB! TWO PRIMARY SUITES! So many upgrades! Amazing outdoor living space with heated pool, hot tub, outdoor kitchen, wood burning fireplace, covered patios & balconies with mountain views & city lights! Grand staircase, open floorplan with lots of natural light! Entertainer's kitchen has Quartz countertops, backsplash, island, walk-in pantry, induction cooktop, wall oven, butler pantry/bar, sink & wine fridge! Beautifully updated flooring. The luxurious primary suite features private balcony with views, gas fireplace, his/her closets, separate study/office, jetted tub, two-way fireplace & separate shower. 2nd primary suite on the main level w/private bath & access to pool. Secondary bedrooms have Jack-N-Jill bath! 3CG with storage & workshop

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When obtaining a home loan in Albuquerque, selecting a lender is the first step. A lender can refer to all parties involved in the loan process from the borrower's perspective, but in actuality, they do not handle all aspects.

Mortgage servicers may take over the loan after closing and handle day-to-day administration until it is paid off. Mortgage lenders can be a group of investors or a financial institution that provides funds to borrowers for purchasing or refinancing homes.

Some lenders service their loans, but most are too small to make a profit doing so, which is where a loan servicing company becomes part of the situation.

The Role of a Mortgage Lender

Mortgage lenders are responsible for the origination of loans. This process involves working with homeowners to select a loan, taking their application, and processing the loan. Additionally, the origination process includes underwriting the loan, creating the necessary documents, funding the mortgage, and ultimately closing it.

After your loan closes, the administration is needed on an ongoing basis until it’s paid off. This administration is known as servicing.

When you obtain a mortgage, the lender may transfer it to another company for loan servicing. This transfer may occur without prior notification, but the loan documents should indicate whether it will occur.

What Is a Mortgage Servicer?

Mortgage servicers are responsible for taking over tasks that lenders may leave unfinished. As a borrower, it is important to note that the servicing of a loan includes payment processing, which means that you are paying the servicer directly. Additionally, mortgage servicing involves keeping track of loan balances and interest payments. It is worth noting that your servicer will provide you with tax forms that show how much interest you have paid each year.

The servicer is responsible for managing your escrow accounts, which includes collecting and paying your homeowners' insurance and property taxes. In the event of a loan default, the servicer initiates the foreclosure process.

Additionally, servicers can provide loss mitigation services to help borrowers avoid foreclosure. If you wish to cancel your mortgage insurance and have a loan servicer, you must go through them to make the request.

Mortgage servicers can report the payment history on loans to credit bureaus, so if you think there’s been an error, you will contact this company rather than your lender.

Finding the Servicer on Your Mortgage

It's common to have multiple servicers throughout the life of a home loan. To find out who your servicer is, check your mortgage statement or contact your original lender. Another option is to use the Mortgage Electronic Registration System (MERS), which allows you to search for your loan online using your property address, name, or Social Security number.

When a mortgage is transferred to a servicer, the terms of the loan remain the same. The only difference is that you may receive a new account number and your payments will be sent to a different entity than your original lender.

When it comes to mortgages, your servicer can greatly impact your experience as a borrower. A good servicer will have reliable customer service and be easily accessible for any questions or concerns you may have. Unfortunately, you don't have the option to choose your servicer or switch to a different one. Your only option is to file a complaint with the Consumer Financial Protection Bureau or work with a lender that services its own loans if you're unhappy with your servicer.

Finally, when applying for a mortgage, lenders must provide a Mortgage Servicing Disclosure Statement. This statement informs you whether the lender plans to service the loan themselves or transfer it. It is a legal requirement for lenders to provide this information.

HOT ALBUQUERQUE LISTING OF THE WEEK

Learn More!

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.

Get your Morning Inspiration with the Sandi Pressley Team

Currently, prospective homebuyers are facing a challenge due to the limited amount of properties on the market. Building a custom home is an excellent solution to this issue, and there are numerous other benefits to consider.

It is essential to consider the potential drawbacks of any decision. Whether the advantages outweigh the disadvantages depends on your individual circumstances and preferences. Here are some of the benefits and drawbacks to be aware of before making a choice.

The Pros of Building a Custom Home

When you’re thinking about building a custom home in Albuquerque, the following are some of the upsides.

You Can Get Exactly What You Want

When you purchase an existing home, you may have to compromise on certain features. You may be able to make changes or updates later, but you likely won't get exactly what you want. On the other hand, when you build a custom home, you can design it to perfectly suit your lifestyle and taste. However, be mindful that you don't create a home that is so unique that it will be difficult to sell in the future.

You Can Customize Your Location

When you choose to build a custom home, you are not only getting all the features you desire in the house itself, but you are also gaining the opportunity to select the perfect location. Perhaps you are drawn to the idea of purchasing land with no neighbors in sight, or you may prefer a stunning view of the Sandia Mountains. Either way, building a custom home gives you the freedom to make the decision that best suits your needs.

You’ll Have Less Maintenance

If you purchase an existing home, you are likely to spend a significant amount of your free time and money on upkeep and repairs. 

However, when you buy a brand new home, you can save thousands of dollars annually on maintenance. You won't have to spend your weekends making repairs, and you can use that time to do other activities. 

Of course, you will still need to take care of certain tasks, such as lawn maintenance, but this will be much less of a burden if you bought an existing or older home.

The Cons of Building a Custom Home

It’s not all upsides when it comes to building the home of your dreams. Downsides to think about include:

It’s Expensive

Constructing a custom home in Albuquerque will almost always be more expensive than purchasing a comparable existing home. You will need to collaborate with a builder, and labor costs will account for approximately 40% of your total expenses. 

In addition to labor, you will be responsible for paying for permits, design fees, and the building materials. You can reduce your costs to some degree depending on the materials and finishes you select, but it is difficult to get labor costs much lower than the initial quote.

Construction Loans Are Challenging

When you build a home, you may need to secure a construction loan. It is important to note that construction loans typically require a 20% down payment, and lenders consider them to be higher risk investments. 

To secure a construction loan, you will need to provide the lender with the same documents you would typically provide when getting a traditional mortgage. Additionally, you will need to provide plans for your project, estimated costs, and information about land value. 

You must also give the lender a signed contract with the plans for your project, specs, and the timeline for construction. With the right preparation, you can confidently secure a construction loan for your home.

Building Can Take a Long Time

Ultimately, you must consider the fact that constructing a custom home can be a lengthy process. Even a basic, small house will take a minimum of three months to complete. If you are constructing a larger home, it could take up to a year or more to finish. 

Additionally, there are a variety of potential delays that could arise, such as inclement weather or difficulty making decisions on certain aspects. Therefore, it is important to be prepared for the possibility of a lengthy construction period.

If you want expert advice to help you decide if you should build or buy, give the real estate experts at the Sandi Pressley team a call. They will prove to be a valuable resource in your journey to live in the home of your dreams in Albuquerque.

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Learn More!

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.

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If you plan on buying a home in Albuquerque, you likely will need a mortgage. The process of finding a mortgage might involve the assistance of a mortgage broker. An experienced mortgage broker can help you secure the best interest rates and terms. There is, however, still some residual doubt about working with these professionals after the 2008 real estate market crash.

There is a possibility that a mortgage broker is not really looking out for your best interests. It is true that working with someone who is experienced and ethical is an asset. Using a mortgage broker has its pros and cons, just as anything else.

Mortgage brokers are an alternative to banks. Banks and mortgage companies are direct lenders. The financial institutions in this category originate, process, and fund loans. Money is lent by the company handling your loan process.

A mortgage broker is a middleman, and the goal is for the broker to match you with the right lender for your needs. Brokers work with wholesale mortgage companies, so they’re your primary and unified point of contact to compare multiple loan options.

The following are some of the pros and cons of working with mortgage brokers.

What Are the Pros of a Mortgage Broker?

When you work with a broker, benefits include:

Brokers have access to interest rates and loan program options from various lenders, so they might be able to get you a more specialized product that’s well-suited to your needs.

In addition to everything else that comes with buying a house, comparing lenders is time-consuming. Brokers can help manage the legwork, and they can also make sure you steer clear of lenders with adverse payment terms that might be otherwise buried in the fine print. While brokers do a lot of the heavy lifting, so to speak, you still need to do some of your own research before meeting with someone so that you’re going to be better prepared to assess the skills and qualifications of the broker.

Since brokers work exclusively with lenders, they might have better access. Some lenders won’t let you directly get in contact for a retail mortgage.

Brokers can get special rates if they generate a lot of business for a lender, and you wouldn’t be able to do this on your own.

Brokers might be able to manage the fees. There are a lot of fees that come with getting a mortgage, including application, origination, and appraisal fees. A mortgage broker may be able to negotiate with lenders to waive some or all of these, which can end up saving you thousands of dollars.

What Are the Downsides of Working With a Mortgage Broker?

There are some downsides you have to weigh that come with working with a broker.

Mortgage brokers aren't guaranteed to act in your best interests. Brokers earn a commission when they refer business to lenders, so if you were working with someone, they could steer you toward a loan that's higher than you want. After the 2008 housing market crash, many brokers earned a negative reputation for maximizing their own compensation.

Some mortgage brokers may offer you the same terms and rates that you’d get from the lender anyway. You should probably still shop around to make sure what you’re getting from a broker is the best deal, increasing the amount of work you need to do and negating some of the benefits of working with a broker in the first place.

A mortgage broker might be paid by a lender or by you. In such a case, you might also need to inquire about whether you are being guided toward a loan that ends up being more expensive just so the broker can earn a higher commission. It is essential that you know all fees upfront before you agree to anything or work with a broker.

For many buyers, particularly since you have access to online comparison tools, a broker might not be worth it as you secure a mortgage.

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Learn More!

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.

Get your Morning Inspiration with the Sandi Pressley Team

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So many more gorgeous photos and details to see! Click here to view.

Are you searching for a specific type of home, in a certain neighborhood?  Give us a call and let us do the work for you!  We'll sit down and have a conversation to find out all about your needs and requirements and get to work finding you the perfect home.  Call us today. You can also create a customized home search right here on our website. Click here to begin.

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It's already a stressful process when you buy a house in Albuquerque. Home inventory is low right now, despite falling prices in many markets and rising interest rates. The shortage of inventory has led some buyers to waive home inspections or use escalation clauses in their contracts, which they wouldn't normally do.

Whatever you do to get your dream home in Albuquerque, don't skip the final walk-through.

You should walk through the house again after making an offer to ensure it is still in good condition. It is your responsibility to ensure that the seller completed the repairs or improvements you negotiated.

Who Comes to the Final Walk-Through?

The final walk-through is usually attended by the buyer and the buyer's agent. Buyers can inspect everything at their pace without feeling pressured by sellers or their agents since they're usually not present.

A builder or contractor may come if the house is new. A walk-through of a new build is primarily intended to identify cosmetic issues. There will be high expectations since the home is brand new.

In cases where issues were discovered during a home inspection that needed to be corrected before closing, the inspector may need to return to make sure everything was done correctly. If you have another inspection, you should schedule that before you do your final walk-through.

Scheduling

Usually, you'll do your final walk-through within 24 hours of closing. Your agent can help you schedule and coordinate access times with the seller's agent.

The final walk-through is often performed the night before or even on the way to the closing. 

It depends on you, your agent, and the house how long a final walk-through takes. If the home is small, it can take 15 minutes. Extra time might be needed if you have a pool or a detached building. If the house is larger, it may take an hour or more.

Do not feel rushed, so take your time. Make sure you check everything.

It’s Not a Home Inspection

It's important to remember that your walk-through isn't an inspection. This is an opportunity to address any issues raised during the inspection.

During the walk-through, your agent should bring documents that provide guidance and confirm everything is as it should be. A seller's disclosure form, inspection report, and repair amendments agreed to by the seller will be included in this documentation.

If the seller made repairs after the inspection, ask for receipts, which they should bring with you to the walk-through.

There’s no fee for a walk-through either—it’s just part of the process.

What If You Find An Issue?

Finding a major issue during a final walk-through can be a serious issue. Approximately 5% of contracts were terminated in January of this year due to non-compliance.

A minor issue doesn't necessarily mean it's a deal breaker. What might end up happening is that you delay your closing a few days to fix the problem or request a credit at closing so you can deal with the repairs needed after you move in.

Negotiations are usually the best way to resolve issues. If it isn't a big deal, your agent might even recommend proceeding with the closing. Unfinished repairs like missing appliances or major property damage cannot be overlooked. At this point, most sellers will want to make things right.

Can You Back Out?

Unless there's a significant change in the property's condition, it's tricky to end your purchase agreement after a final walk-through. It's better to try and work it out so that the seller gives up the money needed to make the repairs if there's something small.

Depending on your real estate contract, you may be able to back out if the property doesn't meet your expectations.

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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.

Get your Morning Inspiration with the Sandi Pressley Team