Our Buying Process
Understanding the process of purchasing real estate can be challenging because the real estate industry, like many industries, is constantly changing. Whether you are purchasing your first home or are a seasoned buyer, working with a knowledgeable professional is essential for a successful purchase. Our team is here to walk you through the buying process from beginning to end.
How We Value Real Estate
Understanding Your Situation
Before searching for homes it is important to understand how your current situation will effect your purchasing process. Below are a few questions you should ask yourself before getting started:
- Ideally, how soon would you like to move into your new home?
- What is your current living situation? Do you rent/lease or own a home?
- If you currently rent/lease, when does your lease or rental agreement end?
- If you own a home, do you need to sell your home first?
- Will you be purchasing with another person or by yourself?
- What questions/concerns do you have about pursuing your next purchase?
Understanding Mortgages and Pre-Qualification Process
Getting pre-qualified and working with a Mortgage Professional before starting your home search, will allow you to answer the following questions:
- What can I afford?
- What will my payment be?
- How can I improve my financial position?
Why Getting Pre-Qualified Benefits You
- When you find a home you like, you can submit an offer that same day. Remember, the best homes sell quickly
- Sellers look for the most qualified buyers, a pre-qualification shows you are serious
- Allows you to explore you financing options
- We can provide recommendations of Mortgage Companies to best fit your needs
Define Your Home Search
Determine the desired specifications of your new home:
- School Districts
- Lot/Yard Size
- Number of Bedrooms / Bathrooms
- Square Footage
- Number of Stories
- Garage Space
After establishing your new home requirements, it is time to start viewing homes online and in person. It is important to have a plan on how and when you will be viewing properties. The best homes sell quickly, having a plan is key.
- www.rocabq.com search portal
- Automatic email
- Text message or phone call
- Preview with a ROC Professional
- Based on your schedule, it is important to determine the days and time you are available to view homes. This will give us enough time set up a property tour itinerary and schedule with owners.
Submitting An Offer
- After we find a home that best fits you, our team will research recent and current sales in the area to determine the homes reasonable market value.
- Once we determine the price we are going to offer, we complete a Real Estate Purchase Agreement and present it to the seller.
- At this point, the seller may accept our offer or want to negotiate further.
- Once we all agree on terms of the sale, an escrow account is open at the specified Title Company and earnest money is deposited
- The home is then considered "Under Contract" or "Sale Pending" and is no longer advertised as an "Active" For Sale Listing.
Frequently Asked Questions
1. What is earnest money?
Earnest money or a good faith deposit is deposited with the escrow/title company then credited back to the buyer at closing. Earnest money is used to show the buyers seriousness and commitment to completing the sale.
2. When do we order inspections?
Before we submit our offer, we will discuss the different inspection options available to you. Our team will order your requested inspections immediately after our offer has been accepted by the seller. Each contract includes a specified inspection period. A representative from our team will attend your Full Home Inspection (most common inspection), then personally discuss the results with you.
3. How long does the sales process take?
On average, the sales process takes anywhere between 35-45 days.
Professional Transaction Management
Once your offer is accepted, earnest money has been delivered to the title company and we have notified your lender, your transaction will be sent to our transaction management department. We will make sure all documents are delivered/sent on time, we are in compliance with New Mexico State Law and you are updated as your transaction progresses. Our goal is to ensure you receive highest level of professional real estate services and enjoy a smooth transaction.
Closing and Moving In!
- 3 days before our set closing date, you will receive a closing disclosure or "CD" showing your closing costs. We will examine the CD ensuring all the figures are accurate, once confirmed the CD is then sent to the Title Company to prepare for closing.
- 2 to 3 days before our set closing date, we will complete a final walk-through of the property to ensure any and all requested repairs have been made and the home is in acceptable condition.
- Our team will coordinate your appointment at the Title office to finalize the sale.
How we help you move:
- Coordinate to have your keys delivered
- Help transfer your mail
- Assit in transferring utility service