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If you’re a first time home buyer in Albuquerque, New Mexico, there are some great deals on homes for you. It can be an overwhelming process when looking to purchase a new home. There are so many things to consider and if you’re not sure of what you’re looking for, two of the simplest aspects of house hunting will often be overlooked and overshadowed by everything else. Something to think about is the kinds of home you are searching for. Is it a brand new home? Two other types of homes you may want to consider are foreclosure homes or short sale homes. Foreclosure homes are homes that are owned by the bank, because the homeowners defaulted on their home loans. The banks really want to get rid of these homes and so sometimes they’ll give us closing costs or allowances to make the house a little bit more attractive to you, the home seeker. They can give you a great deal.
Another type of home to consider is the short sale home. A short sale is a situation of where a seller owes more on his house than it’s worth. In this situation the bank is involved and the seller is involved. Because these two people are involved in deciding whether a house is going to sell for a certain price, it can take a little bit longer to complete this transaction, and can be a little bit more nerve wrecking than any other home sale. It can actually take three, six or nine months to hear back from the bank and the seller. One may accept an offer while the other does not, in which case extreme negotiation often comes into play. For this reason this may not be the best option for somebody that needs to move into a house right away. With that being said, a short sale can be as good of a deal as a foreclosure.
If you’ve found this information helpful, there are more resources for you on my website. You can also call 505-349-5289 and ask for Chad Petty if you want to find the perfect home without the stress. I am always here to assist individuals and families in finding happiness in their first or more home. No matter if you are seeking to relocate or are a first time home buyer in Albuquerque, I can guarantee the expertise that you need to help make this transition as simple as possible. Thank you for stopping by and have a great day!