Why You Should Go For Sale By Owner?

Now is the perfect time to sell your home.  Instead of using a real estate company, homeowners can work with an escrow agent to quickly and conveniently sell their property. Sunwest Escrow, New Mexico’s most trusted escrow company, believes that many homeowners can benefit from For Sale by Owner Albuquerque listings.

Why You Should Go for Sale By Owner?

1: You Know Your Neighborhood Better Than a Realtor

You’ve lived in your home for years, maybe even decades.  Not only do you know the ins and outs of your home, but you also know the community and the neighbors.  For homebuyers, “the perfect home” is much more than just the home itself.  Buyers want the home of their dreams to be in a neighborhood that aligns with their needs, values, and lifestyle.  A realtor may know the area, but unless they’ve lived on your street, you as the homeowner are the expert in this field.

2: You Don’t Need to Spend Money on a Service You Can Accomplish Yourself

Today’s technology gives you access to all the tools and resources you need to successfully sell your home.  Think of a real estate agent as a middle-man in the process — they’ll get you from listing to close, but it will cost a premium.  However, you can list and sell your home on your own, avoiding that unnecessary expense.

3: You Know What Your Home is Worth

During the negotiation or listing process, a real estate agent may encourage you to lower your asking price or make certain deals as incentives to the buyer.  You deserve top dollar from your home.  An appraiser can provide you with the current market value of the property and you can list the home at a price you believe it’s worth.

For Sale by Owner Albuquerque

You can successfully list and sell your home without a real estate agent. Contact Sunwest Escrow today and allow us to help you through the contracts and financing process on your For Sale by Owner home!

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Need of Real Estate Purchase Agreement

Sunwest Escrow is here to help you through the home buying and selling process. We’re available to answer all your questions regarding real estate contracts and owner financing. We recommend that all prospective buyers and sellers first understand the details of a real estate purchase agreement and why it’s perhaps the most important contract in the transaction.

The Need of a Real Estate Purchase Agreement

A real estate purchase agreement, also referred to as a real estate contract, is a key part of your real estate transaction. This is a written contract between buyer and seller confirming that the property will be sold for an agreed-upon amount. To be legally classified as a real estate purchase agreement, this contract must meet four specific requirements:

  1. It needs to follow all legalities regarding the purpose of the agreement.
  2. It must be in writing.
  3. It must list proof of offer and proof of acceptance.
  4. It must identify which articles of value will be exchanged for the property.

What to Verify on a Real Estate Purchase Agreement

There are other items that should be listed to ensure that the buyer and seller both understand and agree to the vital details of the contract. We insist that your real estate purchase agreement should contain the following seven items:

  1. Earnest Money Amount: Deposit that shows the buyer’s commitment to the property and limits the risk of loss on both sides.
  2. Contingency: Allows each party to retain their investment should an important aspect of the contract not be met.
  3. Settlement Date: Agreed upon time that the money and deed will exchange hands.
  4. Possession Date:  Signifies when the buyer has access to the property.
  5. Escrow: A good faith investment that protects the seller.
  6. Delivery: Agreed upon method of communication and document delivery.
  7. Home Warranty: Policy that covers damages to the home after purchase.

Real Estate Purchase Agreement Albuquerque

When the time comes for you to buy or sell a property, trust Sunwest Escrow to create the detailed real estate purchase agreement in Albuquerque that buyers and sellers can invest in.

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Why Opt For Owner Financing Homes?

Why Opt for Owner Financing Homes Albuquerque?

Instead of borrowing money from a commercial lending office and obtaining a mortgage, a buyer can choose to purchase an owner financed home.  During this process, the current property owner lends either a portion or all the funds required for purchasing the house. This is becoming a popular alternative to normal real estate transactions, especially in times when the area is considered to be in a buyer’s market.

Types of Owner Financing

There are many types of owner financed homes.  The three most common are land contracts, lease-purchase agreements, and mortgages.  Land contracts provide the buyer with an equitable title until the buyer has paid the owner for the full amount of the property.  At that time, the new owner would then receive the deed.

The seller and buyer could also choose to commit to a certain type of mortgage known as an all-inclusive mortgage or all-inclusive trust deed.  In these instances, the seller carries the mortgage and receives an interest override on the underlying loan that accompanies the mortgage.  In cases of a junior mortgage, the seller carries the first new mortgage and the buyer takes out a second mortgage to give to the seller as payment.

A third option is a lease-purchase agreement which essentially leases the property to the buyer.  The buyer gets an equitable title and will receive the full title after paying the seller the full purchase price for the property.

Pros of Owner Financed Homes

  • Faster and cheaper closings
  • Flexible down payments
  • No pre-qualifying needed from the buyer and financing is tailored to their needs
  • The home can be sold as is
  • The owner retains the title in the event the buyer defaults

Owner Financing Homes Albuquerque

Sunwest Escrow is ready to help you secure the owner financed homes Albuquerque has to offer. Opting for an owner financed home will provide you with many benefits including a faster close and better financing options.  Speak with one of our knowledgeable escrow agents today to learn more about this advantageous buying option.

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Advantages of Sale By Owner

The typical real estate transactions used to involve a homeowner hiring a real estate professional to sell their home. Today, we find ourselves in an evolving market that no longer needs this representation. Instead, those selling their homes are electing to complete these transactions without a realtor.

3 Advantages of Sale By Owner

The For Sale By Owner process is a commission-free means of completing a real estate transaction. There are many advantages to the FSBO process that have made it an appealing option for sellers that wish to complete the transaction without paying for services they could execute alone.

  1. The seller saves money.

When you employ the services of a real estate agent, you’re required to pay them a percentage of the sale as a commission. This fee could be upwards of tens of thousands of dollars. For instance, if your agent charges a 6 percent sales commission on a $500,00 sale, you’ll end up paying them $30,000. A For Sale By Owner sale eliminates this needless fee and puts more money in your pocket.

  1. The pertinent information is now readily available.

Previously, sellers did not have access to the information that real estate agents did. Today, however, a wealth of information available online and through other sources enables homeowners to educate themselves.

  1. An escrow agent can provide guidance.

Escrow agencies that handle real estate transactions have a detailed knowledge of real estate contracts and the selling process. The escrow company can provide information, advice and other services that a realtor would normally offer.

For Sale By Owner Albuquerque

You don’t need a real estate agent to sell your home. Sunwest Escrow can provide you with the For Sale By Owner Albuquerque services you need to confidently complete your real estate transaction. With decades of experience, we’ll use our detailed knowledge of the real estate process to act as your trusted escrow agent. We’re here to help you navigate real estate contracts and ensure that your transaction is carried out successfully. Don’t feel pressured to list your home through a real estate agent. Let Sunwest Escrow get you the most profit from your For Sale By Owner listing.

What You Need to know About Real Estate Contract?

One of the most important steps in buying a home is ensuring that the real estate contract is clearly understood. Since most purchasers are first-time buyers, many are not aware of what they need to know about a new real estate contract. Sunwest Escrow understands that this new experience can seem overwhelming, that’s why we’ve provided the following tips that we believe you should know about your housing agreement.

What You Need to Know About a Real Estate Contract Albuquerque

Understand the different types of contracts.

General purchase agreements are contracts in which a seller and buyer agree to a real estate transaction. A state or association purchase contract is the same agreement except a real estate agent is also involved. Property-specific purchase agreements regard vacant land or mobile homes. When purchasing real estate, make sure you understand that certain contracts may only be applicable in specific situations.

Make sure it correctly lists the essential details.

This contract is legally binding, and as such, must list exactly what both parties have agreed upon. Before you sign your agreement, check to make sure it has the following:

  • Correct price
  • Correct closing date
  • Offer expiration deadline
  • Earnest deposit amount
  • Any contingency conditions
  • Who is assigned the fees for inspections, survey, and title insurance

Choose a reliable escrow company to withhold and enforce the contract

An escrow company is a third-party service that will keep the property deed and all other documents safe and secure. They’ll hold the deed until the transaction is completed and both seller and buyer are satisfied. They’ll also record all monetary transactions for both parties and help the seller and buyer come to reasonable agreements if there is ever a dispute.

Real Estate Contract Albuquerque

It’s critical that you understand the terms of this document, that the contract lists the correct details of the agreement, and that a trustworthy escrow company oversees the transaction. Sunwest Escrow has been one of the most trusted escrow companies in New Mexico for thirty years. If you have questions about your real estate contract, we’d be happy to answer your every question. Call us today for more information.

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Importance of an Escrow Company

According to Time Money, an escrow account is essentially a holding account used during the purchase of real estate. Some transactions involve two escrow accounts, the second of which is utilized between the purchaser and a lending company, such as a bank. During real estate transactions, an escrow officer is tasked with managing all of the important documents and financial transactions that occur between the buyer and seller. A title or escrow company in Albuquerque is able to function as the escrow officer for these transactions and safeguard both parties.

The Roles of Escrow Companies

Buyers and sellers benefit from employing the aid of a licensed or controlled escrow company Albuquerque. Escrow officers protect buyers and sellers throughout the real estate transaction. According to Real Estate ABC and Investopedia, their roles may include:

  • Following all instructions in a timely manner according to buyer, seller and lender needs.
  • Managing documents for all parties and submitting them accordingly.
  • Managing funds for both parties, which may include the authorization to pay bills.
  • Responding to requests from the buyer, lender, seller, and borrower.
  • Ensuring that all terms and conditions are agreed upon by both parties.
  • Processing and closing the escrow once all terms and conditions have been met.
  • Distributing the funds after the transaction has been finalized.

Why Hire an Escrow Company

Escrow officers are valuable third-party resources that protect the seller, buyer, and lenders throughout the transaction. Real Estate ABC states that the escrow holder is obligated to keep all funds and documents safe and will not release these items until the instructions of the transaction have been met on all sides. The escrow officer is a safeguard in the event of:

  • The buyer gets cold feet and retreats from the deal.
  • The seller decides that they no longer wish to release their property.
  • Any oversights or errors on documents.
  • Any disagreements between the buyer and seller.
  • The buyer’s inability to get approved by a lending company.
  • Any legal issues in regards to property or title ownership.
  • Any instances of fraud.

The Importance of an Escrow Company

For buyers and sellers that are new to the real estate process, escrow company in Albuquerque can help both parties ensure that the transaction is legally and financially sound. highlights the importance of these third-party companies, citing that escrow officers ensure that all conditions of the purchase agreement have been met on both sides before property and funds are exchanged.

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Tips Before Signing a Real Estate Contract

If you have ever purchased or sold a home, you understand that the paperwork can be dauting. But before you sign the dotted line it is important to know what you’re getting yourself into. Sunwest Escrow specialises in escrow services in New Mexico. We guide buyers and sellers every day, along the home buying and selling process and make sure they have a good understanding of every step. If you’re searching for real estate contract Albuquerque let Sunwest Escrow help guide you in the right direction.

Read the below tips before signing a real estate contract to help you better understand the process.

  • You can tailor the terms to meet your needs. You should not sign anything that you are uncertain or have concerns about.
  • Know the property value and read the property report. Know what you are buying and how much the home is worth.
  • Make sure all the terms agreed upon are in writing. Adding it to the contract makes it part of the binding agreement.
  • Review the title registration. If you have any questions or concerns about the notes on the registrations on title or would like any registrations reviewed, be sure to contact a real estate lawyer.
  • Look at The Municipal Stamp of Compliance

Our Mission at Sunwest Escrow

Sunwest Escrow has become the most trusted escrow company among title companies and real estate brokers in New Mexico. We take pride in educating our clients in many forms from escrow services and beyond. We have books about owner financing in both English and Spanish. We also have a wide variety of tutorial videos explaining every aspect of the process, simplifying the escrow process.  Visit our website for more detailed information or call us to today to schedule an appointment and review all your real estate contract Albuquerque needs.

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