Alamogordo Real Estate Buying Tips
We want our to feel comfortable with our agents and generally feel at ease through the whole process. Here are some tips you can be aware of when going through the home buying process.
1. When you arrive, our agent will show you properties in the Otero county real estate market that meet your needs. Once you find a home, a purchase agreement will be completed. the agent will provide an approximate dollar amount that you will need to close, plus the approximate amount of your monthly payment.
2. When writing an offer to purchase Alamogordo real estate, you will generally need to include a personal check, cashier's check or cash (known as earnest money). This represents your sincerity in the attempt to purchase and is totally refundable if the offer is not accepted. An earnest money deposit is submitted with the offer. The money is kept in the trust account of the real estate company and is not turned over to the seller. The earnest money will normally be applied toward your down payment.
3. Once the purchase agreement has been accepted by the seller, a lending institution will be contacted to process a new loan, if necessary. Our Alamogordo real estate agent will assist you in determining which lenders offer the most favorable financing terms at the time of the sale.
4. The loan officer will ask you to fill out a loan application.
*If applying for a VA loan, please bring a copy of your DD-214, Discharge papers or VA certificate of eligibility.
*If you have a pending sale on your present home, bring a copy of the contract and estimate proceeds from the sale.
*If you have a relocation firm has purchased your home, bring a copy of the contract, and equity statement.
*If a rental property is owned, furnish a copy of the lease.
*If self-employed, bring federal tax returns, profit and loss statements, and balance sheets for the last two years.
*Alimony and child support information (divorce decree for verification) may be required.
5. During the entire process, our agent will keep you informed.
6. When the loan is approved, the closing will be scheduled through a title company. The title company is a disinterested third party that holds legal documents and funds on behalf of the buyer's and seller's instructions.
7. Monies required at closing (down payment, closing costs) should be in the form of a cashier's check. Personal checks will not be accepted.
8. When all necessary papers have been signed and the monies received, the title company will make the necessary disbursements and do all the closing papers. Once documents have been recorded, title to the property (ownership) has changed hands.
Welcome to your new Alamogordo, Tularosa or Cloudcroft real estate!!