Welcome to the Weaver Real Estate Blog!

Weaver Real Estate

We are so excited to be able to share information about the communities that we love with you.  Whether you are new to Lincoln County, or you have lived and/or visited the area for the last 30 years, this blog is where you will be able to find up-to-date information on local places & events, community happenings, real estate trends and statistics, home owner tips, buyer dos and don’ts and so much more!  

The members of Your Ruidoso HOME Team have all lived in the area for at least 10 years, (with some living here as long as 40 years), so we truly are local experts. The Team also very diverse interests, so we are able to share a wide variety of information, from the best hiking trails, to the best Green Chile Cheeseburger, to interior design or fireplace safety tips.  

This page will be a work in progress as new content will be added weekly, so be sure to check back often. Whether it's a heavy read full of mouth-watering figures or a delightful quick tip or new place to eat Your Ruidoso HOME Team has you covered.

March 20, 2020

Home Buying Process

What Documents You Should Keep!

When to begin? We suggest, long before the closing table. Once you place an offer on a property begin a file system. This can be either physical folder or digital copies, as long as it's a safe place to keep important documents related to your real estate transaction. You may need to resurface these documents post-closing if an issue occurs. Remember to keep the ones that include ALL signatures and/or initials. A document signed only by one of the parties involved will not assist you should you need it.

Broker Agreements

Usually found at the beginning of a contract outlining the working relationship agreed upon between you and your selected buyers broker.

Purchase Agreements 

Since this is a legally binding document it is high on the list of documents to keep. It will outline all the key aspects of your real estate transaction, including price, deadlines and contingencies. If there are other forms mentioned in the agreement pertaining to your transaction be sure you keep them, including but not limited to; counter offers, addendum, supplements or additional contingencies lined out.

Seller's Property Disclosure    

You will want to retain any written statements made by the seller that disclose important or relevant information about the property. Sellers are required to disclose about any known issues and defects. 

Home Inspection Report

This report provides a thorough analysis of the current condition of the home and flags any potential problems that might arise in the future. 

Appraisal

For financed properties, a home appraisal is an important part of the mortgage process. They provide a third-party opinion of the value of the home. Very handy if you need to dispute the assessed value figured by the county. For instance, if your property tax goes up, you may be able to leverage your appraisal report to have your assessment re-evaluated.

Title Commitment and Owner's Title Insurance Policy

Title insurance provides coverage for past problems related to the title chain of a property. These can include hidden risks due to forged signatures, missing mortgage discharges or even probate issues, some which are unknown at the time of closing. In the rare chance that a dispute arises, it is best to have your policy available to protect your claim to title.

Home Insurance Policy

Mortgage lenders require that you obtain homeowners insurance. After all, the lender has significant interest in your home and wants to see the asset protected. Insurance can cover a large variety of issues - from theft and vandalism to fire or wind damage.

Warranties

If you purchased a newly constructed home, a builder's warranty comes from the builder for 1 year. Even for a used home a home warranty can be purchased as part of the agreement to cover malfunctions of certain items like heating and cooling systems, plumbing or appliances. If something fails during your home ownership, you will want to refer back to your warranty coverage plans. Utilizing a warranty can help bolster repair expenses.

Closing Disclosure

If you are purchasing the property with a mortgage you will receive a closing disclosure often referred to as CD. Legally you must receive this multiple page document 3 days prior to closing. This document provides details about your loan and closing costs. Plus, you may want to hang onto it for when tax season rolls around as some aspects of your loan maybe tax deductible.

Standard Warranty Deed

Your deed will be recorded at your county registry. This document states the transfer of ownership from the seller to you and in what name.

What happens if you loose the file?

Good news is some of these items you can track down through different sources. If you selected the right brokerage to assist you in purchasing your property they will have most documents readily available, typically short of the properties appraisal and your homeowners insurance policy. 

 

 

 

Posted in Buying a Home
March 2, 2020

Short Sale and Foreclosure

An Overview on how are they differ

As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their home - short sales and foreclosures provide the home owner a way of moving on financially. Though these terms are often used interchangeably, but are actually quite different. Short sale and foreclosures have many differences with varying timelines and financial impact on the homeowner so here is a brief overview-

Short Sale

Remember the term upside down? A short sale comes into play when  homeowner needs to sell their home but the home being sold has a lower value than the remaining balance owed on a mortgage. The lender can allow the homeowner to sell the home for less than the remaining balance that they owed, freeing the homeowner from the financial predicament. On the buyer side a short sale typically takes three to four months to complete and many of the closing and repair costs can be shifted from the seller to the lender. The HAFA program was created to help speed up the process for both buyers and sellers.

Foreclosure

Unlike a short sale a foreclosure means the bank already began the process of repossessing the home after a homeowner can no longer make payments. This is more financially damaging to the homeowner for obvious reasons. After the bank has foreclosed on the home which can take up to 930 days for a government loan in New Mexico, then the bank can sell the home in a foreclosure auction. For buyers, foreclosures are riskier than short ales, because the homes are sometimes only available sight unseen and/or with out any warranty nor inspection. Bringing many unknowns to the table for a buyer.

Posted in Buying a Home
March 1, 2020

Market Analysis February 2020

Feb. 1, 2020

Market Analysis January 2020

Jan. 1, 2020

Market Analysis of 2019

Dec. 1, 2019

Market Analysis Dec 2019

Nov. 1, 2019

Market Analysis Nov 2019

Oct. 1, 2019

Market Analysis Oct 2019

Sept. 23, 2019

Winter-Ready Your Home

Posted in Tips & Trends
Sept. 1, 2019

Market Analysis Sept 2019