The real estate industry has grown into a very sophisticated business. What could have been accomplished with a few pieces of paper and a minimal understanding of New Mexico Real Estate Law, now requires a multitude of addendums, disclaimers, warranties, inspections, fees and the like, not to mention a working knowledge of real estate law.

When buying a home, I will exclusively represent you as a Buyer's Agent. The seller pays this valuable no cost service for you. My services will keep you fully informed of your rights and the status of the properties that interest you, as well as provide you with full disclosure and understanding from the time we start looking for your home to the time we go to closing.

As your Realtor, I will introduce you to the tools and programs I can offer to help you with the purchasing process. It will be my goal, as your exclusive agent, to narrow your focus based on a thorough understanding of your families needs and find you a collection of properties that will best suit those needs. Whether you are buying your first home or your dream home, a vacant piece of land for future use or commercial real estate, You can BANK on Joi.

As your Real Estate Agent I will -

• Exclusively represent you at no cost. (the seller pays the commission)
• Help you understand every detail of the process from start to finish.
• Find you a choice of homes that fit your needs.
• Search the market and provide you with the latest information on existing homes for sale or introduce you to quality new homebuilders and show you their latest models.
• Assist you in finding a Mortgage Company.
• Help you understand real estate contracts and how they effect you.
• Ensure the property purchase is "closed" properly and in a timely fashion.
• Help you find the most home for the best price.

Tips for Buying Real Estate

Getting Started
Before you start looking for a home you should ask yourself a few questions:

• Where do you want to live? Do you want to be close to schools, shopping, or work?
• What kind of house would you like (need)? Are you looking for a particular style?
• How many bedrooms and bathrooms do you want? Do you want a yard?
• How much house can you afford? Have you consulted a Realtor or mortgage lender to determine the size of the mortgage you would qualify for?

Get Organized:

• Pull a credit report on yourself and make sure the information is accurate. If you find any errors take steps to correct them immediately.
• Browse through real estate advertisements in the newspaper and Homes magazines. This will give you a good feel for the types of homes that are on the market and what they cost.
• In many communities, Realtors may have television programs or interactive phone systems that will allow you to find out information.
• Visit open houses on the weekend. It doesn't cost anything to look, and looking at a few different homes might give you some ideas for things you'd like in a house but haven't considered.
• Start saving money - you'll need to have cash on hand for a down payment and closing costs. If you have good credit, I can help you find programs where you can get into a home with no money down.
• Don't incur any additional debt. Pay down your credit cards - and don't apply for any new ones. Don't make any major purchases on credit - buy the furniture or car later.
• Contact a Realtor. I can help you determine how much you can afford, and can provide you with information on homes that may interest you. I will also help you complete all of the necessary forms when it comes time to make an offer.

How much house can you afford?
Simply put, you can afford a house that costs as much as the largest monthly mortgage payment you qualify for.

A quick way to estimate the size of mortgage you qualify for is to take your gross monthly income (that's before taxes and other deductions) and multiply it by .28. This works out to just over 1/4 of your gross income.

Mortgage companies use something called qualifying ratios to determine how much they'll lend you. Most mortgage companies use either a 28/36 ratio or a 25/33 ratio. The first number in each pair is the percentage of your gross income that the lender would consider acceptable as a monthly mortgage payment (i.e. if you make $3,000 per month, 28% of that is $840 per month).

The second number in each pair is used when all debt payments are considered, not just the mortgage. (i.e. if you make $3,000 per month, but also have a $250 a month car payment, 36% of $3,000 is $1,080, minus the $250 car payment equals $830).

As you can see, in this example the numbers work out to be almost the same. Obviously if you have more debt you would qualify for less.

Why you should work with a Realtor
Working with a professional Realtor to buy your home is a good idea for several reasons:

• The professional guidance and advice of your Realtor is paid for by the Seller. You wouldn't go to court without your attorney and you shouldn't buy real estate without your Realtor.
• They'll analyze your financial situation to help you determine how much you can afford.
• They're familiar with the process of buying a home and can explain things to you.
• They can easily access information on all properties listed for sale by Realtors in your area.
• They can set up appointments for you to see homes that interest you.
• They'll help you complete all the necessary paperwork when it comes time to make an offer.
• They'll help you arrange financing.
• They'll be there at closing to answer your questions and make sure everything runs smooth.

Choosing a Realtor
Searching for your dream home can be a time consuming experience. Working with a professional Realtor will make the process much more efficient.

Since most people spend a fair amount of time with their Realtor, it's important to choose a Realtor you feel comfortable with, and one who is responsive to your needs. The following questions will help you decide if a particular Realtor is right for you:

• Do they return your phone calls?
• Do they ask you questions to determine what you want/need in a house?
• Do they perform a financial analysis to help you determine how much you can afford?
• Do they explain things clearly?
• Do they suggest financing methods?
• Do they seem knowledgeable about the community?
• Do you feel comfortable spending time with them?
• If the answer to most of these questions is "Yes" - you've found yourself a great Realtor.

If you find yourself answering "no" too many of these questions, or to any individual questions that are important to you, you should keep looking until you find a Realtor you feel comfortable with.

When you’re ready to start looking for real estate to buy contact me with your name and phone number and I will schedule an appointment to meet with you.