Selling a home in New Mexico

New Mexico is known as the “land of enchantment” what with its very diverse cultural heritage and numerous attractions. Nature is at its best in this state that has more than 100 lakes and rivers as well as many national parks, forests and ski areas. This 5th largest state with almost two million people also claims of being the third largest art market in the U.S.

New Mexico’s real estate market is also doing great guns. The housing market in Albuquerque, for instance, is predicted to go up this year 2007. In fact, Fortune Magazine ranked Albuquerque as third among the ten best places to own real estate in the U.S. Prices of homes in this area are down due to a high inventory level making it a buyer’s market.

Helpful tips

Letting go of a home that has a sentimental value is a very hard decision to make. But you need not fret over it for long because you have to take the first step to sell it to potential buyers as soon as possible. Selling your home by yourself can truly be tough but with the right preparation, you can surely go through the process with great success. All it takes is a lot of patience plus some help from your lawyer.

Initially, you will have to prepare your home to attract buyers. This means fixing defective parts of the house, organizing your stuff and taking away clutter to create more space, repainting the walls inside and out if needed and cleaning every part of your home beginning from the front yard. You may then consult your lawyer about the legal issues involved in selling your home as well as the important forms required. After this, you research about the current market trend in your locality as well as the prices of other comparable homes for sale. In this way, you will have a basis when setting your selling price.

Your next step is marketing your home. Spread the word through your relatives and friends, make your own brochures with photos and a map of your home and distribute them in public areas including those in your neighborhood. If you’re computer-savvy, do make a website for this purpose, post your home for sale in other websites that offer free listing and email a letter to real estate companies. If you have an extra budget, do place an advertisement in your local paper. Schedule an open house for prospective buyers and do reply to calls right away.

Real estate forms needed

In New Mexico, several forms are involved in the sale of a home. These are the seller’s real estate disclosure statement, seller’s information for appraiser provided to buyers (the buyer is responsible for giving this form to the appraiser), lead-based paint disclosure form, contract for sale and purchase of real estate with no broker, counter offer, escrow agreement, property information checklist, purchase contract and receipt, release of purchase contract, among others.

Apart from the sale agreement or contract, the property disclosure statement is a must. This is provided by the seller and details, in all honesty, the present condition of the home for sale such as the age of the property, its defects, the repairs done and whether there are pest infestation or environmental hazards. If a home inspection had been previously conducted, the report should be provided to the buyer as well.

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