|This section is designed to help potential buyers for the Columbus, Luna County, New Mexico area. Most of the buying information comes as a result of studies conducted by the U.S. Government to aid new, move-up, and retirement buyers who are looking for a residence. The same principles apply to buyers searching for a residential lot, and commercial properties.
|1. Find a local broker-
Contact your local Real Estate professional to help search for the types of properties that are on the market in the Columbus and outlying Luna County areas, and what the approximate prices are for various homes, residential lots, acreage parcels, or commercial listings. Choose a Real estate agency that has an extensive knowledge of property values in the subject area. Also choose a brokerage that shows a commitment to working diligently on the buyers behalf.
Link: Columbus Real Estate Agency
2.Figure out how much you can afford-
What you can afford for a home, residential lot, or commercial property depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. A calculator can help, but it is best to visit a lender to find out for sure. A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that downpayment.
Link: Mortgage Calculator
3.Know your rights-
This real estate purchase may be the largest and most important transaction during your lifetime. You should be aware of certain rights you have in the buying process and before you enter into any loan agreement.
Link: Fair Housing Rules
Link: Real Estate Settlement Procedures
Link: Borrowers Rights
4.Shop for a loan-
This step is vital if you will use a loan to finance the Real Estate purchase. In the shopping process you will want to consider getting pre-approved for a loan that will cover the house you are looking to put an offer on. Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal.
Link: Government Brochure on getting the best loan
5. Learn about homebuying programs-
You may qualify for help in getting loans or getting special interests rates for loans in the Columbus, Luna County, New Mexico area.
Link: New Mexico Home Buying Page
6. Shop for a home-
Narrow down your search parameters for that right home, mobile home, residential lot, or commercial property. Here are some beneficial links to help inform your decision making process.
Link: Home Shopping Checklist
Link: Mobile Home information
Link: Building Your Own Home
7. Make an offer-
By now you should have a good working relationship with your New Mexico Real Estate brokerage. Discuss the offer making process with your Real Estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
Link: Tips on making an offer
8. Get a home inspection-
Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs. Also review seller disclosure statements about the subject property.
Link: Tips on home inspections
9.Shop for homeowners insurance-
Lenders require that you have homeowners insurance. Even if you buy a home for cash, you may still want to protect your investment with insurance. Be sure to shop around.
Link: Tips on homeowners insurance
10. Sign papers-
Congratulations, you're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign.
Link: Information on settlement costs