Monday, November 21, 2011

Buying a Home in Ruidoso For the First Time?

There's nothing quite like the realization you are buying and owning your first home. The professionals in Ruidoso real estate know this well as they help hundreds of first time home buyers find and purchase exactly what they've been dreaming of. With so many amazing programs and financing options still available you may be surprised what you could get out of a home.

Don't be scared to sit down and talk with a lender about the best Ruidoso mortgage option for you. With a steady income and reasonable budget you may even be able to afford a home with little to no money down. With rates still low, finding that home in a bigger price range just became more affordable.

Don't be one of those buyers, though, that think if they wait a little longer they will get a better deal. Here's the reality of that that we have seen time and time again: you find the home you love and then wait for the price to drop even further but in the mean time you have been out bid by another buyer and you have lost the house you really liked.

The best practice is to start looking when you know you can afford a home. You may not find a home right away but at least you will be ready and prepared when you do. There are many amazing Ruidoso homes on the market, from condos to land and any property in between. When you do find the property you want, whether it's this week or in a couple months, your lender will have a letter of pre-approval ready for you to present to sellers when submitting the offer. This will show the sellers you are a serious buyer that is ready NOW to buy.

If you are ready now but don't find a home right away, this is a perfect time to save up as much as you can so you can put that money down as an earnest money deposit. It goes toward the purchase of the home but typically the larger the amount the more the seller may accept your offer.

Can you get that money back?

A lot of times if the deal falls through for whatever reason, your Ruidoso buyers agent will be able to get the money back. There are exceptions though in that if you just quit the process without an inspection, without recourse or reason or simply fail to sign the documents at the last possible second, the seller may ask for the earnest money since they feel you have wasted their time for however long the transaction has taken. Most often than not though there is a viable reason for termination and then your earnest money is safe.

So when should you buy a house in Ruidoso? Anytime! We have agents waiting to help you get started on the first steps today. Contact Coldwell Banker in Ruidoso for more information or start viewing properties in Ruidoso here.

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