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Spence Ralston's Advice

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  • 27 Contributions
  • 0 Best Answers
  • 4 Helpful

Spence Ralston wrote:

how do I find a house (372 Calle Loma Norte, Santa Fe, N.M.

Answer
This property went under contract yesterday, June 2.There are a few other properties for sale in that neighborhood, that we can talk about if you'd like.Spencer RalstonBarker RealtySpencer@SantaFeRealEstate.com505.231.1528
June 03
(0)

Zestimate on my home has dropped by 30,000! WHY??

Answer
Zillow is trying to improve their Zestimates, but in non-disclosure states like New Mexico all they often have to go by is the public record - which is primarily foreclosures and auctions. Sometimes Realtors disclose a sales price to them. Thus, the Zestimate is usually unrealistically low for our state and gives sellers a headache, and buyers an unreal expectation of what a home's value is. Except for their Zestimates, I think Zillow provides a valuable service (along with Trulia, Realtor.com, and several other similar companies).
October 17 2013
(1)

Second home

Answer
Based on the information you provided I believe your chances are pretty good. Among other things, you'll need two years' tax returns and proof of current employment. If you've been employed by the same company, or at least in the same field, for at least the past 2 years that would be an important consideration. And just so you know, a second home generally requires a 25% down payment. It's important to note that the underwriting requirements of lenders change fairly often and only a lender will be able to give you an accurate answer to your question after they take a look at the information you will be required to submit. I'd advise you to work with a local lender. There are several very good ones to choose from here in Santa Fe and if you'd like some suggestions, you can write to me at the email address below and I will be happy to give you some.I wish you well,Spence Ralston[content removed by Zillow due to spam.  Please refer to our Good Neighbor Policy for details.] 
October 05 2013
(0)

Full-Time and Self Employed...

Response
Mortgage lender requirements change very often, so you really do need to check in with 2-3 to see what they say.I'd think you'd be in good shape as you're new jobs are in the same field and your credit scores are good- but I'm not a lender, and often moving to a new place is most problemmatic even for otherwise well-qualified buyers.The fact that you're planning to buy from a large tract developer/builder is a plus. They often have arrangements with lenders  (perhaps the one funding the project), so the requirements may be more flexible.Good luck!
September 09 2013
(0)

For a forclosure home, how much of a down payment would be needed?

Answer
It'll be up to the bank you are getting your mortgage loan from. For a conforming loan for use as a primary residence you'll need 20% down, but for an FHA loan you can get in for between 3-4%, but you'll then have the costs of mortgage insurance to add in to the mortgage costs. If you're buying it as an investment property, you'll generally need 25% down for a conforming loan. Most banks that own real estate (foreclosures) will require a buyer making an offer to submit a letter of pre-approval before they will consider an offer. So talk with your lender, get your pre- approval and know what you can afford; then you're in a position to pounce on a great deal when you find one. There are really good deals available now with sellers who are not short and/or facing foreclosure. It's often a better choice than buying a short sale or foreclosure. Talk with your Realtor so you go into a purchase situation knowing all the pros and cons. Spence Ralston Barker Realty 505.231.1528
September 07 2013
(0)

Sellers signed to provide us (Buyers) $5000 at Closing and haven't paid full amount.

Response
The purchase contract rules - so if it's not in the contract, it doesn't matter whether one party "promises" to do something or not.You also should have gotten a copy of your HUD statement showing all costs, etc.at least three days before closing, so what your costs, and the sellers', would have been on that. So this should not have been a surprise to you.Title companies are usually on top of all contract stipulations and, in my experience, it's extremely rare for them to err. As another poster said, your contract probably allows up to $5000 to be applied from the sellers' funds to be applied toward the closing costs. It would be illegal from what I know for the sellers to give you money over and above what is allowed and stipulated in the contract.You've got a new home, hopefully at a great price. Enjoy it and don't worry about the small change - which you in all probability weren't entitled to.
August 08 2013
(0)

CONDOS AND HOUSES SHORT SALES IN AND AROOUND SANTA FE, NM

Answer
I just sent you a private message. Thanks.
June 26 2013
(0)

CONDOS AND HOUSES SHORT SALES IN AND AROOUND SANTA FE, NM

Answer
As of today, according to my MLS search, there are 28 single family homes and condos that are either bank-owned (foreclosures) or short sales in the Santa Fe area. Of these, 21 are short sales.Please contact me if I can assist you,Spencer Ralston[contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
June 25 2013
(0)
Ocwen Financial Corp. - Are they the worst?
I represent the seller of a short sale home. We received a good offer over 2 months ago, and all the paperwork required was sent to Ocwen well over a month ago. They have not responded to countless calls and emails from the owner or me. It's like they would prefer the property going into foreclosure. Has anyone else had a negative experience with Ocwen? Know how to make them responsive? The account representative for my seller is named Seth Cooper. Thanks.
May 15 2013
(0)

this address is NOT appearing on your map correctly!

Answer
The only address that is showing up on the MLS for sale on Balsa Drive is #13. It is across the street from #14. I'm not sure what map you are referring to, but I know the Realtors listing #13, they are very good and professional and I know they would like to hear from you so they can take corrective action as necessary.If you cannot contact them, you can send me the pertinent  information and I'll pass it along. Often the mapping is incorrect due to reasons that have nothing to do with the listing brokers, but they will try to work with the responsible parties to see that any map errors are corrected.
August 09 2012
(0)