Your health, along with your largest assets rank up there with the most important things in your life. So if you aren’t willing to hire a part time doctor, why would you hire a part time Real Estate Broker?

As with all professions, there will be varying qualities of knowledge, experience and professionalism amongst those holding the exact same license. This is true of real estate brokers as well. There are brokers out there that may only do one or two transactions a year due to the fact that they just want a part time job or practicing real estate may just be a side gig for them. So the question for the client becomes, do you want a part time broker or an experienced full time professional? 

My sister's boyfriend is an auto mechanic and he just got his real estate license to make some extra money so I am going to hire him to sell my home in order to help him out? Over the years I have heard multiple variations of this same scenario and when everything is all said and done, in many cases the seller would have been better off giving the sister's boyfriend some money and then hiring a full time professional to sell their home.

Buying or selling real estate can be a complex and time consuming process that to be done correctly requires experience and dedication. Someone practicing real estate as a side gig does not have the availability or experience that a full time professional would have. 

Another big plus is that full time professionals have a larger professional network in order to facilitate the transaction, these include, other agents, home inspectors, lenders, septic inspectors, surveyors etc. that may be necessary to employ throughout the process. 

Full time brokers are dedicated to the profession and are more likely to go above and beyond to insure their clients are well taken care of. This dedication can make a significant difference in the outcome of the transaction. 

There is absolutely nothing wrong with hiring people who are practicing side gigs, however, for your health and your largest assets, you may want to consider hiring dedicated full time professionals. 

Questions about Real Estate? Feel free to contact our brokers at any time, we are always happy to answer any questions.

Rob Swan

Qualifying Broker

Swan Realty

575-613-4243

rob@swanrealtyinc.com

Related Articles:

Red River's Short Term Vacation Rental Ordinance Explained

How To Sell Your Home For Top Dollar In Red River and Angel Fire

Red River NM City Council passed a Short-Term Vacation Rental Ordinance on February 28th. The ordinance affects those who own homes in Red River and rent them on a vacation rental basis. This video explains the ordinance and it's impact on those who own short term rental homes.

Video - https://youtu.be/axIG7ry_nks

Click here for a copy of the ordinance - https://bit.ly/3mIj3Tm

• So what's the problem? - The problem is, Taos county only has two title companies and they have not been able to process all the transactions they are receiving which is creating a larger and larger backlog. The problem has been in existence for at least three years but the additional amount of transactions received this year has made the situation even worse.
• Why hasn't another title insurance company opened ? - Title insurance companies perform title searches to insure there are no encumbrancers on the title with what is known as a title plant. A title plant is a proprietary collection of public data about all properties in the county and the transactions that those properties have gone through over the past 100 years or so. These plants have been created over the years by the individual companies for their own use. In order for a new title company to go into business they would need to either lease or create a new title plant and unfortunately no one was willing to lease their title plant and the counties records were not organized to the point where someone could build a new title plant from scratch.
• Do I have to have title insurance? - No, there is no law or regulation requiring title insurance, however, if there is a loan involved in the transaction, the lender will require title insurance. Unfortunately, if you have a loan you are kind of stuck and you will need to wait until the title co can issue you a policy. If you do not have a loan or are paying cash, then there are other options.
• Will it end? Hopefully! - This past year the county has been working diligently to organize and digitize their records and now there is news that a third title company will be opening up during the first quarter of 2022 . This new company should remove some of the burden from the two existing companies and speed up the process.
• So what can you do in the meantime? - If you have a loan the short answer is nothing. If you are paying cash or have owner financing you can close without title company assistance. If you are paying cash and you still want title insurance, there is nothing stopping you from closing the sale without the title company and purchasing title insurance after the fact.

For most people a home is one of the largest assets they have, so when it comes time to sell, getting the most out of that asset becomes a priority. How you and your broker go about the selling process can have a large impact on the size of the check you receive at closing. 

Selling a home in our mountain communities usually means selling to someone who wants to have it as a vacation home as opposed to a primary residence. With that said, vacation home buyers are usually looking for a turnkey home that comes with no or minimal projects that need to be completed prior to them enjoying their new purchase. Keep in mind that the potential buyer is not from the area and looks at extensive home repair projects as a burden that takes away from the reason the purchase was made in the first place. I have had many buyers over the years come in and inquire about looking at “fixer uppers” in order to save some money. Almost never have those buyers purchased the “fixer upper” but instead inquire about looking at other homes, even if those other homes are priced higher.  This subsequently pushes the price further down on the “fixer upper” to where it is eventually sold at a substantial discount or not sold at all. 

To avoid the aforementioned scenario, the seller should do everything within their ability and budget to present their home in the absolute best light, and yes, this almost always involves spending money; however, you don’t need to break the bank to pull this off. 

So where should you start? The vast majority of buyers know as soon as they pull up in the driveway if this house may or may not work for them. If I pull up in the driveway with a client and they say “no” without going inside, I leave immediately, as I know there is almost no chance they will make an offer on that particular house. So with that said, let's make sure the outside is appealing. Grass mowed, bushes and trees trimmed, yard debris picked up, ‘and if needed, repaint house trim and wash and or re-stain siding if necessary. 

Moving inside, consider repainting, paint is cheap and provides the lowest cost with the highest rate of return. If the carpet is worn, consider replacing, you don’t need to buy expensive carpet, medium grade new carpet will suffice. If it is just dirty but doesn’t need replacing then it should be professionally cleaned.  Re-stain scratched woodwork. Walk around your house with a staining rag and touch up all scratches on wood trim, hand railings etc.

Home odors, many times home owners don’t notice odors due to their constant exposure to them. Most odors are caused by pets but can also come from environmental causes. All of these odors can be remedied. If odors do exist, identify the source and remedy, if needed, seek professional advice because nothing can deter a home sale like bad odors.

Remove excessive nick-nacks, I once had a client that collected liquid soap dispensers, she had no less than 300 of them on display in and around her kitchen. I had another client that collected candle holders, she had over a hundred of them all over this beautiful Kiva fireplace, you could barely see the fireplace. Remember, if you are selling a house, you are moving, so start packing and move unnecessary items to the garage if they do not add to the appeal of your home.

So now you have some ideas on how to make your home more appealing and receive top dollar. The next step is to find a great Realtor and ask for their advice, remember, this is their job, they sell houses all day everyday so they should be able to steer you in the right direction. As a final note, If your Realtor tells you to clean up your yard, don't let it hurt your feelings, they are just trying to help you. 

If you ever have any questions on what to do to get top dollar, please don’t hesitate to reach out, our brokers are always happy to answer questions and offer advice. 

Rob Swan

Swan Realty

575-613-4243

info@swanrealtyinc.com

Related Articles:

Home Inspections, What You Need To Know

Title Insurance, What Is It and Do I Need It?

Buying a vacation home is exciting, but it's important to make sure you're making a sound investment. One way to do that is by getting a home inspection. In this article, we'll go over why home inspections are important, who can perform them, what to expect during an inspection, and what to do if issues are uncovered.

Why Are Home Inspections Important?

A home inspection is a thorough evaluation of a property's condition. It can uncover hidden issues that could cost you a lot of money in repairs down the road. By identifying problems before you buy a home, you can make informed decisions about the purchase and potentially negotiate repairs or a lower purchase price.

Who Can Perform a Home Inspection?

A home inspection can be done by a variety of people. You can hire a professional home inspector, who is trained and certified to assess the condition of a property. You can also ask a contractor, a knowledgeable friend or family member, or even do it yourself if you have the necessary skills and tools.

It's important to note that if you're obtaining a mortgage, your lender may require a professional home inspection before they'll approve the loan. Even if a home inspection isn't required, it's still highly recommended.

What Happens During a Home Inspection?

During a home inspection, the inspector will typically examine the home's structural components, such as the foundation, roof, and walls, as well as its mechanical systems, such as the heating and cooling systems, plumbing, and electrical systems. They'll look for any signs of damage, wear and tear, or defects that could impact the home's safety, functionality, or value.

The inspector will provide you with a report detailing their findings, which may include recommendations for repairs or further evaluation by a specialist. It's important to review the report carefully and ask any questions you may have.

What if Issues Are Uncovered During the Inspection?

If the inspection uncovers any issues that you feel are significant, you can request that the seller address them before closing. Depending on the terms of your purchase agreement, the seller may be willing to make repairs or compensate you for the cost of repairs. Keep in mind that this can become a negotiation point between you and the seller. Hopefully, you'll be able to come to a mutually agreeable solution so that you can move forward with the purchase.

Conclusion

In summary, home inspections are an important step in the homebuying process. They can help you identify potential issues with a property and make informed decisions about the purchase. Whether you choose to hire a professional inspector or perform the inspection yourself, it's important to be thorough and take the findings seriously. If you have any questions about home inspections, don't hesitate to reach out.

-Rob Swan, Swan Realty, 575-613-4243, Rob@SwanRealtyinc.com

In 2016, the Red River city council adopted the Tourist Overlay Zone ordinance with the aim of preserving the unique character of Main Street. The ordinance requires that any new buildings or businesses built within the zone's boundaries must cater to tourist-oriented purposes. In this article, we will explore the implications of this ordinance for the Red River community and what it means for those planning on buying or building within the designated area.

The Tourist Overlay Zone stretches from Caribel St. on the west side of town to Jayhawk St. on the east side. This area is considered to be the heart of Main Street and is where most of the tourist-oriented businesses are currently located. These businesses, such as hotels, restaurants, and souvenir shops, contribute significantly to the local economy and help to create a vibrant and unique downtown experience for visitors.

However, as with many popular tourist destinations, there is always a risk of losing the charm and character that makes the area special. This is where the Tourist Overlay Zone comes in. By requiring that any new businesses or buildings within the zone cater to tourists, the city hopes to maintain the unique character of Main Street and preserve it for future generations.

It's important to note that the ordinance only applies to the first 50 feet back from Main St. and only on the first floor. If you plan on building beyond this area, the Tourist Overlay Zone does not apply. However, if you do plan on building or setting up shop within the designated zone, you must comply with the requirements of the ordinance.

The full text of the ordinance is available here, and anyone with questions about zoning in Red River is encouraged to contact our office or the city for more information. The city is committed to working with residents and business owners to ensure that the Tourist Overlay Zone serves its intended purpose while also promoting economic growth and development in the community.

In conclusion, the Tourist Overlay Zone ordinance is an important tool for preserving the unique character of Main Street and promoting economic growth in the Red River community. With the requirement that this designated zone caters to tourists, the city hopes to maintain the charm and vibrancy of downtown Red River for generations to come. If you plan on buying or building within the zone, be sure to familiarize yourself with the requirements of the ordinance to ensure compliance and help preserve the character of this special community.

Related Video

- Rob Swan

Swan Realty

If you are planning on doing projects to your Red River home this summer, I suggest you start making plans now, here's why. VIDEO

https://youtu.be/AG6zSNB3PIU

If you are buying, selling, or giving away your property, there is no requirement to use a title company. In the previous article, I detailed the many benefits of title insurance; however, you are by no means required to use a title co. or obtain title insurance in New Mexico.

Over the years property has historically been transferred simply by exchanging deeds. If one party wishes to transfer their rights to another, they can simply give a deed for the property to anyone they would like with or without monetary compensation. Monetary compensation is not a requirement as I have seen many deeds state “for love and affection” as compensation. 

One thing you cannot do is exchange real estate on solely a handshake or verbal agreement, there is something referred as “The Statute Of Frauds” that prevents this. The Statute Of Frauds states that real estate transactions must be documented in writing and contain the identity of the property, the terms on which the property was transferred, and that a contract actually exists. 

So as you can see, it is not really complicated, however, with that said, all transactions and agreements are unique, so if you do not wish to use a title company for your transaction, then by all means, you should at least hire an attorney to prepare the agreement and the deed. Keep in mind that there are different types of deeds depending on whether or not you are warranting the property free of encumbrances or transferring the property as is without warranty. Attorneys are very versed at real estate document preparation and deed types and will include language that you may not have even thought about, but will keep you out of trouble later on if an issue were to arise. 

Also, once the documents have been signed, they should be recorded at the county courthouse. Recording gives public notice that a transaction has taken place and proves the existence of the new ownership. There is no statute that requires the deed to be recorded in order for it to be valid, however, by not recording you take the risk of someone questioning your ownership in the future, you also risk the chance of the deed being misplaced which would create further complications and questioning in regard to your ownership. 

If you have any additional questions in regard to transferring your property, please feel free to contact me at any time. 

Rob Swan

Qualifying Broker

Swan Realty

575-613-4243

rob@swanrealtyinc.com

Related Articles:

Title Insurance, What Is It And Do I need It?

Home Buyers, Understanding Home Inspections.

Title insurance, simply put, insures the title to your property. New Mexico is one of those states that commonly uses title insurance in real estate transactions so it is good to know what it is and how it works. 

To start with, there is no statutory requirement to purchase title insurance when conducting a real estate transaction. However, if you are buying property with a loan, almost certainly the lender will require it in order to protect their security. 

The process is relatively simple, once the parties go “under contract”, the broker usually orders the title commitment from the title company which begins the examination process of the real estate and its title. The title examiner searches all public records for liens, encumbrances, easements, and encroachments that may affect the title and its ability to be transferred and insured. The point of all this is to ensure that you as a buyer are provided a clean title at closing, free from any issues. 

Once the title commitment is issued by the examiner, the two most important areas to look at are the “Requirements” and “Exceptions” sections. These two sections spell out what the title company “requirements” are, deeds, survey, etc. and what the title company will not insure, "exceptions”. All the requirements must be met and as many of the exceptions need to be rectified or removed as is acceptable to the buyer. Some exceptions cannot be removed such as utility easements, deed restrictions etc.. 

If you as the buyer object to an exception, it is the sellers responsibility to rectify.  If the seller is unwilling or unable, then the buyer can either proceed with the sale as is, renegotiate, or simply walk away.

So what if there is what you consider to be a minor exception. Let’s say for example, your neighbor is cutting across a corner of the land to access his property even though he has plenty of room on his own side, the title company may still issue you a policy however, they would exempt the minor encroachment that your neighbor caused. What that means is that if your neighbor ever laid claim to that encroachment at any time in the future, the title policy would not cover it and you would be on your own to fight that battle. 

Title insurance rates in New Mexico are state mandated so regardless of the title co, the cost for the policy is the same. What will vary is the title company fees, legal document preparation, etc. along with the level of service you will receive, so ask your broker for suggestions and definitely check around. 

Title insurance is a one time purchase and will last as long as you own the property, so once it is purchased your property's title is insured for the entire term of your ownership.

Also, you do not have to purchase title insurance at the time of sale, title insurance can be purchased at any time throughout your ownership. 

If you have any questions about title insurance or real estate transactions, please feel free to contact me at any time. 

Rob Swan

Qualifying Broker

Swan Realty

575-613-4243

We are always producing articles and videos in order to get you all the information you may need to buy a home in Red River, NM,  but now we would like to ask if there is something in particular we can answer for you. 

https://youtube.com/shorts/Pheku-10dh0