Sunwest Escrow, INC.

Whether you are considering a real estate purchase agreement as an offer, or are drafting one to purchase property, there are several terms you should know. The real estate professionals at Sunwest Escrow are here to serve as a trusted resource for those who may be new to the process of buying or selling a home. We have developed a list of elements that will likely be included in a real estate purchase agreement.   We believe that all parties should be familiar with these basic terms prior to engaging in negotiations. Important Terminology ●         Appraisal: The estimated value of the property determined by a professional appraiser. This value may be different than the perceived value or asking price. ●         Contingency: The conditions agreed upon by the seller and buyer which must be met in order for a sale to be finalized. ●         Escrow: This third-party service holds the earnest money deposit and the title of the property until all conditions of the contract are

If you have discovered that the home of your dreams is listed as a For Sale By Owner Albuquerque property, you will need to understand how this real estate transaction is different from a home sale aided by a real estate agent or brokerage firm. The team at Sunwest Escrow has been helping For Sale By Owner sellers and buyers navigate their way around this process for years. We have created a helpful set of guidelines that will aid you as you buy a home that is listed as For Sale By Owner. Step #1: Decide if you need to hire a real estate agent. Just as the owner can sell their house without a real estate agent or brokerage firm, the prospective buyer can also enter into this process without representation from a real estate firm. Step #2: Determine if you need legal representation. Depending on the state, laws may require the seller or buyer to have legal representation during a For Sale By Owner transaction. Step #3: See if you can get pre-approval for your mortgage.

Sunwest Escrow, the real estate contract Albuquerque resource, has identified five facts that we believe all potential home buyers and home sellers should know before entering into a real estate transaction. Fact #1: All contracts are negotiable by the buyer and seller. Although a real estate contract is drawn up, that does not mean it cannot be modified. The buyer and the seller have the right to request changes to these documents as they move forward with the real estate transaction. Fact #2: The buyer can ask for a home sale contingency to be added to the contract. A home sale contingency clause is a modification to a contract that states that the finalization of the contract is contingent upon the sale of the buyer’s initial home. This protects buyers who were planning to use their home’s sale to finance their next home purchase. Fact #3: The buyer can also ask for a right of first refusal clause to be added to the contract. Drawn up before the house is put on