The National Taxpayers Union has estimated that as many as 60% of house values were assessed too high, thus giving homeowners an inflated property tax bill.

The great news is that you can appeal your tax bill with your local County Assessor’s office to get that tax bill lowered!!! Take the following steps to get that done:

1. Contact Bonnie-jo Barnaby via www.AlbuquerqueNMProperties.com and request a Comparative Market Analysis selecting the purpose for the CMA as Tax Appeal so that she is able to run an accurate analysis.

2. Contact your local tax assessor’s office and ask to speak with someone in the reassessment area. Find out when appeals are heard and how the process for submitting a property tax appeal works.

3. Ask for a copy of your property card - review it and make certain that the basic information regarding your property is correct - i.e. - square footage, # of bedrooms, etc. If there is incorrect information then the county may change the assessment without a formal appeal. If the information IS correct but assessed value still seems too high, your next step is to gather the documentation necessary to support your appeal. Don’t be surprised if the assessed value is lower than what you think the market value for your home is - many counties use a formula which uses a percentage of market value to determine the assessed value. Ask them what the formula is because an assessment that is less than market value still might be too high.

4. Follow the county’s instructions for the appeal. They may require a current appraisal - attempt to use the CMA you received from Bonnie-jo Barnaby first, but if they do not accept that, Contact Bonnie-jo Barnaby @ BBarnaby@AlbuquerqueNMProperties.com or via cell phone at: 505-363-7602 and she can refer you to a great appraiser.

Submitting an appeal is a fairly simple process in general but make sure you complete all forms in advance and be prepared with your documentation if there is an in-person hearing.

33% of the property tax appeals succeed, according to the National Taxpayers Union. Taking the time to review the accuracy of a tax bill could easily save you hundreds of dollars per year, adding up to thousands of dollars during the time you own your home!

Please feel free to contact me for more information on this money-saving tip!

Smiles - Bonnie-jo Barnaby

Address: 532 Eastlake Dr. SE
City: Rio Rancho, NM 87124, New Mexico
Bedrooms: 2-3
Bathrooms: 2
Garage: 2 Car
Approx. Home Age: 1988

Description: Come enjoy your new home at The Islands, a delightful adult (55 yrs +) community. This fantastic home boasts amazing views of the mountains & soothing views of wildlife supported by the lake surrounding the community. New in this home paint, carpet, water heater, roof, microwave and refrigerated air! There are ceiling fans, grab bars, instant hot water in kitchen, built in bookcases & plant ledges galore! Let the fireplace warm your heart while you bask in the views from your new living room.

View the Virtual Tour!: Click Here

Albuquerque is a bright spot in the country’s real estate picture. We haven’t gone from boom to bust like other areas but have gently slowed from our peak. Albuquerque was Housing Predictor’s (www.housingpredictor.com) top rated market for appreciation in 2007 estimated at 9.1%. They’re predicting a positive yet modest 3.5% appreciation in 2008.
New Mexico has actually had fewer foreclosures than in previous years and foreclosure rates are well below the national average. RealtyTrac (www.realtytrac.com) issued it’s report for 2007 showing froeclosure filings for 1.033% of households nationwide. Only 0.357% of New Mexico households had foreclosure filings, ranking us 32nd in foreclosures.
One reason we’ve avoided problems is our steady job growth, which is key to a strong housing market and avoiding foreclosures. Unlike those areas of the country that experienced dramatically high rates of appreciation and subsequent decline, our market has been a steady but moderate climber without dramatic increases or decreases.
Now is the optimum time to buy!
*The current large inventory gives buyers many homes
to choose from.
*Sellers are willing to negotiate on price or give buyers
incentives to help pay costs.
*Interest rates are the lowest they’ve been in 2 years
with 30 year fixed rates hovering around 6% so you
can buy more for less.

Location Characteristics: Jobs and Albuquerque go together, according to Forbes magazine. For the first time, metro Albuquerque has made the top ten in Forbes’ “Best Cities for Jobs”.
Albuquerque was tenth in income growth, the first the metro has hit the top ten in that category.
Forbes said, “Albuquerque is a center for high-tech companies and government projects that have fueled its growth.”
Albuquerque places third on Forbes list of pet friendly cities. There are “over 33,000 acres of public parks, or about a quarter acre for every dog, cat and pet bird in the city,” Forbes said.

• The value of your home is relative to the local market value - the same home located in another area will most likely have an entirely different value.
• As with any item, the sale price of your home is affected by supply and demand. If you live in an area with explosive job growth, a rapidly increasing population and/or limited availability of housing, then it’s much more likely that you will get a premium price for your home. On the other hand, if the community is losing jobs or people a leaving in droves, then you’ll be dealing with a buyer’s market and most likely will not get top dollar for your home.
• Your requirements in regards to a timeline will impact the price of your home. If you need to sell quickly, then chances are you’ll have less leverage and accept a lower selling price. However, if there is no incentive for you to sell quickly, then chances are you’ll hold out for the best possible price.
• The price of your home cannot be based solely on what, you as the seller, want. Just because you want $250,000 so that you’ll have $100,000 in cash for a down payment on your next home doesn’t mean you’ll get it. If there are similar properties in your area that are selling for $200,000, then chances are you will not get the sale of your home at $300,000.
• The price that you sell your home at does not necessarily determine how much money you walk away from the deal with. Consider two scenarios: first a selling price of $200,000 total; second a selling price of $210,000 but with concessions of $5,000 in closing costs, $4,000 allowance for roofing repairs, $2,000 for repainting the exterior, and leaving the washer, dryer and refrigerator ($3,000 value). In the second scenario, the final adjusted price is $196,000.

So it’s obvious that home pricing and selling is part science, part marketing, part negotiation and part art. Unlike math where 1 + 1 always equals 2, in real estate there is no single concrete calculation or formula. Each sale is different, and for this reason you should do as much as possible research and preparation of your home for sale. And most importantly, contact a Realtor to help you get through the process as effortlessly as possible and with the maximum possible return on your investment.

So, what is a reasonable offer?

Obviously, your goal is to have an abundance of interested buyers offering higher and higher prices for your home. While this has been known to happen in some real estate markets, generally there is a balance between the number of buyers and the number of home sellers. There are a number of factors to consider when determining whether an offer is reasonable and acceptable. Some of the principle factors are:

• Does the offer meet your expectation for a selling price?
• If the offer is close to your asking price, has the buyer made any conditions on the sale such as discounts and seller costs or small clauses and contract additions?
• Are there any alternatives to a specific buyer’s offer? If your home has not attracted any other offers, then you must consider the options understanding that every month you occupy the home costs are being incurred for mortgage payments, taxes and insurance.
• Are you in a hurry to sell or have an obligation to relocate by a certain date?
• What will you do if you don’t get any other offers?
• What if you get several offers? How do you decide which one is the “best” offer? Do you choose the highest offer even though the buyer hasn’t been pre-approved for the price, or do you choose the lower offer from the pre-approved buyer?

What is a counter-offer?

An offer made in response to a seller’s stated expectation. Generally a counter-offer includes concessions along with an agreement to sell the property to the potential buyer on terms differing from the original offer. Offers and counter-offers reflect the process of negotiation, the back-and-forth activity until an acceptable term is realized. It is an effective and practical process for obtaining the highest price the market will bear for your home.

Should you accept the highest offer?

Not necessarily. Perhaps the buyer with a slightly lower offer has already been pre-approved for the amount of the offer, and the higher offer has yet to be qualified at all. What happens if the buyer with the higher offer doesn’t qualify in the end? Also, you need to consider the terms of the purchase. Does the buyer with the higher offer have more expectations for you, the seller, to perform certain upgrades before the sale? Be cautious though, being “greedy” can backfire on you. Determine what price you expect and what concessions you’re willing to make before you actually put your house on the market; however, be willing to adjust your expectations based on what the buyers are willing to spend.

What happens at closing?

Closing, “settlement”, or “escrow” is basically a meeting that takes place in the office of the attorney representing the financial institution providing the buyers mortgage loan, or the buyer’s attorney in the case of a cash-based transaction. However, the closing can also take place in the office of a broker, a title insurance company, or an escrow agent. At closing, the closing agent receives payments from the buyer, and coordinates payment to the owner and ensures that the home buyer’s title is properly filed in local records along with any mortgage liens.

Adjustments may also be made at closing. Any pre-paid taxes that weren’t required will be reimbursed to you at closing. Alternatively, any costs that you haven’t adequately covered will be required at settlement. If all parties involved agree to the terms established in the sales agreement, and that the documentation is in order, then you and the seller will submit a certified check or cashier’s check to cover the closing costs and the balance of funds due. The check from the lender covering the mortgage amount will then be submitted to the closing agent. If the lender will be paying your property taxes and homeowner’s insurance for you, a new escrow account will be established at this point.

On closing day, it’s important you remember to bring your driver’s license or other proof of identity, as well as the real estate deed that will be transferred to the buyer.

Appraisal Reinspection: $50
If it is found that the home needs repairs, the lender will reinspect after the repairs are completed.

Buydown Points: Vary
One point equals 1% of the loan amount. If the buyer wants a lower interest rate, he or she may ask you to pay the points involved.

Document Preparation Fee: $150
The attorney’s fee for drawing up the deed.

Seller Recording: $15
The fee required for the courthouse to record documents.

Owner’s Title Insurance: Vary
The title company will issue title insurance calculated based on the sale price of the home. This insures the new owner against any liens and the title is clear. Title companies will not close without this insurance.

Title Company Closing Fee: Vary
The title company’s processing fee - calculated based on the sale price of the home.

Special ASsessment: $40
The title company’s fee for lien/assessment search.

Loan Document Preparation: $150
The mortgage company’s fee for preparing the loan documents.

Amortization Schedule: $25 (optional)
If requested, the title company will charge a fee. The Realtor will usually provide on for free.

Tax Service Fee: $65
The fee assessed for IRS documentation and filing.

Loan Transfer: Vary
Only assessed when/if the seller requests the loan be transfered to another lender.

Marketing Fee: Vary
This is the Realtor fee for selling the property - calculated based on the sale price of the home and marketing outlets utilized.

Inspections

Flood Certification: $30
If necessary, a review to ensure the home is not located in a flood zone.

Termite Inspection: $60
Always required when buying a home.

Roof Inspection: $75
The lender may require inspection of the roof.

Structural Inspection: $200
The fee for inspecting the structural integrity of the home. Fee varies depending on the size/type of home.

Home Warranty Inspection Only: $95
The buyer may request an independent inspection of the home to identify necessary repairs. The seller is usually required to repair the items noted by the inspector.

Home Warranty: $200
If the buyer requests, a one year warranty on the home for all working appliances and plumbing is offered at this price approximately.

Septic Inspection/Certification: $75
The mortgage company will usually require this inspection.

The process of selling your home generally begins with determining an asking price. A Realtor knows the current market trends, the asking prices of other homes for sale in your area, the actual price received on sold properties, and the asking prices of homes that did not sell. Furthermore, a Realtor has knowledge of the financing and sales terms/conditions of competing properties.

Marketing and Advertising Your Home

A Realtor can provide a marketing plan and recommend repairs or cosmetic work that will significantly improve the salability of your home. Marketing enhances the exposure of your home to potential buyers and other Realtors that may have a buyer that has criteria matching your property. In many cases real estate transactions are cooperative (i.e. a Realtor other than yours brings a buyer to the table). Utilizing various tools and resources, such as magazines, television shows, Internet Web sites, and the Multiple Listing Service (MLS), your Realtor will disseminate information about your home to prospective buyers and other real estate agents.

Security

With a Realtor, you can be sure that the people entering your property are not simply strangers, but rather pre-screened and qualified prospects.

Negotiating the Sale

For both buyers and sellers, the negotiation process is relatively the same. A Realtor can effectively evaluate an offer without jeopardizing your home’s marketing position. When an offer is made, the complex steps begin: appraisals, inspections, and financing - each a potential deal-breaker. A Realtor can help you avoid pitfalls and make any agreements mutually satisfactory and legally binding, which helps ensure the agreement makes it through the entire process effortlessly.

Issue Resolution

Even after the sales agreement is signed, unexpected issues may arise, such as repairs required by the findings of an inspector or a problem is found with the title. Completing the required documentation for these issues can be quite a daunting task for any seller, but a Realtor can assist you in resolving these types of problems and get the transaction back on track and into closing.

Why use a Realtor?

For most people, a real estate transaction is the single largest financial undertaking they’ll experience in their lifetime. It makes sense to secure the expertise of a Realtor to ensure all parties involved in the transaction are represented honestly. Realtors subscribe to, and take seriously, a code of ethics and maintain a higher level of knowledge regarding the process of buying and selling property. Today, most real estate transactions involve dollar amounts exceeding $100,000. There are business dealings (i.e. tax issues and legal questions) that revolve around smaller sums of money that you’d seek out the expertise of a professional - so, don’t you think the small cost of a real estate professional is well worth the investment?

Address Labels: Order preprinted address labels with your new address it makes the change-of-address process easier.

Manage Appointments: Keep track of service-transfer dates and service installation dates and shut-off dates for phone, power, cable, Internet.

Create a System: Come up with a simple record keeping system for marking boxes and noting where they should be placed at the destination.

Get Plenty of Packing Supplies: Make sure you have extra cartons, packing paper, bubble-wrap, tissue, foam peanuts, tape, markers and scissors.

Pack Ahead: Choose a “packing room” ahead of time and pack anything possible that will save you time on moving day.

Reduce Pet Stress: Pets tend to get confused and frightened during moving day. Try to find peaceful accommodations at a friend’s home or kennel.

Safeguard Valuables: If you’re using a moving company, try to keep all valuable documents and collectibles with you during the move.

Moving Day: If possible, move on a weekday when utility companies, banks and government offices are open.

Driving: Remember that moving trucks are not the same as passenger cars - allow extra braking room and be cautious of overhead clearance.

Exterior Clean-Up:
Curb appeal is the first impression of the property. Keep the yard clean - mow the lawn, prune trees and shrubs and remove all weeds. Paint and caulk, or spray wash if painting isn’t necessary, the exterior of the house including all windows, gutters, doors and vents. Make sure the lock on the front door works easily and the key fits properly. Clean the interior and exterior of all windows. Ensure the gutters and chimney are free of any debris. Patch cracks and remove any oil or engine fluid stains in the driveway. Do the same clean up in the backyard. If you have pets, make sure any waste is cleaned up and disposed of. If possible, remove anything that makes the yard appear smaller such as swing sets or sprawling play structures.

Interior Clean-Up:
Paint the interior walls or wash the walls where paint is not appropriate (i.e. tile, wallpaper or paneling). Clean and if appropriate wax all tile/hardwoord flooring and shampoo dirty carpets. Clean all window treatments. Do away with as much clutter as possible including clutter in closets, garage, attic and basement. Make sure that the plumbing works at all sinks, toilets, showers and tubs - cionsider replacing any fixtures that are worn, drip or have calcium/hard-water deposits. Ensure that all electrical outlets work and that all lighting fixtures have working bulbs. Eliminate any unpleasing odors in the house including pet and cigarette odors - ozone sprays help remove odors without creating a masking odor of its own. Avoid plug-in scented air fresheners but place natural potpourri throughout the house. If potential buyers are coming by, make sure all of the interior and exterior lights are on - at night it gives a “homey” glow and during the day reduces shadows cast by sunlight.

Many of these tasks can be performed by professional services and the costs are negligible when related to the financial gain they’ll provide. For example: