Q: I'm a first time buyer and I dont know where to start. What do I do first?

A: Real estate is all about relationships. You want to pick the right realtor for you. The best way to do that is to interview some realtors and pick the one you have confidence in.

Q: My realtor wants me to go see a mortgage person to get "qualified". Why?

A: The reality is that there are hundreds of homes and even more land listings for sale at any one time in the Taos MLS (multiple listing service). The Taos market is active and things can change quickly. If your realtor knows what you are qualified for (financially) then he/she will be more effective showing you property.

Q: I want to buy some property. Won't I be better off dealing with listing agents directly?

A: This is a yes and no question. If you are an experienced buyer and know exactly what you want and how to get it, then the answer might be yes. For ecerybody else the answer is probably no. Even people who buy and sell real estate frequently usually work with realtors and there is a reason for that.

Q: I want to sell my property and I want to get the highest price the property will bring. How do I do that?

A: When you are interviewing realtors who are interested in listing your property they should provide you with a CMA for your property as part of their listing presentation. A well done "comparative market analysis" provides a seller with valuable information regarding potential selling price, but it is only part of the answer.

Q: I am interseted in selling part of my land. What are my options?

A: The basic rule is that as a New Mexico land owner you are entitled to sell one piece of an area of land that you own. The remainder piece must be held for five years. Any other option would involve creating a subdivision or utilizing a "claim of exemption" from the New Mexico Subdivision Act. The Taos County Planning office as well as the Town of Taos Planning office are very diligent in examining land splits of any kind. I would reccomend talking to an experienced realtor as a first step before talking to the planning office of either jurisdiction.

Q: What kind of down payment do I have to have to purchase a house or a tract of land?

A: The general rule is that the stronger your down payment is, the better deal you can cut with the bank or mortgage broker. 20% used to be the figure lenders wanted to see, but with increased competition and more programs available it is now possible to move into a house with 0 down. Not everybody can qualify for 0 down but there are targeted programs out there, for example, teachers as first time buyers are eligible for special mortgage considerations. When buying a piece of land it is often possible to have the seller finance part of the purchase price. This avoids expenses that a mortgage broker or bank will charge you to make a loan. These fees include appraisals and origination fees.

Q: Why should I hire Ted Terry as my agent?

A: My experience over twenty years in this business is an asset for you. What a person needs from a real esate professional is integrity and the willingness to work hard on your behalf. That's the only way I work. Before I entered the real estate profession as a broker I spent several years as a real estate investor. I learned from the point of view of a buyer client and i've never forgotten those lessons. I continue to acquire and develop property here in beautiful northern New Mexico, so if you are looking at the development process I can help you there also. Last but certainly not least, what I really enjoy about this business is the opportunity to help ans serve people. Buying and selling real estate can be extremely stressful, after all, what other buying/selling decision combines so much emotion with so much money. My goal is for you, as the client, to go through the process without getting stressed out.