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Learn the Language of Rocky Mountain Real Estate

CMA (Competitive Market Analysis) – A report showing prices of comparable properties in Northern New Mexico and Southern Colorado that recently sold, are on the market, or previously on the market but not sold within the listing period.  Your United Country Northern New Mexico agent will prepare your CMA.

Confidential Leads – A proprietary list of buyers who have contacted United Country Northern New Mexico Real Estate to inquire about your property or one like yours. They are contacted by your United Country agent, and agents across the country, to determine interest in your listing.  Our national database includes more than 250,000 potential buyers.

Special Confidential Leads – A proprietary target group of buyers who have contacted United Country or Northern New Mexico Real Estate to inquire about Chama River Valley or Southern Colorado properties, or a property type (e.g. Cabin, Ranch, Horse Farm, Trout Fishing, Elk Hunting, Riverfront, Mountain Retreat).  They are contacted about your property by dedicated email, website features and direct phone calls..

Listing Agreement – A written contract that gives United Country Northern New Mexico Real Estate the exclusive right to sell your property for a specified time.

Closing Costs – The miscellaneous expenses paid by the buyer and seller when your real estate sale closes, including brokerage commission, mortgage-related fees, escrow or attorney’s charges, recording fees and title insurance. Closing costs are generally paid through escrow.  Your United Country Northern New Mexico Real Estate agent will provide a summary prior to closing.

Contingency – A provision that prevents an agreement from becoming fully legally binding until a certain condition is met.  One common example in the Chama River Valley is a buyer’s contractual right to obtain a professional inspection before purchasing a property.

Title Insurance – A policy that protects a lender’s or owner’s interest in real estate from assorted types of unexpected or fraudulent claims of ownership.  It is customary for the buyer to pay for the lender’s title insurance policy.

Home Warranty – A policy typically selected by the seller that protects a buyer from unexpected breakages or failures of covered appliances and equipment.  Typically paid for by the buyer at closing, these warranties make buyers feel more comfortable in their buying decision.  The United Country Home Warranty Protection Plan, provided through your Northern New Mexico Real Estate listing protects the seller while the house is listed.

MLS (multiple Listing Service) – An organization that collects, compiles and distributes information about properties listed for sale by its members.  United Country Northern New Mexico Real Estate is a member of the MLS that serves northern New Mexico from Santa Fe to Abiquiu to Tierra Amarilla and Chama as well as the southern Colorado MLS serving Pagosa Springs and the Conejos River Valley. 

PITI (Principal, Interest, Taxes and Insurance) – The four components of a monthly mortgage payment.  Principal reduces the remaining balance.  Interest is the fee charged for borrowing money.  Taxes and Insurance are paid to an escrow account to cover property taxes, mortgage and hazard insurance.  There are excellent mortgage brokers throughout northern New Mexico and southern Colorado who can help establish your mortgage for a new real estate purchase or a refinance.

Escrow – Money deposited with a third party to be delivered upon fulfillment of a condition.  Earnest money is put into escrow until delivered to the seller when the transaction is closed, and some mortgage agreements require funds to be held in escrow for property tax payments.

PMI – Mortgage insurance provided by a private company to protect lenders against loss if a borrower defaults.  Most lenders in the Chama River Valley, Pagosa and surrounding areas of Northern New Mexico and Southern Colorado require PMI for a mortgage with a loan-to-value (LTV) percentage of over 80 percent.

Good Faith Estimate – An estimate of fees due at closing which must be provided by the lender to the borrower within three business days of a loan application.  These mortgage (or settlement) fees cover inspections, title insurance, taxes and other charges.

Preparing Your Property to Sell

Whether they are looking for a Rocky Mountain cabin, a fishing or hunting lodge or a family home, for most buyers, nothing is more important than first impressions.  To achieve the best sales price possible within the least amount of time use these tips to prepare your property for sale…(details) [PDF]

Show your property at its best

Pride of ownership shows- and sells your Rocky Mountain home.  When you’ve given proper attention to detail, potential owners will notice.  Your home will show better and sell sooner…(details) [PDF]

Be prepared for closing day

While certain items are helpful for an agent to have when putting your property up for sale, closing is a separate event that may require additional preparation.  Click here to see examples of what you may need to supply when the day comes to close on your Rocky Mountain property…(details) [PDF]

Get ready for moving day

Even if your move is a short one, within the Chama River Valley or Southern Colorado, there are several things you can do in advance to facilitate the process.  Here are some suggestions…(details) [PDF]