We’ve provided this, more or less, typical time frame to assist in your understanding of the timeline you can expect with your property purchasing transaction. In general, from the time a home is selected to closing, you can anticipate a 30 to 60 day timeframe.

Task: Mortgage pre-approval
Timeframe:  1 or 2 days
It is very helpful and saves a lot of time if you know how much you can afford prior to searching for your Ruidoso Area property. Typical down payments are 10% to 20% of purchase price but vary depending on credit rating and market conditions. We’re happy to furnish you a wide range of lenders from which to choose and encourage you to explore multiple options. There exists a variety of mortgage structures and rates available. Many sellers look more favorably on pre-approved buyers.

Task: Learning about the Ruidoso New Mexico area
Timeframe: 1 to 2 weeks
BuyRuidoso.com LLC is happy to assist you with gathering local information. Receiving information on the public and private schools, churches, recreational activities, shopping, taxes or other information is easy for us to compile and provide as most we know by heart. Much of the information you may require is located on or accessible from this web site. Do your research and this will ensure you will be more than satisfied with your selected destination.

Task: Selecting a Real Estate Broker to assist with your property search
Timeframe: 1 to 3 days
We’ll conduct a brief interview with you to assist you in selecting the best BuyRuidoso.com LLC Associate Broker to assist you. A broker will be chosen based upon your requests and best suited for your needs and we’ll follow up to assure that a good match is made.

Task: Search for your home
Timeframe: 3 days to 3 weeks
Depending on your availability, what type of property you are seeking and current market conditions the length of time of your search will vary. Using the internet and this site in particular will save you time. Viewing Ruidoso area properties on the web will help you decide more quickly what it is you are looking for and assist your Broker in locating the right property for you. The number of properties you may choose to view will vary with the number of properties available at any time in our market and your own particular needs.

Task: Negotiate the purchase agreement and sign contract
Timeframe: 1day to 2 weeks
Once your target property is selected is located, we’ll advise you on the best way to approach an offer to accomplish your purchase goals. As expected, offers which are nearer the seller’s listing price generally will take less time to negotiate than when the offer and listing price are further apart. Securing a pre-approval letter from a lender will make your purchase offer more attractive to prospective sellers. After a final offer is accepted, buyers and sellers will execute a purchase agreement.

Task: Apply for and secure your mortgage
Timeframe: 1 to 3 weeks
After the purchase agreement has been executed by both the buyer and the seller, it is time to promptly apply for a mortgage. Having your pre-approval letter from a chosen lender will usually shorten the application and approval time frame. Your lender will go through several steps in approving your mortgage, including ordering your credit report and securing an appraisal for the subject property.

Task: Schedule a closing
Timeframe: 30 to 60 days
From the time a purchase agreement is signed most closings are scheduled 30 to 60 days out.
Many factors can effect how soon or long after signing of the purchase agreement the parties may close. These include the availability of funds (approval of your financing) to complete the transaction, inspection of the property and any deficiencies which buyer and seller agree must be corrected prior to closing and the seller’s time frame in vacating the property.

Task: Taking Possession and Making the Move
Timeframe: Buyer’s option
Keys will typically change hands from the seller to the buyer at the time the closing is funded. This may be the same day as close or on the next business day. This may be affected by your lender’s funds not being immediately available to the seller or you may agree to an arrangement allowing the seller to remain on the property for a period of time after closing.