Purchasing my first property

[Chandler Buckner]

Hi BP!! Hope everyone is well, and gearing up for a great Thanksgiving. I just made my first offer on my first property yesterday. It’s a single family home in Albuquerque, NM. My question is, does it matter when I submit my repairs/contingencies list? Does that need to be available with my initial offer? I believe my realtor wanted to do it after we get the home under contract. I talked to my dad this morning and he was saying I should’ve had the list submitted with the initial offer. What is best practice?

[Ben Curry]

Hi Chandler - welcome to Albuquerque. Congrats on getting under contract to buy a house here in the Duke City!

Your realtor is correct in handling repairs to the home. The process in NM goes like this: 1. Get accepted offer for price and terms on the property.
2. Get inspections done (I always suggest general home, termite/dry rot, and sewer scope at a minimum).
3. Submit ORW to the seller. The ORW is Objections, Resolutions, and Waivers document. This document is the one that allows you to negotiate the repairs for the property.
4. Have sellers complete agreed upon repairs.
5. Reinspect property after repairs are complete. This should be done at least 2 days prior to closing so that if any issues come up, you can get them resolved before closing.
6. Go to closing at title company. Keys will be given after funding has taken place (not always on the day of closing, sometimes the next day) and title docs have been recorded with the county.

If you have any questions, please feel free to reach out to me. I’m a licensed realtor and investor here in NM and I’d be happy to help out.

- Ben