BROKERS DISCLOSURE & INFORMATION TO BUYERS & SELLERS
28 January 2005, 10:25pm
www.FosseenRealty.com
Office: 505-434-3033, Fax; 505-682-1233, Home: 505 682-2258
Tom Fosseen, Broker, Realtor, MLS, Equal Housing Opportunity
136 Hiway 82 East, Alamogordo NM 88310
Send mail to: PO Box 0614, High Rolls NM 88325-0614
28 JANUARY 2005, 10:25 PM: BROKERS DISCLOSURE TO BUYERS AND SELLERS
It is the policy of Tom Fosseen, Broker to disclose all pertinent information regarding a property. It is the obligation of the Seller to disclose all pertinent information regarding a property to the Broker, to the Buyers and to all others that have a necessary interest in the property.
Failure to do so is an invitation to legal litigation by the Buyer or possibly the Seller, the results of which might be very unpleasant. There are a number of ways to mitigate the possibility of problems. The Seller needs to be willing to invest the money to give the disclosures necessary. Here are many but not all of the items that need to be addressed. Certain properties might need more than are listed here.
A detailed written disclosure statement listing and describing all of the defects the property has including items considered "deferred maintenance". The Realtors Association has a form for this. The Broker also has a similiar form.
The Seller needs to have an inspection by a licenced home inspector and the inspection may require further inspections by various trades.
A survey by a Licenced Land Surveyor is necessary. Evaluate the restrictions and codes that affect the property.
A "Historical Preservation Survey" may or may not need to be done and a "Licenced Archaelogical Inspector" should be consulted with by Buyer prior to offering property for sale.
A determination of flooding in the area can be had by visitiing the assessors office. If the property is in the City or in the "Extra Territorial Zone" (ETZ) a "Floor Elevation Certificate" is necessary to determine if if the floor is high enough to avoid flooding. This can affect the flood insurance cost and coverage. The City Engineer can supply this.
A search with the city "Code Enforcement Inspector" will reveal if the property is up to code. It is possible the property may need an environmental inspection. Hint: are there buried gas tanks on the property?
If the property is in the County the well or water system needs to be inspected as well as the septic system to be sure that all is properly working and that it is all legal. The well needs to be pumped and tested for quantity and quality. A copy of the well log should be obtained from the "State Engineers Office".
Verify if their is power, phone, cable and gas to the property.
The Seller can get much information which can be obtained by the Treasurer, Assesssors, Clerks, and County Firewise office. This should be done prior to having a title search.
The neighborhood needs to be evaluated for such problems as noise, and other conditions such as being in the landing pattern of the airport. Only by talking to the neighbors and the Brokers can you find these things out.
Having an appraisal is of absolute importants. It should be done as you are preparing the property for sale. It may have to be upgraded if too much time has passed. Both the Buyer and seller should have appraisal by two different appraisers for comparison.
Do not buy or sell a property without going thru the title company and obtaining a title search and obtaining title insurance. The title search needs to be evaluated by the appropriate professionals. The collection of a contract should go thru an "Escrow" for the protection of all concerned. Easements are of special concern.
If you are dealing thru a Realtor you should have them use the Realtors forms as they are especially designed for the protection of both the Buyer and Seller.
The property in question with all of the inspections and paper work should be evaluated by your legal and professional counsels prior to closing. The propoerty should be visited not any earlier than one hour prior to closing and if there is any problem, immediately report to the closing agent.
All of the above and maybe some others not mentioned here should be done prior to writing up a contract. There is a lot of "he says/she says", and hand me down information that may or may not be accurate.
Sellers are well advised to be "Pre Qualified for a Mortage" and have a "Mortgage Committment" with full knowledge of all costs to close etc prior to signing an offer to purchase. Buyers that do this are apt to get a lower price on a property as they are in a position to immediately close. this often has a positive effect on the seller.
Unless all appropriate investigations have been done prior to writing up the contract there is a good chance for conflicts.
Both the Buyer and the Seller need to do their research with the help of legal, financial, business, trade and govermental professionals in order to have a happy ending.
Signed______________________Date_____________Time__________
Signed______________________Date_____________Time__________
HIGH ROLLS NM 88325 OH WHAT A PLACE TO LIVE!
If for no other reason, the weather is absolutely the greatest.
Hardly a day goes by in winter but what you can get by with a sweater. At 7000' we probably get about 5 to 7 days of snow per winter. It melts fast as the ground never gets that cold. Anyone from Minnesota like me will appreciate the mild weather. Summers can get up to 100+ but it is only for a few hours and the nights are cool.
Alamogordo our closest town is only 13 minutes away and at 4315'. Plenty of shopping opportunities and lots of good restaurants.
High Rolls is only about 8 miles East of Alamogordo and the home of many retirees. But then, we have our own elementary school so you know we have the younger people also.
The views are just great. The air is so clean that you can see the San Andres mountains over 40 miles to the West. Many of us have a clear view of the White Sands and the majestic Sierra Blanca towering over 12,000 feet.
As you can tell, we are enthusiatic about the area. We have lived here for 19 years now and you couldn't drag us away.....The people are very friendly and if you happen to be retired, we have two great Older American Centers, a wonderfull library and many service clubs. Much to do but don't forget that clean air!
If you have any questions about the area, please email us at: fosseenrealty@yahoo.com and we will give you a personal answer.
Tom & Edel Fosseen, happy campers
Here is what we see about 359 days per year Yes, enjoy the sun shining thru the clean air! Yes, enjoy our super low humidity. Yes, enjoy our 25 inches of rain spaced out. Yes, enjoy a bugless ambiance, well almost bugless!! Winters days can be sweater days. Mountain playgrounds 15 minutes away. Free multi-million dollar view of the White Sands. Everything is great, great, great.
FosseenRealty@yahoo.com
WELCOME TO OTERO COUNTY
Welcome to Otero County We could spend this whole link bragging about the weather here in Otero. The weather is very even the year around and there are very few days where you need coats and usually sweaters will do it. There are at least 359 days of sunshine and when we get snow it doesn't stay more than a day or so.
People: They are great, remember this is a small town with many families and churches. That is a great combination. There are many retirees from the Air Force and Missle Range and of course immigrants from the cold states.
What to do: There are probably a hundred various service and special interest groups so you can find the cause you want to work on. For the retirees, we have a new senior center that caters to your every whim and the lunches are great! Our golf course South of town is a real pleaser.
Schools: Really great, up and coming and many of our students end up "up on the hill" which means they go to New Mexico State University-Alamogordo. Close by in Las Cruces is our four year university. We also have a number of private schools, some church sponsored.
Churches: Virtually every denomination is represented.
Shopping: Wal-mart, K-mart, Penny's, Bealls, plus dozens of stores offering just about everything. Our Old Town district has some unique offerings.
Financial: 5 or 6 banks, 4 or 5 savings & loan's, stock brokers, oodles of insurance companies.
Restauants: Hard to count there are so many, just going up is a new Applebee's.
Motels: Hampten Inn, Holiday Inn, Super 8, White Sands Inn, Best Western, plus another dozen.
Museums galore, mountains 15 minutes away, one hour to big town shopping in La Cruces. skiing, thirty minuets East.
Industry: Holloman Air Force Base. German Air Force, University of NM, Alamagordo branch, Forest Products sawmill, Ranching, Electric Motor Mfgr, misc mom & pop businesses.
How can you tell we are members of the Chamber of Commerce?
For more detailed information, email us and we will have the Chamber send you a packet outlining the many features of Otero County.
Hope to hear from you.
FosseenRealty@yahoo.com
ARE YOU INTERESTED IN COMMERCIAL PROPERTY OR A BUSINESS?
This is complicated. Some buyers will want to retire at an early age from their current endeavors and start a business. It is the American dream, almost a genetic mutation!
Well this is great but "WHOO" what do you know about the business you want to go into?
Do you know that the average life for a new business is about 3 years or less but if the business lasts for 5 years it has a good chance of lasting?....Ask any banker.
This writer learned this lesson back in the mid '60's. Location: Northern Minnesota where there are lots of lakes and resorts. The town in this story is about 50 miles or so from any other town that has at least minimum shopping. There was a first class hardware store that had all of the building materials necessary to take care of the resort owners needs. The buyers by and large were from the big cities Minneapolis or St Paul. They were in their late 40's to retirement age and wanted to realize their dreams of their own business. Some had gotten inheritance from their folks, others had saved a nest egg for the day they could start their own.
They would come up to this town and buy a resort and start fixing it up. The owner of the hardware store immediately gave them open account. This continued on for a time and the first time that they didn't pay on time the owner cut them off and made them pay cash.....You guessed it, they were broke! So the resort was put on the market in hopes someone else would come along and pick up the pieces.
Simply put, they didn't know the business and didn't know the territory. A buyer will look at a property and and see thousands of cars a day going by and immediately think that the property is a "100% location" or a "prime location". This may or may not be true. The property because of the number of cars might be priced very high and the buyer thinks they can afford it because of the traffic. They proceed to invest not knowing the business and 3 years or so later they are broke. Obviously, this doesn"t alway happen but it happens enough that it sets up a pattern.
Before buying a business or location there are many consideratons, too many to cover here. The buyer needs to go into much consultation with business, banking, financial and legal professionals before making the leap. If the buyers evaluation doesn't get "two thumbs up", it would be best to leave their capitol in a safe place.
This is not to discourage buyers from opening or buying a business, only to open their eyes to the possible downside.
If you are still interested, let us know and we will work with you to helpyou get off to a good start.
Email us of your interest.
Regards,
FosseenRealty@yahoo.com
www.FosseenRealty.com
Office: 505-434-3033, Fax; 505-682-1233, Home: 505 682-2258
Tom Fosseen, Broker, Realtor, MLS, Equal Housing Opportunity
136 Hiway 82 East, Alamogordo NM 88310
Send mail to: PO Box 0614, High Rolls NM 88325-0614
28 JANUARY 2005, 10:25 PM: BROKERS DISCLOSURE TO BUYERS AND SELLERS
It is the policy of Tom Fosseen, Broker to disclose all pertinent information regarding a property. It is the obligation of the Seller to disclose all pertinent information regarding a property to the Broker, to the Buyers and to all others that have a necessary interest in the property.
Failure to do so is an invitation to legal litigation by the Buyer or possibly the Seller, the results of which might be very unpleasant. There are a number of ways to mitigate the possibility of problems. The Seller needs to be willing to invest the money to give the disclosures necessary. Here are many but not all of the items that need to be addressed. Certain properties might need more than are listed here.
A detailed written disclosure statement listing and describing all of the defects the property has including items considered "deferred maintenance". The Realtors Association has a form for this. The Broker also has a similiar form.
The Seller needs to have an inspection by a licenced home inspector and the inspection may require further inspections by various trades.
A survey by a Licenced Land Surveyor is necessary. Evaluate the restrictions and codes that affect the property.
A "Historical Preservation Survey" may or may not need to be done and a "Licenced Archaelogical Inspector" should be consulted with by Buyer prior to offering property for sale.
A determination of flooding in the area can be had by visitiing the assessors office. If the property is in the City or in the "Extra Territorial Zone" (ETZ) a "Floor Elevation Certificate" is necessary to determine if if the floor is high enough to avoid flooding. This can affect the flood insurance cost and coverage. The City Engineer can supply this.
A search with the city "Code Enforcement Inspector" will reveal if the property is up to code. It is possible the property may need an environmental inspection. Hint: are there buried gas tanks on the property?
If the property is in the County the well or water system needs to be inspected as well as the septic system to be sure that all is properly working and that it is all legal. The well needs to be pumped and tested for quantity and quality. A copy of the well log should be obtained from the "State Engineers Office".
Verify if their is power, phone, cable and gas to the property.
The Seller can get much information which can be obtained by the Treasurer, Assesssors, Clerks, and County Firewise office. This should be done prior to having a title search.
The neighborhood needs to be evaluated for such problems as noise, and other conditions such as being in the landing pattern of the airport. Only by talking to the neighbors and the Brokers can you find these things out.
Having an appraisal is of absolute importants. It should be done as you are preparing the property for sale. It may have to be upgraded if too much time has passed. Both the Buyer and seller should have appraisal by two different appraisers for comparison.
Do not buy or sell a property without going thru the title company and obtaining a title search and obtaining title insurance. The title search needs to be evaluated by the appropriate professionals. The collection of a contract should go thru an "Escrow" for the protection of all concerned. Easements are of special concern.
If you are dealing thru a Realtor you should have them use the Realtors forms as they are especially designed for the protection of both the Buyer and Seller.
The property in question with all of the inspections and paper work should be evaluated by your legal and professional counsels prior to closing. The propoerty should be visited not any earlier than one hour prior to closing and if there is any problem, immediately report to the closing agent.
All of the above and maybe some others not mentioned here should be done prior to writing up a contract. There is a lot of "he says/she says", and hand me down information that may or may not be accurate.
Sellers are well advised to be "Pre Qualified for a Mortage" and have a "Mortgage Committment" with full knowledge of all costs to close etc prior to signing an offer to purchase. Buyers that do this are apt to get a lower price on a property as they are in a position to immediately close. this often has a positive effect on the seller.
Unless all appropriate investigations have been done prior to writing up the contract there is a good chance for conflicts.
Both the Buyer and the Seller need to do their research with the help of legal, financial, business, trade and govermental professionals in order to have a happy ending.
Signed______________________Date_____________Time__________
Signed______________________Date_____________Time__________
HIGH ROLLS NM 88325 OH WHAT A PLACE TO LIVE!
If for no other reason, the weather is absolutely the greatest.
Hardly a day goes by in winter but what you can get by with a sweater. At 7000' we probably get about 5 to 7 days of snow per winter. It melts fast as the ground never gets that cold. Anyone from Minnesota like me will appreciate the mild weather. Summers can get up to 100+ but it is only for a few hours and the nights are cool.
Alamogordo our closest town is only 13 minutes away and at 4315'. Plenty of shopping opportunities and lots of good restaurants.
High Rolls is only about 8 miles East of Alamogordo and the home of many retirees. But then, we have our own elementary school so you know we have the younger people also.
The views are just great. The air is so clean that you can see the San Andres mountains over 40 miles to the West. Many of us have a clear view of the White Sands and the majestic Sierra Blanca towering over 12,000 feet.
As you can tell, we are enthusiatic about the area. We have lived here for 19 years now and you couldn't drag us away.....The people are very friendly and if you happen to be retired, we have two great Older American Centers, a wonderfull library and many service clubs. Much to do but don't forget that clean air!
If you have any questions about the area, please email us at: fosseenrealty@yahoo.com and we will give you a personal answer.
Tom & Edel Fosseen, happy campers
Here is what we see about 359 days per year Yes, enjoy the sun shining thru the clean air! Yes, enjoy our super low humidity. Yes, enjoy our 25 inches of rain spaced out. Yes, enjoy a bugless ambiance, well almost bugless!! Winters days can be sweater days. Mountain playgrounds 15 minutes away. Free multi-million dollar view of the White Sands. Everything is great, great, great.
FosseenRealty@yahoo.com
WELCOME TO OTERO COUNTY
Welcome to Otero County We could spend this whole link bragging about the weather here in Otero. The weather is very even the year around and there are very few days where you need coats and usually sweaters will do it. There are at least 359 days of sunshine and when we get snow it doesn't stay more than a day or so.
People: They are great, remember this is a small town with many families and churches. That is a great combination. There are many retirees from the Air Force and Missle Range and of course immigrants from the cold states.
What to do: There are probably a hundred various service and special interest groups so you can find the cause you want to work on. For the retirees, we have a new senior center that caters to your every whim and the lunches are great! Our golf course South of town is a real pleaser.
Schools: Really great, up and coming and many of our students end up "up on the hill" which means they go to New Mexico State University-Alamogordo. Close by in Las Cruces is our four year university. We also have a number of private schools, some church sponsored.
Churches: Virtually every denomination is represented.
Shopping: Wal-mart, K-mart, Penny's, Bealls, plus dozens of stores offering just about everything. Our Old Town district has some unique offerings.
Financial: 5 or 6 banks, 4 or 5 savings & loan's, stock brokers, oodles of insurance companies.
Restauants: Hard to count there are so many, just going up is a new Applebee's.
Motels: Hampten Inn, Holiday Inn, Super 8, White Sands Inn, Best Western, plus another dozen.
Museums galore, mountains 15 minutes away, one hour to big town shopping in La Cruces. skiing, thirty minuets East.
Industry: Holloman Air Force Base. German Air Force, University of NM, Alamagordo branch, Forest Products sawmill, Ranching, Electric Motor Mfgr, misc mom & pop businesses.
How can you tell we are members of the Chamber of Commerce?
For more detailed information, email us and we will have the Chamber send you a packet outlining the many features of Otero County.
Hope to hear from you.
FosseenRealty@yahoo.com
ARE YOU INTERESTED IN COMMERCIAL PROPERTY OR A BUSINESS?
This is complicated. Some buyers will want to retire at an early age from their current endeavors and start a business. It is the American dream, almost a genetic mutation!
Well this is great but "WHOO" what do you know about the business you want to go into?
Do you know that the average life for a new business is about 3 years or less but if the business lasts for 5 years it has a good chance of lasting?....Ask any banker.
This writer learned this lesson back in the mid '60's. Location: Northern Minnesota where there are lots of lakes and resorts. The town in this story is about 50 miles or so from any other town that has at least minimum shopping. There was a first class hardware store that had all of the building materials necessary to take care of the resort owners needs. The buyers by and large were from the big cities Minneapolis or St Paul. They were in their late 40's to retirement age and wanted to realize their dreams of their own business. Some had gotten inheritance from their folks, others had saved a nest egg for the day they could start their own.
They would come up to this town and buy a resort and start fixing it up. The owner of the hardware store immediately gave them open account. This continued on for a time and the first time that they didn't pay on time the owner cut them off and made them pay cash.....You guessed it, they were broke! So the resort was put on the market in hopes someone else would come along and pick up the pieces.
Simply put, they didn't know the business and didn't know the territory. A buyer will look at a property and and see thousands of cars a day going by and immediately think that the property is a "100% location" or a "prime location". This may or may not be true. The property because of the number of cars might be priced very high and the buyer thinks they can afford it because of the traffic. They proceed to invest not knowing the business and 3 years or so later they are broke. Obviously, this doesn"t alway happen but it happens enough that it sets up a pattern.
Before buying a business or location there are many consideratons, too many to cover here. The buyer needs to go into much consultation with business, banking, financial and legal professionals before making the leap. If the buyers evaluation doesn't get "two thumbs up", it would be best to leave their capitol in a safe place.
This is not to discourage buyers from opening or buying a business, only to open their eyes to the possible downside.
If you are still interested, let us know and we will work with you to helpyou get off to a good start.
Email us of your interest.
Regards,
FosseenRealty@yahoo.com
posted by TomFosseen at 8:04 PM
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