Purchasing a home intimidates most people, but it isn't all that hard with a bit of planning ahead of time.
So you'll understand exactly what to expect, I like to furnish my buyers with an overview of the entire deal.
Below are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
There are a lot of things you'll want to consider before you search for a home.
You'll want to put together a check list of must-haves, get a feeling for what neighborhoods and school districts you want to live in, and start planning around your budget.
A good rule to go by is that your mortgage payment should be a third of your monthly income.
Step 2 – Communicate with a real estate agent in Las Vegas
That's where I come in.
We can book a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss the mortgage industry, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and school districts in the Las Vegas area.
I can also help you start the loan process.
I work with some of Las Vegas's best mortgage professionals, so you'll be in great hands.
They'll help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After our first meeting, I'll begin looking for homes on the market that are a great fit for you.
I'll get a sneak peek of most of the homes and remove the bad ones, and then we'll set up appointments to view the houses when it's convenient for you.
When we tour the homes, I'll point out positive features, as well as bad ones. And I'll ask you about things you like and don't like.
Usually, buyers update their must-have list as we view homes and some features become far more necessary than others.
If such is the case, I'll look through all the listings again and trim it down to the house you've been dreaming about.
Step 4 – Get a feel for the housing market
My awareness of the Las Vegas market is a crucial benefit in your search. I'm acquainted with all the schools and neighborhoods, and I'll let you know some areas are "hot" and demand immediate action and some that are "cool" and allow for more consideration.
As we tour houses, I'll let you know if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
Be mindful and make sure you ask your agent a lot of questions, as every real estate agent will convince you they truly know the market.
If it seems like they don't know everything, call me at 702-214-1400 or e-mail me at don@mylasvegashomeseller.com, and I'll be more than happy to answer any questions you have. My market knowledge will keep you a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
I'm certain we'll find your dream house in Las Vegas. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies. A few examples are acquiring financing, carrying out the inspection, and a clear title.
When we submit your offer, you'll need to present "earnest money." This is a cash deposit given to the home seller to secure an offer to buy the property and is most often applied to the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the initial offer, and it's pretty common to receive a counter offer. But don't let this intimidate you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the contract.
We'll also work within your budget. And at the end of the day, we'll put together a deal that is best for you.
Step 7 – Get a loan
After the deal is finalized, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, it won't take much time at all, but you should to stay in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of taking your application.
The estimate depends on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a strict range of accuracy, and I'll examine the estimate and let you know if it all looks all right.
Then it's time to close on your home. This should occur at a title company or escrow office and will most likely be a smooth and comfortable occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call me at 702-214-1400 or send me an e-mail.
