With some up-front planning, buying a home isn't all that complicated, but the event is intimidating for many people. So you'll know exactly what to expect, I like to provide my buyers with a road map of the entire deal. Here are my nine steps to purchasing a home.
Step 1 – Get ready to purchase a home
There are a lot of things you should contemplate prior to starting your home search. When you start your search, you'll probably want to make a checklist of items you need to have, get an idea of what school districts and neighborhoods you want to live in, and begin working on your budget. A good rule to go by is that your mortgage payment should be around 1/3 of your net monthly income.
Step 2 – Communicate with a real estate agent
That's where I come in. We can set up a time to meet so we can talk about your real estate needs and get an idea of your future plans. 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 get started on your loan. Realty ONE Group works with some of the finest mortgage professionals in Las Vegas, so you'll be in great hands. They will help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your home search
After our initial meeting, I'll begin searching for available homes on the market that best suit you. I'll get a sneak peek of most of the homes and throw out the duds, and then we'll set up appointments to view the homes when it's convenient for you.
When we tour the houses, I'll identify positive features, as well as bad ones. And I'll ask you to talk about things you like and don't like. Generally, buyers change their wish list as we tour homes and some things become more important than others. If that's the case, I'll go back through all the listings again and narrow it down to the home you've been waiting for.
Step 4 – Know the housing market
My awareness of the Las Vegas home market is a fundamental benefit in your search. I'm informed of all the neighborhoods and school districts, and I'll alert you to what districts are "hot" and call for immediate action and the ones that are "cool" and allow for careful examination.
As we view houses, I'll let you know when the seller's list price has room for bargaining and when I believe the home is "priced to sell." When working with an agent, be mindful and make sure you ask plenty of questions. Any REALTOR® will convince you they truly understand the housing market. If things don't add up, just call me at 702-525-9890 or e-mail me at ReAgentLeslie@gmail.com, and I'd be happy to answer your questions. My knowledge of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
I'm positive we'll find your dream home in the Las Vegas area. When we do, I'll meticulously develop your real estate purchase offer. The offer will be tailored to suit your needs, including many contingencies, such as acquiring financing, finishing the home inspection, and a clean title.
When we submit your offer, you'll likely need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property, and it's often put towards the closing costs. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer, and it's extremely common to receive a counter offer. Don't let this intimidate you. We'll consider whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract. In addition, we'll work within your financing constraints. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Obtain a loan
Once the deal is finished, you'll begin working with your lender to close the loan. This won't take much time at all if you're pre-qualified, but you'll need to keep in close contact with your mortgage lender. And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of getting your loan application. The estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a narrow range of accuracy. I'll study the estimate and let you know if it all looks permissible.
Then we'll close on your home. This will likely take place at a title company or escrow office and will likely be a smooth and comfortable occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, simply call me at 702-525-9890 or send me an e-mail.
