Las Vegas Home Buyer's Cost and Buying Process
The Las Vegas Home Buying Process
Prior to showing homes we ask all Las Vegas homebuyers to meet with us; together we will answer the following questions:
- What kind of Las Vegas house are you looking for? (Single story, 2-story, condo, townhouse)
- What is your price range? Have you met with a Las Vegas lender to determine affordability?
- Have you made a list of home features that are important to you? (Checklist, needs vs. wants)
- What is your time frame? Are you ready to move now?
Do you have to sell another home?
Starting the Process
1.Determining price range is one of the most important steps in the Las Vegas home buying process. It involves meeting with a loan officer to get pre-approval for a specific purchase price.
Within 24 hours of application, your loan officer will prepare a Good Faith Estimate, which shows the fees associated with your loan. Upon receiving the estimate, you will know the approximate purchase price you can afford.
When you find the right home, you want to have a strong negotiating position. A seller will be more likely to accept our offer if you have a mortgage lender's written pre-approval for a specific loan amount. In other words, the seller knows that you can afford to buy the house.
2.Negotiating your offer to purchase requires my expertise in knowing the Las Vegas real estate market both new and resale Las Vegas homes. We will work with you to help match your wants in a house with the amount you are pre-approved for. Then, we will show you the homes that fit your criteria. Once you've chosen a Las Vegas home, we will negotiate the best possible offer for you. Aside from price, negotiable items are:
- Las Vegas Home Warranty (protects mechanical systems, built-in appliances & air conditioning for 1 year. Optional coverage available for pool, spa, washer, dryer, refrigerator, septic)
- Special Assessments and LID or SID
- Homeowner's Association Fees, Transfer Fees.
- Inspection Fees (i.e. pest/termite, structural, mechanical, well & septic, water, survey and environmental hazards)
- Closing Date and Physical Possession
- Title and Escrow Company
- Personal Property and Fixtures - Items that will stay with the home.
Due Diligence Time Frames
- Seller Concessions
- Repairs and/or Allowances
- Amount of Earnest Money Deposit
3.Once we have an accepted offer, we will review the Seller's Real Property Disclosure Form and any other seller disclosures. Other disclosures may include:
- Environmental hazards i.e. asbestos, mold, lead-based paint
- Methamphetamine lab
- Assessments
- Rental property - need security deposits, lease agreements and associated documents.
- Sale subject to court approval - i.e. probate, bankruptcy - need all associated documents.
- Zoning or master plan provisions or changes of which seller is aware, that may affect property or its use.
- Hazard insurance claims - Clue report
- Construction defects litigation or settlement.
4.Next, we will open escrow for you with a fully executed Offer to Purchase and earnest money. Typically, the closing process takes 30-45 days.
5.Prior to the closing date, we will accomplish the following:
Get Homeowner's Insurance in place and review Moving Tips
Review inspection results and corrections
Review escrow instructions and preliminary title report; follow up with lender in regard to loan approval and appraisal amount.
6.Schedule Walk-Through inspection, review closing statement, schedule escrow signing appointment, get certified check for closing, bring photo ID *Please note: keys and possession not transferred at escrow signing. The property becomes yours when the documents are recorded at the County Recorder's Office. The escrow officer will notify us when your transaction has recorded. We will contact you and make arrangements to give you the keys to your new Las Vegas home.
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