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So you are curious about buying a home. Here at Five Star Real Estate & Property Management, we would like to offer you a quick explanation of what you can expect when purchasing a house, townhouse or condo.
- Step One – Identify a REALTOR with market knowledge in your area. Make sure this is someone you trust to do what is in your best interests, not theirs. Someone you feel comfortable discussing hard issues with and are able to trust with advice, because this is one of the largest investments you could make in your lifetime. There are at least 88 things that can go wrong in a transaction and a good agent can help steer clear of those. See our free report about Types_of_Turbulence_List.
- Step Two – Identify a Lender you trust to work in your best interest. Many people do not know quality lenders, so lean on your real estate agent to provide referrals to multiple lenders. Your lender should offer you a Pre-Qualification letter, showing how much home you can comfortably afford, as well as a Good Faith Estimate, which details expected charges up front.
- Step Three – Find the perfect home. You will need to have a conversation with your REALTOR/agent about what is important to you, what you need, what you would like and what priority each item takes. This will help both of you eliminate any frustrations in viewing properties that are not a good fit.
- Step Four – Make an Offer. Writing a clean offer is something that is second nature to a seasoned REALTOR/agent, however many novice or part-time agents make many mistakes which can cost you a lot of money and time. Make sure your agent discusses all items in the contract and that you are comfortable with what all of those items mean. This is a legally binding contract and should be treated as such.
- Step Five – Open Escrow and Inspect the Property. Your agent will handle most of the escrow opening paperwork and get you a title report on the property. The most important thing to know at this point is when your “due diligence” period expires. This is when your earnest money deposit will go “hard” or be non-refundable. Make sure you hire a licensed home inspector who will provide you with a written report with pictures of any issues. Please keep in mind all properties have some issues, even new homes.
- Step Six – Proceed with Financing. Steps Five and Six can run concurrently, so that you are not losing any time, since the clock is ticking. This is when your lender needs to be on top of everyone on the finance side of the transaction. They will coordinate an appraiser, be gathering your financial documents and getting the bank ready to send money to escrow to pay for that new home of yours.
- Step Seven – Final Walk-Through and Closing Escrow. Since these two items occur within days of each other, we grouped them together. Just a couple of days prior to closing you (or your agent if you cannot) will walk the property for a final inspection and sign off that the property is still in good enough condition to complete the transaction. Your agent should coordinate with the seller’s agent to make sure the utilities do not get shut off, as that will cost you additional money for set-up fees from the utility companies. To Close Escrow, you will meet your agent and maybe lender at the escrow company to sign the loan documents and deed. Remember that everyone is there to help you. Do not feel like any question is silly or does not matter. Please ask us anything. It has probably been asked of us dozens of times anyways. In Southern Nevada, it is typical that you will sign one day and not “record” until the next day. It is not until then, that you have legal ownership to the home and can take possession of the keys, unless otherwise agreed up by seller.
- Step Eight – Make that house a home! Enjoy it. You have earned it (probably along with a couple of grey hairs). Please remember that our relationship does not end here. Whenever you have a question about something, please contact us. We have a rolodex full of people that can service your needs that we have worked with in the past. We want to be your Real Estate Professionals for life and hope to help your family, friends and co-workers as well.
What To Expect in a Short Sale Purchase
In addition to Steps One through Eight above, there is an added step in Step 5, lets call 5.5. It is that once the buyer and seller accept an offer, the seller’s agent submits all of the required short sale documents to the bank, which include personal financials of the seller, taxes, paystubs, the listing agreement, the sale agreement and sometimes more. Step 5.5 typically adds about 90 days to the purchase timeline as the lender(s) are very diligent and take their time assessing the deal. Once they approve, they will issue an approval letter stating the terms that they agree to release the lien and allow the sale to complete. At this point is where the standard escrow period starts and the buyer begins their inspections and financing starts rolling into action.
We like to keep our clients educated with useful information about buying and selling. See our Free Reports for information such as How to Stop Wasting money on Rent, Making the Move Easy on Kids, and the Top Ten Dumbest Mistakes People Make.
To Meet one of Our Professionals to discuss these topics and more just Contact Us Today Here or call us at 702.852.2852