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Steps to buying a home in Las Vegas
1. Six months before you plan to
buy a home, check out your credit report. If you
find any problems or errors on it, take steps
immediately to clear them up. A good credit rating can
mean a lower interest rate and a lower payments for your
new home -- saving you a great deal of money over the
years.
2. Talk to a lender--before
you start house-hunting--to find out the
amount of a loan you can qualify for. When you apply
for a home loan, ask for a document called a "Good Faith
Estimate". This is a government-mandated estimate
of your actual loan costs. This should prevent any
last minute surprises when your loan closes.
3.
Make up a "Dream Home" list. Be sure to include
how many bedrooms, how many baths, one-story or
two-story, how many garages, the overall size of home,
and what neighborhoods in the Las Vegas Valley you want
to live in. Then decide if you want a pool, a home
near a park or near schools, or any other features that
are important to you.
4. Start your home or condo
search. Your agent can provide you with detailed
e-mails of all the listings that match your requirements
in your chosen areas. Then you can then go out and
look at any or all the homes or condominiums you wish to
see.
5. If you walk into a new home
or new condo development to look at models (or even just
contact a new development by phone or e-mail), as far as
the builder is concerned from that moment you are "their
client". They will not allow you have a real
estate agent represent you. As nice as the on-site
agents are, they are hired by the builder to
represent the builder's interests -- not yours. Most
new home developments here in Las Vegas welcome
prospective home buyers who are accompanied by a real
estate agent To protect your interests, you
should have your own agent who will represent you -- not
the builder! And the new home prices in the Las
Vegas Valley are the same whether you work with an
agent or not.
6. Find a home you like! Write
your offer on the home and negotiate the terms and
conditions of the purchase agreement contract with
assistance from your real estate agent..
7.
Negotiations -- and then the seller agrees to your
offer!
8. Your agent will open
escrow at an Escrow Company and deposit your earnest
money check.
9. The Escrow Company handles
much of the paperwork involved in completing the sale.
It also keeps all money until the date that both seller
and buyer sign the final paperwork to finish the deal.
Toward the end of the escrow period, you give the down
payment to the escrow company and your lender submits
the loan amount.
10. After all the terms and
conditions are satisfied, and paperwork signed, the
Grant Deed and other documents are recorded with the
Clark County Recorder -- making the sale official.
11. You get the keys and
the home is yours!! And the escrow company pays the
seller.
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Buyers Frequently Asked Questions
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