Buying a home can seem like an overwhelming process. If you are looking to buy your first home, it will most likely be the biggest purchase you’ve made in your life. Even if you have purchased a few homes already, you are familiar with the hassle of trying to find a place that meets your needs and your price range, wondering if your offer will be accepted by the home seller, and having to hold your breath through the escrow process.
Below are the steps for buying a home in Las Vegas. Remember to just take one step at a time and trust your local real estate expert, Tom Wirt. Tom has been a real estate agent for many years and knows how to make this process a smooth experience for his clients.
Step 1: Getting Pre-Approved
When you want to buy a home for sale in Southwest Las Vegas, the first thing you want to do is get pre-approved. Being pre-approved by a lender provides you with two major pieces of information to go by when looking for your new home. The first thing is how much you qualify for, meaning what price point you can buy your home at. Knowing this gives you a general idea of how much you can spend, which can lead to knowing what areas you will be looking at. The other crucial piece of information is how much you can expect your down payment to be. Once you know that you can budget and save accordingly.
Homes for sale in Southwest Las Vegas
Step 2: Select a Realtor
Finding the perfect Realtor to help you through your real estate transaction can beneficial as the Realtor can walk you through the process step by step. Realtors are there to eliminate the frustrating process of searching on your own and will coordinate the entire transaction from start to finish.
Step 3: Find Your Home!!!
The process of finding your perfect home can be an exciting one. It’s always good to drive by the neighborhoods you’re looking into purchasing a home in. Drive by at different times of the day so you can see the area, hear the noises, and make an educated decision on which area best fits your needs.
Looking around the area you want your home to be in to find what schools and parks, nearby activities, and which restaurants you’re going to be near can help you narrow down your choices when searching for that perfect place you can call home.
Step 4: Opening Escrow
When you are opening escrow on a home it means you have successfully put in an offer and the offer has been accepted, and you are now on your way to owning your home! When escrow is opened the buyer will deposit their earnest money (good faith deposit) with the escrow company. The amount you pay for the earnest money deposit depends on the amount agreed upon in the purchase agreement.
Next, the home will be appraised. The bank who is providing the loan will go out to appraise the home (this is commonly paid for by the buyer). In the case of low appraisals, when the appraisal comes in lower then the offered price, the mortgage provider will not give you financing unless the buyer comes up with the difference or the seller lowers the price to the appraised amount.
After that inspections will be in order. Some homes will have recommended inspections such as, environment inspection, pest inspection, or other inspections depending on the area.
Next, you’ll want to go over HOA (homeowner association) documents. This will give you an idea of what the association is expecting from you and what rules you will need to follow as well as the monthly fee price.
Step 5: Sign Loan Documents
When signing loan documents, you are signing the documents to secure the loan. It’s an agreement between you and the lender on the money that you owe.
Step 6: Fund and Record!
The title company will collect all the documents/signatures needed to transfer the ownership of the home from the seller to the buyer. Then the funds will be wired to the seller’s account and the title company will send the file to be recorded. Once this file is recorded, the title will be transferred to you, the transaction will be closed, and you will be the official owner of your new home!!! Once the transaction closes you will receive the keys to your beautiful new home and the move in process will begin.
See homes for sale in Southern Highlands, Las Vegas below!