Buying a home is an intimidating event for many people. However, with a bit of planning ahead of time, it isn't that hard.
So you understand exactly what to expect, I like to supply my buyers with a road map of the entire deal.
These are my nine steps to purchasing a home.
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If you have any questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at jiuliucci@vegasreo.com.
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Step 1 – Get ready to buy a home
There are a lot of things you need to do before you search for a home.
You'll probably want to assemble a check list of items you want, get an idea of what neighborhoods and school districts you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is less than or around a third of your net monthly income is a good principle to adhere to.
Step 2 – Communicate with a real estate agent in Las Vegas
This is where Keller Williams Realty Las Vegas comes in.
I'd love to plan a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll discuss neighborhoods, school districts in the Las Vegas area, the mortgage industry, and any other economic factors that may potentially affect your buying decision today or in the future.
I'll also assist you with getting started on your loan.
There are some very good mortgage professionals in Las Vegas, and I partner with a lot of them, so you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
Following our first meeting, I'll begin looking for houses on the market that best suit you.
I'll research most of the houses and exclude the bad ones, and then we'll set up appointments to view the houses whenever it's most convenient for you.
When we tour the homes, I'll identify positive features, as well as negative ones. I'll even ask you to talk about things you like and dislike.
As a rule, buyers update their must-have list as we view homes and some features become far more crucial than others.
If such is the case, I'll search all the listings one more time and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
My awareness of the Las Vegas market is an essential benefit in your house search. I'm conscious of all the neighborhoods and schools, and I will let you know certain districts are "hot" and demand prompt action and some that are "cool" and allow for careful consideration.
When we tour homes, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Any REALTOR® in Las Vegas will tell you they know the housing market, but beware, and be sure to ask your agent lots of questions.
If things don't add up, just call me at 702-483-0208 or e-mail me at jiuliucci@vegasreo.com, and I'd be more than happy to answer any questions you may have. My market expertise will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home you've been waiting for
I'm positive we'll find your dream home in Las Vegas. When we do, I'll thoroughly develop your purchase offer. The offer will be tailored with your needs in mind, including some contingencies, such as getting financing, carrying out the inspection, and a clear title.
When submitting your offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure an offer to purchase the property, and it's typically put towards the cost of closing. If the offer is accepted, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the initial offer. It's extremely common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a role in how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And at the end of the day, we'll assemble a contract that's best for you.
Step 7 – Obtain a loan
After we sign the final contract, you'll begin working with your lender to close the loan.
If you've been pre-approved, it shouldn't take very long at all, but you'll want to stay in close contact with your lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) of your closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of taking your loan application.
This estimate is based on the loan amount. RESPA requirements require that it has to involve all closing costs and be within a tight range of accuracy, and I'll analyze the estimate and let you know if it all looks good.
Then it's time to close on your house. This will likely occur at a title company or escrow office and will probably be a smooth and calm occasion.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just call me at 702-483-0208 or send me an e-mail.
