For most people, purchasing a home can be an intimidating event. However, with a bit of planning ahead of time, it isn't all that confusing. So you'll know exactly what to expect, I like to provide my buyers with an outline of the entire deal. These are my nine steps to buying a home.
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Should you have questions about any of this information or if you're prepared to get started, you can contact me here or e-mail me at jiuliucci@vegasreo.com. |
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Step 1 – Prepare to purchase a home
There are several things you'll want to contemplate before you search for a home. When you begin your search, you'll want to form a checklist of items you need, get a feeling for what neighborhoods and school districts you want to live in, and start planning your budget. A good rule to adhere to is that your mortgage payment should be a third of your net monthly income.
Step 2 – Contact a real estate agent
This is where Keller Williams Realty Las Vegas can help. We'll schedule a time to get together so we can talk about why you want to buy a home and get an idea of your future plans. We'll talk about neighborhoods, school districts in the Las Vegas area, the mortgage and housing industries, and any other economic factors that could affect your buying decision today or in the future.
I can also help you facilitate the loan process. I work with some of the finest mortgage professionals in Las Vegas, so you're in great hands. They will assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
Following our initial meeting, I'll begin searching for available homes on the market that are good for you. I'll get a sneak peek of many of the houses and remove the duds, and then we'll set up appointments to tour the homes at a time that's convenient for you.
As we tour homes, I'll show you the positive features, as well as negative ones. I'll even ask you to tell us about things you like and don't like. It's pretty common for buyers to update their list of must-haves as we view houses and some features become far more important than others. If such is the case, I'll go back through the listings one more time and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the market
An agent's understanding of the Las Vegas housing market is an imperative element in your house search. And I can assure you I'm acquainted with all the neighborhoods and school districts, and I'll communicate some districts are "hot" and demand prompt action and others that are "cold" and allow for more consideration.
As we view houses, I'll make sure to communicate when the seller's list price has room for negotiation and when I trust the house is "priced to sell." Be on guard and make sure you ask your agent lots of questions, as every REALTOR® will convince you they truly understand the home market. If it appears they don't know everything, just call me at 702-483-0208 or e-mail me at jiuliucci@vegasreo.com, and I'd be glad to answer any questions you have. My understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find your dream home
We'll find your dream house in the Las Vegas area, and when we do, I'll precisely develop your real estate purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we submit your offer, you'll need to present "earnest money." This is a cash deposit given to the home seller to secure an offer to buy the property. The amount is typically put towards the cost of closing. If the seller accepts your offer, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer, and it's really common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market circumstances will play a large role in how aggressively we negotiate the deal. In addition, we'll work within your financing limits. And at the end of the day, we'll create a deal that works well for you.
Step 7 – Secure a loan
Upon finalizing the contract, you'll begin working with your mortgage lender to close the loan. It shouldn't take long at all if you're pre-approved, but you'll need to keep in close contact with your mortgage lender. And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) of your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of getting your loan application. This estimate is formed from the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a tight range of accuracy, and I'll review the estimate and let you know if everything looks good.
Then we'll close on your home. This should take place at a title company or escrow office and will likely be a smooth and comfortable affair.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything, be sure to call me at 702-483-0208 or send me an e-mail.
