The Purchase Process – Henderson and Las Vegas, Nevada

ADDED ON April 6, 2014 62 COMMENTS


HOW TO BUY YOUR NEW HOME IN HENDERSON OR LAS VEGAS WITHOUT STRESS?

The process for purchasing a new home can be very intimidating for an inexperienced buyer or for a homeowner whose last purchase was many years ago. The amount of energy and money you’ll invest and the number of decisions you’ll need to make are daunting. Eliminate some of the stress by taking things one step at a time and working with professionals you trust. Before you know it, you’ll be living your dream of homeownership.

What are the steps to purchase your home after you have received your loan approval letter?

1. The first step is for the buyer to identify where you’d would like to purchase your new home. The features and attributes of your new home are very important. These are for example: number of bedrooms, bathrooms, square feet lot, year, communities, school, etc. It is vital that we know these features so that we can meet your expectations according to the amount of the loan for which you have been qualified for.
2. After having identified this criteria, we will start sending you a list of homes that meet these attributes and price range every day. Once you’ve selected several houses that you are interested in, we will preview them. You will select your dream house and we will place an offer.  Once your offer is accepted, then the most important part of the process has started and this is the due diligence period.
3. Once we are in contract, we will send the earnest money deposit to the escrow company to reserve the property. Regularly this deposit is anywhere from $1,000 – $5,000. It can be recovered if the buyer is not satisfied with any of the conditions of the diligence period. This may last from three to ten days depending on the type of transaction.
4. The first condition of the due diligence period is the property inspection. The second factor is the preliminary title report that shows all liens attached to the house. The third one is the homeowner’s association package which contains all covenants, conditions and restrictions of the community where you’ll live; and the final condition is the appraisal or home value. If the buyer does not agree with any of these factors or does not come to a successful negotiation with the seller, the transaction will be cancelled and the earnest money will be refunded back to the buyer as long as the cancellation occurs within the diligence period. Your trusted Realtor’s duty is always protecting the best interests of the clients.
5. If the buyer agrees to all conditions on the purchase of the house, then we will be waiting for a final approval of the loan. Once we have it, we then go back to visit the property to make sure it is in the same condition as we originally entered in contract. You’ll sign the purchase documents, make money transfers, the property will registered in Clark County; and finally we can deliver the keys to you and your family.
Having a team of professionals who can guide you through this process is very crucial. Please make your own due diligence prior buying a house. Do research, ask for referrals, and educate yourself in order to take informed decisions. We have helped hundred of first time buyers and seasoned investors to purchase their assets in Las Vegas and Henderson, so please do not hesitate to call for a free consultation @ 702-858-8070 or e-mail us at homesinvegasnow@gmail.com

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62 Responses to “The Purchase Process – Henderson and Las Vegas, Nevada”

  1. April 08, 2014 at 2:00 am, Elioza said:

    Where does my earnest money go?

    Reply

    • April 08, 2014 at 2:06 am, veronicasuarez said:

      The earnest money deposit is a type of reserve that remains at title company until the close of escrow. It will be reimbursed to you either when you decide to cancel the transaction within the due diligence period or deducted from the final amount you’ll bring at closing. For example, if your closing costs amount $10,000 and your earnest money deposit is $2,000, then you’ll only bring $8,000 at closing.

      Reply

  2. April 10, 2014 at 12:06 am, Peter said:

    Do I Need A Home Inspection?

    Reply

    • April 10, 2014 at 12:07 am, veronicasuarez said:

      The home inspection is not mandatory, however Housing Urban Development HUD and Federal Housing Administration FHA encourage all buyers to perform an inspection for their protection. It’s advisable to be aware of all defects that are related to the property prior to the purchase of the property. If you don’t agree with the conditions of the inspection, you can cancel the transaction and the earnest money deposit will be reimbursed to you.

      Reply

  3. April 10, 2014 at 12:09 am, laura said:

    Does it matter if I buy a home that is part of a Homeowner’s Association?

    Reply

    • April 10, 2014 at 12:10 am, veronicasuarez said:

      Yes, it does. After you enter in contract, you’ll receive the homeowner’s association package which entails the rules of the community. You’ll have five days to review it and if you don’t agree with it, you may cancel the transaction and the earnest money will be reimbursed to you. It does matter living in a homeowner’s association because you agree to abide the covenant’s, conditions and restrictions, therefore living in a type of regulated environment that fits with your style of life.

      Reply

  4. April 16, 2014 at 2:30 am, Elia said:

    What Is The Difference Between A “Buyer’s” and “Seller’s” Market?

    Reply

    • April 16, 2014 at 2:31 am, veronicasuarez said:

      The characteristic of a buyer’s market is having an abundant inventory, where buyers have more choices to buy a house. When having excess of inventory, there will be more competition from sellers which will allow having properties in better conditions, competitive prices and even seller’s concessions towards buyer’s closing costs. A seller’s market is present when there’s few inventory and seller has the power to increase price, not providing concessions; such as repairs, closing costs, appraisal or home warranty fees.

      Reply

  5. April 16, 2014 at 2:30 am, Elsa said:

    What happens if the property is vandalized at the moment of walk through?

    Reply

    • April 16, 2014 at 2:32 am, veronicasuarez said:

      There are some options in this case. Either buyer or seller can agree to make repairs and move forward with the transaction. Buyer can opt to cancel the transaction and the earnest money deposit will be reimbursed to the buyer.

      Reply

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