9 Steps to Owning

Buying or selling a home?

For many people, purchasing a home is a stressful event. But with a bit of up-front planning, it isn’t all that difficult. We like to furnish buyers with an outline of the entire deal so they know exactly what to expect. These are my nine steps to buying a home. When you’re ready to get started, give us a call or e-mail us at info@crrealtyservices.com. We’re glad to answer any questions you have regarding this information.

Step 1 – Get ready to purchase
Before you commence your home search, there are several things you should do. When you start your search, you’ll probably want to form an outline of must-have features, get an idea of what neighborhoods and school districts you’d like to live in, and begin planning around your budget. Ensuring your mortgage payment is less than or close to a third of your monthly income is a good guideline to follow.

Step 2 – Contact a real estate agent in Las Vegas
This is where we can help. We’d like to book a time to meet with you and communicate with you regarding your real estate needs and get an idea of your upcoming plans. We’ll talk about neighborhoods, schools in the Las Vegas area, the mortgage and housing industries, and any other economic factors that could potentially affect your purchase today or in the future.
We can also help you begin the loan process. We work with some of Las Vegas’s best mortgage professionals, so you’ll be in great hands. They can assist you in choosing which type of loan is best for you and help you get approved.

Step 3 – Begin looking for a house
After our first meeting, we’ll begin finding available homes on the market that best suit you. We’ll get a sneak peek of most of the homes and throw out the bad ones, and then we’ll book appointments to view the homes at a time that’s convenient for you.

As we tour the homes, we’ll show you the good features, as well as bad ones. We’ll also ask you to talk about things you like and dislike. For the most part, buyers update their list of must-haves as we view homes and some features become more crucial than others. If that’s the situation, we’ll go back through the listings once more and narrow it down to the house of your dreams.

Step 4 – Comprehend the market
Our awareness of the Las Vegas market is a leading agent in your home search. We are conscious of all the schools and neighborhoods, and we can alert you to some districts are “hot” and call for immediate action and others that are “cold” and allow for careful analysis.

As we view homes, we’ll be sure to tell you if the seller’s list price has room for negotiation or if we believe the home is “priced to sell.” When working with an agent, be careful and be sure to ask plenty of questions, as every real estate agent in Las Vegas will convince you they truly understand the home market. If things don’t add up, contact us at 702-366-9976 or e-mail me at info@crrealtyservices.com, and we’d be more than happy to answer any questions you may have. Our knowledge of the market will keep you a step above the rest through the entire deal.

Step 5 – Find the home you’ve been waiting for
We know we’ll find your dream house in Las Vegas. When that happens, we’ll thoroughly create your purchase offer. The offer will be tailored keeping your needs in mind and the home, including a lot of contingencies. A few examples are getting financing, finishing the inspection, and a clear title.

When we submit your purchase offer, you’ll need to present “earnest money.” This is a cash deposit given to a home seller to secure an offer to purchase the property. The amount is typically applied to the cost of closing. If the seller accepts the offer, we should close on the property about 30 to 60 days after. This allows enough time for your mortgage financing.

Step 6 – Negotiate
Most contracts aren’t closed on the initial offer. It’s really common to receive a counter offer. But don’t let this intimidate you. We’ll discuss whether or not to agree to the counter offer, present our own counter offer, or refuse the seller’s offer and move on.

Market circumstances determine how aggressively we negotiate the contract. We’ll also work within your financing limits. And when it’s all said and done, we’ll compose a contract that works well for you.

Step 7 – Secure financing
Once the contract is signed, you’ll begin working with your lender to close the loan. If you’ve been pre-qualified, it won’t take much time at all, but you’ll need to stay in close contact with your mortgage lender. And we’ll take care of all the property information your lender will need to close the loan.

Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) outlining your closing costs within three days of getting your loan application. You’ll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of accepting your application. The estimate rests on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a narrow range of accuracy. I’ll examine the estimate and let you know if it all looks all right.

Then it’s time to close on your home. This will most often happen at a title company or escrow office and is often a smooth and relaxing affair.

Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to contact us at 702-366-9976 or e-mail us at info@crrealtyservices.com!