REAL ESTATE BUYING PROCESS
GET PRE-APPROVED - Pre-approval is most important in a competitive bidding situation, because it shows proof to the sellers you can afford to buy the property in question. If you do not have a lender, or need help choosing one, please contact us to and we will put you in touch with a lender who can help you today.
Before you begin your search for your dream home, it is important to know the difference between the types of agency.
After your loan pre-approval, it is time to take a realistic approach to what you want versus what you need in a home. What features are most important to you and what can you live without? This will define your home search and help determine the right properties to tour. As you tour homes, you may find that your needs change; the Realtor we put you in contact with is fully prepared to adjust your search criteria at any time to accommodate your wants and needs.
Your Realtor will be able to show you any property on the market that is available. Realtors use a system called the Multiple Listing Service (MLS), which lists all the properties available on the market regardless of what company the property is listed through. Your Realtor will check the MLS system throughout the day, so they can give you information on a property as soon as it is listed. For properties outside the MLS system, For Sale By Owner (FSBO) properties for instance - just call them with the information and they arrange everything for you. When you are ready to start touring they arrange showings for you on days that best suite your needs.
Once you and your Realtor find the home of your dreams, the one your heart is set on, the one you keep going back to, they will help write the Offer to Purchase and negotiate on your behalf for the best price relying on an understanding of the home's true worth, giving an estimation of what the seller will accept as terms of the offer, and as your realtor they will work with you to get you the best price for the home.
Negotiations don’t always end with the writing of the contract and can involve everything from settling on a sales price to concessions and financing. Your Realtor will be negotiating on your behalf, it their job to represent your interests during the give and take of a real estate transaction.
Once the offer is accepted and a closing date agreed upon, escrow is opened. Escrow is the process in which the transaction is completed. Escrow is a neutral third party ensuring all the moving parts of the contact are complete. Your Realtor will coordinate the completion of all necessary forms to the escrow company and monitor the Escrow process until the transaction is complete. After Escrow is opened you will receive a full report detailing the property history for you and your lender to ensure there are no legal encumbrances between a new owner and the property being purchased.
Once a buyer and seller reach mutual acceptance on a property, a home inspector is hired to investigate every nook and cranny to determine if the home is in need of any repairs. An inspector will check items, such as the roof, basement if any, heating system, water heater, air-conditioning system, structure, plumbing, and electrical. Your Realtor will send inspectors and after the inspection is complete, they will receive the report, buyers will have a chance to review the issues listed if any, and you can negotiate with the sellers to cover the costs of certain repairs or to ask for concessions.
Now that you’ve got an accepted offer and escrow is open you will be working more in-depth with your lender on your final loan approval.
In some states closing takes place on the same day, Buyer and Seller sign everything together. In Nevada, Buyer and Seller sign at different times during the process at the Escrow Agents office (usually), prior to closing and signing, you'll receive a settlement statement outlining any fees, which may apply to you both parties pay any settlement fees and the documents are officially recorded. After closing is finalized and all legal documents are recorded, the home is yours! Your Realtor will personally deliver the keys to you and be the first to congratulate the successful closing and purchase of your home.
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