Unless you’ve purchased real estate in the Las Vegas valley before, buying a home can be extremely confusing and frustrating. Without the right guidance the American Dream can quickly become a discouraging Nightmare! With this in mind we decided to list the home buying steps below to help keep prospective buyers from throwing in the towel.
Step #1 – Immediately contact Rebarchick Real Estate. This is of course the most crucial step since we’ll discuss your goals and gather your perfect home specifications (desired area, size of home, price range, etc.).
Step #2 – Have your Bank or Independent Mortgage Lender provide you with a home loan pre-approval letter. If you’re in need of a Mortgage Lender, we work with several local loan officers that are well versed with the various loan types and different loan programs to help get you qualified. Regardless of who you choose, they’ll ask a series of personal and financial questions in order to pre-approve your loan with a maximum loan limit. If you’re a cash buyer, you’ll want to prepare a bank statement or other financial documentation that shows your proof of funds.
Step #3 – Now that we know your goals, home specs, and buying power, we’ll begin the home search! As REALTORS®, we’ll sift and sort through the available homes on the market that met your criteria. An automatic email search can also be setup so anytime a new property becomes available or there’s a change in the listing price, you will receive an email notice. After reviewing the results we’ll schedule visits to any of the homes that you’re interested in.
Step #4 – At this point we’re hopeful that we’ve helped you find “The One”. Regardless of whether it was an instant choice or only after careful consideration, it’s the home that you can visualize yourself owning. Taking into consideration the home’s condition, features, and the neighborhood sales, we’ll put an offer together that when presented to the Seller will give us the best possible chance of getting the offer accepted. With our specialty in negotiating there will most likely be counter offers exchanged before reaching a contracted purchase deal.
Step #5 – With your earnest deposit and the contracted deal in place we can open escrow with the chosen Title Company. The role of the Title Company is to: a) assemble all of the paperwork between the two parties per the purchase contract b) search the lien history of the property for outstanding payoffs that the Seller will have to take care of and c) calculate the necessary funds to have with you at the close of escrow. Rebarchick Real Estate also stays in contact with you, your Lender and the Title Company every step of the way performing the “behind-the-scenes” work to ensure the transaction goes through smoothly. Like us, your Lender will be working diligently to get your loan approved by most likely requesting recent bank statements, pay stubs, etc. During this “paperwork” period we’ll help you setup the home inspection for the property which will point out any of the home’s operational flaws for the Seller to address before the sale of the home. If the repair concerns from the inspection are too great we can exercise our right to dissolve the purchase agreement without penalty and we can restart the home search.
Step #6 – After the Seller has resolved any items from the home inspection, the loan documents will be prepared by your Lender and sent to the Title Company (not applicable for the Cash Buyer) and an appointment at the Title Company will be made to sign. Once all parties have signed and the Lender’s or Cash Buyer’s funds wired, the Title Company will file the recording paperwork to be processed for the next business day.
Step #7 – The Title Company sends all parties confirmation that the ownership change has been processed….YOU’RE A HOME OWNER!!!! The wait is over and it’s time to celebrate by getting the keys to your home! While your buying transaction may have ended, we hope our relationship hasn’t. Rebarchick Real Estate really values our clients and the sense of accomplishment that comes when delivering the keys. We’ve helped countless individuals, families, and investors with the buying process. Out of the steps listed above, none are as important as STEP #1. Contact us today!