Buying a Home with Addicted Realty LLCThe professional, dedicated team at Addicted Realty LLC understand that buying a home in Las Vegas can be a complicated and monumental task. For most people, a home purchase is one of the single largest financial transactions in their life. This doesn’t mean it needs to be overwhelming. Addicted Realty is dedicated to supporting you throughout the entire process with the goal of making the transaction as seamless as possible. Congratulations on making the decision to buy real estate! We look forward to working with you and hope we can ignite that Addicted spark inside of you.
FIRST-TIME HOME BUYERS New Construction Financing INVESTMENTS CAN I BUY? RELOCATION GUIDE FAQ
Addicted Realty LLC – Twelve Steps to Buying a Home
Make the Decision to Buy a Las Vegas Home – Decide to Buy!If you decide to buy a Las Vegas home, you have come to the right place – Addicted Realty? What is your motivation? Are you looking for a more permanent environment? Need more room for your family? Maybe you are just interested in increasing your wealth with the purchase of investment properties. read more...
Las Vegas offers a unique real estate market and living environment. With over 2 million people living in the Las Vegas area, the opportunities are endless. The cost of living in Las Vegas is low compared to other similar sized metropolitans, property taxes are low, and Nevada has no personal state income tax. If you live in a state that charges 10% personal income tax at the state level, moving to Las Vegas would save you 10% right away! Whatever your motivation, Addicted Realty is here for you and we look forward to working with you throughout the process.Step 2
Can I Afford to Buy a Las Vegas Home – Pay to Play!Paying cash? Great! You are one of the lucky ones that saved all that money between your mattresses growing up. What? That’s not you? Many folks will need to get a mortgage. Before we start looking at your dream home , it is important to have the $$ matters squared away. This is the time to get you pre-qualified for a loan. read more...
Addicted Realty works with a team of mortgage professionals and one of our first jobs will be to get you in touch with one of our preferred lenders. The lender will walk you through the mortgage process answering any questions you may have. The lender reviews your credit worthiness as well as your financial history and if all goes well, they will issue you a pre-qualification! This letter not only lets potential sellers know that you are a“ready, willing, and able buyer,” but will also gives us a good idea on how much we can spend on that dream home. This is a rather painless part of the process. The call with the lender will only take a few minutes. With our help, you can keep the entire home buying process as simple as possible. We know what to expect along each step of the way and will share our experience with you.Step 3
Decide What you Want to Buy – Time to Find!What style home are you looking for? Where do you want it to be? When are you looking to move? How many of this or that are needed (yeah – not a W , but close enough). read more...
Must have vs. Would be nice… You’re Addicted Realty agent will help you translate this mental image.into a series of quantifiable features. Such as how many bedrooms or bathrooms you will need, as well as go over the many features and combinations to find the perfect fit for you.Step 4
How Will My Realtor® Help Me Buy a Home in Las Vegas – Realtor® Review!!You’re Addicted Realty team is constantly analyzing the market and looking for the best deals for you! As proud members of the Greater Las Vegas Association of REALTORS, as well as the Las Vegas Multiple Listing Service, we stay constantly informed of all the new inventory coming onto the market. read more...
You’re Addicted Agent will regularly send you updates and recommendations to assist you in finding your dream home. Remember, you’re Addicted Realtor® is an expert when it comes to finding your new home and knows your needs and expectations better than anyone else!Step 5
Deciding on a Location and Home – Showing Savvy…By this time you are definitely getting the hang of how this process works. You’ve made your decision, figured out how much you want to pay, completed your research and educated yourself on the market. Now it’s time to get out there and do some ground work. read more...
Who doesn’t like to go look at houses? This is a great opportunity to really put your finger on the pulse of the market, but don’t lose your mind. All those big kitchens, sparkling blue pools and fancy BBQs can make you over project your budget and risk losing the dream over a fantasy. Stay steadfast, but have fun! Who knows, next time you buy that sparkling blue pool might be yours!Step 6
Narrowing Down Your Search – Shining Star Short list!Here it is… You’ve done the work. Looked at house after house and have decided on your top three options. Now the fun really starts… Research… Research… Research… read more...
If you have kids now would be a good time to check out the local schools. You will want to know where the nearest grocery store and shopping center are located and of course, you will want to spend some in the neighborhoods both day and night!
Step 7Step 12
It’s Time to Make an Offer – Make an Offer!Congratulations!! You found a home! Now it’s time to make this house your home by successfully submitting an offer the seller can’t refuse. read more...
No worries though… our Addicted team is professional and will use years of combined experience to make an offer you will be confident to submit. Expect to know the basics…Step 8
- How much you want to offer
- If financing, you will need to have your pre-qualification letter
- How long will you need to move out of your current residence
How to Negotiate the Deal – Never Let Them See You Sweat NegotiationsSigned, sealed and delivered… Your offer has been submitted. Now what? The seller can accept your offer… Great! Get the moving boxes. The seller can counter your offer…. The seller sends back your offer with changes… Usually price, but can be an alteration to a contingency or some other element of the offer. read more...
The seller can reject your offer….. The seller rejects your offer, but doesn’t offer an alternative.Step 9
You Offer was Accepted!! – Outstanding OfferLet the fun begin… You will have a predetermined amount of days, in which to investigate, inspect, and do research to find any issues with the home. You will also need to get your mortgage started. Contact your Las Vegas Mortgage Broker and get the process started… read more...
Complete Your Loan ApplicationStep 10
- Lock in your interest rate
- Get your documentation together such as bank statements and paystubs
- The inspector will do an overall inspection of the house checking the major systems like plumbing, electrical and roofing as well as the mechanical systems like the heating and cooling, the water heater, and appliances.
- Use this information to further determine if there is a need for re-inspections with more specialized vendors such as electricians or structural engineers.
- In some cases, you may need to negotiate additional concessions from the sellers in order to pay for repairs
Getting Ready to Close the Deal – Tying Up Loose EndsYou are almost there, just a few more steps and you get the keys! All that time in the lender’s office has paid off and loan docs have been ordered. Get homeowners hazard insurance
- Homeowners hazard insurance will help protect your investment and will be required if you are financing your home.
Get a home warrantyStep 11
- A home warranty will give you additional security as it will protect the systems of the house such as air conditioner, hot water heater, pool (if you have one) and appliances.
Closing the Deal – Sign on the Dotted LineToday is the day! Most of the hard work is done and your dream of owning a Las Vegas home is almost complete. There are just a few more steps you will need to take to complete the process:
- Complete the signing of documents. You’ll be spending about an hour or so with your escrow officer today signing all of your closing documents.
- If you are buying the home with a mortgage, you will also sign your loan docs today. One of the loan docs you will sign will be a promissory note. This document is your promise to pay back the bank on the terms set forth in the loan.
- Until you hear that your loan has “funded” and the money has been sent to escrow, remember to make all you payments on time, don’t put anything big on your credit cards and don’t make any large purchases. You don’t want your credit profile to change right now. The lender will pull your credit one more time just before send the money to escrow.
- Head to your bank to initiate a wire transfer for the rest of your down payment and closing costs. Nevada law requires that escrow companies accept “good funds” for closing, which means if you send a wire there is no delay. If you insist on getting a cashier’s check, be prepared to wait 10 days for escrow to verify the check has cleared!! (bottom line – send a wire)
- The Addicted team will will help coordinate the flow of information between you, the seller, your lender, and the escrow officer. This last minute dance requires skillful choreography to pull off properly! When you are getting a mortgage, there are very specific timelines in place to protect you during the loan process. Timing is everything at this stage and we work to make sure the correct information is in the appropriate hands right when it needs to be.
- You will typically sign all your closing documents 3-4 days before the transaction is recorded and you receive the keys.
Closing Complete! – Time to Move!!Congratulations on your purchase! You are now living the American Dream and are ready to receive years of enjoyment with your new home. read more...
A couple of items that will need to be completed quickly…
- Make sure to turn on utilities. You will need to have the basics to move in such as electricity, gas (if available) and water. Eventually, you will want to look at things like cable, internet or local phone service.
- If you are not moving on your own, you will want to hire reputable mover. You can go about this many ways, oftentimes, friends or family may have had a positive experience and can refer you or your Realtor® will most certainly have a referral for you.
The following was taken from the Greater Las Vegas Association of Realtors® website, www.lasvegasrealtor.com. This is the Realtors® commitment to you…
WHY USE A REALTOR®?
FINANCING – REALTORS® can help determine how much home you can afford, explain different financing options and refer you to the best-qualified lender. SELECTION – REALTORS® have the resources to investigate all available properties and provide objective information about each property regarding the community and other important issues. NEGOTIATION – REALTORS® can advise you on factors such as price, financing, terms, date of possession, repairs and furnishings. INSPECTION – REALTORS® can help provide enough time in the purchase agreement for inspections and investigations, plus advise which ones are required or recommended.
CLOSING – Every area has its own unique closing or settlement customs. A local REALTOR® can guide you through the process. PRICING – When selling property, REALTORS® can give you current market information to sell your property quickly, at the best price and with minimum hassle. MARKETING – A REALTOR® can recommend repairs to enhance the stability of your property and expose it to other agents, the public and cooperative marketing networks. When it’s time to buy or sell your house, it’s time to turn to a professional. Someone with the expertise to get the job done right.