Las Vegas
Home Buyers
Here is a general outline for
home buyers that will help
make you purchase more
streamlined.
While the internet can offer a
lot of information, there is often
much that is either wrong or
somewhere between confusing
and misleading. This is true for
both home listings and ‘advise’
that may even come from
media sources.
This is why I believe shopping
for a knowledgeable agent is
key. Not only for representing
you in your real estate
transaction, but for being able
to inform you of all available
options within the community.
That is one of the reasons I
chose not to specialize in a
specific area or price range. I
feel it would limit my ability to
help my clients find what is
best suited to their needs.
Lawyer’s Title has made their
own Home Buyers Handbook
with their perspective and
suggestions from a title
insurance company’s point of
view, and has details on their
typical closing procedures.
.
2009 RobertaLaRocca.com - All Rights Reserved
Get Pre-Approved for a Mortgage.
Home shopping without knowing how much you can spend, or afford, is a huge
mistake that often leads to disappointment and wasted time. One of the reasons we’ve
had the foreclosure crisis is because financial concerns took a back seat in the home
buying process. Also remember that a pre-approval doesn’t obligate you to a specific lender,
you’re still free to shop for your best mortgage. When purchasing bank owned properties, it may
be that the bank owning the property will insist you to be pre-approved with them before
submitting your offer, and could possibly extend a home loan to you.
I have yet to come across a listing that didn’t require a pre-approval letter for submitting any
offers. Or for those self-funding, you should be prepared with a bank letter proof-of-funds that is
current within the past 90 days. In either case, if you should find a home that you’re interested in
purchasing, it would be a shame to lose it by not having one of these in place.
Understand Dual Agency
It’s a practice that has been banned in some states, but is still legal in Nevada. It
means that one real estate agent can represent both buyer and seller. This would
possibly be the case when calling the listing agent about one of their advertised
properties, or from purchasing from a builder’s agent at a new home site. NOTE: Registering
online, requesting more information, or a first visit to a home builder without your agent
present will eliminate your right to have your own representation.
In my opinion, dual agency would be like asking a prosecuting attorney to defend you in
court. In a best case scenario it would be difficult to offer their best representation to both sides.
Understand that in real estate, the norm is for the seller, or a builder, to offer a set
commission as negotiated in a listing agreement. Whatever the amount, it is typically presented
as a co-op, meaning the amount will be divided between listing and selling agents... unless the
listing agent retains the entire commission in dual agency. This is why you’ll often see that an
agent’s services are free to a buyer. Those that think they’ll be getting a ‘better deal’ by using
one agent are usually mistaken, and have lost their ability to independent negotiation.
Communicate with YOUR Agent
Buyer’s Agents are representing YOU. If you hold back, it makes our job much more
difficult. Don’t hesitate to be open and honest throughout the process, and I know I’ll
return the favor. Ask questions, and by all means keep me informed of any changes
to your home search. It’s not at all unusual to make adjustments as you start to physically look
at homes and weigh wants and needs from what you’ve seen.
Don’t catch Las Vegas ‘Foreclosure Fever’
Don’t get me wrong, I have nothing against foreclosures. I own one myself, bought
in the boom years, so a very difficult find. BUT... with all the media attention to
foreclosures, the late night infomercials, and many websites ‘listing’ foreclosures at
prices that aren’t realistic, many seem to ignore that home sellers and even builders have had
to lower their prices to remain competitive. It makes no sense to shut out a home that’s fits
your needs and in your price range, simply because it doesn’t have ‘foreclosure attached to it.
Because of the competition from the hype, foreclosures usually get multiple offers. They
are sold as-is and often with little to no room for negotiation. You’ll need to sign a waiver due to
the banks not offering any disclosures for known faults. Weigh that against a normal resale with
disclosures, or new homes with builder’s warranty. If nothing else it gives you more to compare
when determining your best home value.
Roberta LaRocca
