Get Pre-Qualified / 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. Remember that a this 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 be pre-approved with them before submitting your offer, and
could possibly extend a home loan to you.
It’s the norm to have a buyer’s pre-qualification or pre-approval to submit an offer on most
any property. 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 also be a shame to lose it by not having one of these in place.
Understand Dual Agency
It’s a practice that has been legislated against in some states, but is 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.
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.
Select and Communicate with YOUR Agent
Agents are representing YOU. If you hold back, it makes their job much more difficult.
Don’t hesitate to be open and honest throughout the process, and that can have
them return the favor. Ask questions, and by all means keep them informed of any
changes to your home search. Las Vegas offers a large selection and variety of home style,
neighborhoods, and lifestyle choices. 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’
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.
Las Vegas
Home Buyer
and
Relocation
Information
Please contact one of our
agents or offices for more
detailed and specific area
and buying information.
A Premier Real Estate Agency
serving Las Vegas, Nevada
