Buying a house can be an overwhelming process, especially for first-time buyers. It feels like there’s a lot that goes into it, between securing a mortgage, finding a realtor, finding homes for sale in Las Vegas, and then – once you find the home – negotiating for the best deal. Our best checklist for first-time buyers is here to make things much easier.
Find the Right Real Estate Agent
The most important first step when looking to buy a Las Vegas house is to consult a real estate agent. A good one can answer any questions you have and get you started on the right foot. Their advice is invaluable for anyone interested in buying or selling property, even if they are not about to buy any time soon. Being months away from the purchase is no reason to not consult an agent. They can help you get prequalified for a mortgage and understand how much house you can expect to be able to get for your money.
Many buyers make the mistake of going with the first agent they find. You should look around for a professional agent with the experience and knowledge to listen to you, understand the local market, and give great advice.
Consult a Mortgage Lender
There are lots of different lenders out there, some of which deal with specific loan types. You shouldn’t automatically assume your bank is the best place to get a home loan. Talk to your real estate agent and ask if there’s anyone they recommend. Agents have great connections and know which lenders are better than others. Here’s how to get the best home loan;
- Be sure to get a free credit report from a reputable source. Don’t pay to have your FICO score assessed because that’s not the one lenders use.
- Liking a lender’s website is not a good reason to choose them. There are lots of places you can get a mortgage from, so look around and see what you can see.
- There are lots of different types of mortgage you can use with homes for sale in Las Vegas. Make sure that you pick the right one for you.
Sort Out Your Finances
Work out how much you need for a down payment and set it aside. Don’t do anything that will compromise your finances. Lenders keep track of money entering your account so having a large sum of money come in unexpectedly could cause an issue. You should leave the money in your account for a few months to “season”.
- Get pre-approved. Pre-qualification and pre-approval are two slightly different things. It’s better to be preapproved.
- Don’t make a large credit purchase or dilute cash reserves during this time.
- Make sure you know the kind of preapproval letter that you need. We can help with that.
Find the Right Home
Shopping for a home is a lot more exciting when you know everything else is taken care of. You’ve been pre-qualified, you’ve got the money, you’ve got a good agent, now you just have to put it all together.
- Choose a good neighborhood and – from there – find a house that suits your needs and budget
- Don’t be afraid to look for homes yourself as well as getting recommendations from an agent
Make an Offer
There’s nothing worse than having an offer rejected, so listen to your agent. They know what’s best. Get their advice on how to properly put together an offer and improve your chances of acceptance.
- Make the purchase offer as soon as you can when you find that great home. There’s no telling how many other people are looking at that same house.
- If you run into a multiple-offer situation then come out on top by seeking the advice of your agent. Someone is going to win in that situation, so try to make it you.
- Look at market comparables and learn how to make a great offer.
Close on the Home
The home closing process begins once an offer is accepted. Part of this process requires due diligence from the buyer. Discuss things such as home inspections and how long the process can take with your real estate agent.
- The first thing to do during closing is hire a home inspector to learn more about the house.
- Set aside extra money to cover the closing costs. These costs aren’t covered with the down payment.
- Your lender may require you to pay upfront for an appraisal. Talk to your lender and realtor about closing before making the purchase to cover for these costs.