Steps to Buying a Home in Las Vegas Using an Escrow Company
Are you looking forward to buying a home in Las Vegas? There are a dozen exciting reasons why owning a home in the City of Lights is a good investment decision. From the thriving economy to good schools, affordable housing, and year-round recreational opportunities, living in the city is a rewarding experience.
Las Vegas also has a thriving rental market, so if you ever wish to rent out your house at some point later, you can easily do so and earn a decent income from your property. But now, on to the home-buying process – what steps should you take when buying a home and using an escrow company in Las Vegas?
Here is a quick summary to get you started.
Begin Your Research
Start by researching Las Vegas real estate market online to find the homes available, styles, locations, amenities, and prices. This gives you a rough idea of what to expect and prepares you mentally before you begin the actual home viewing.
Assess Your Financial Situation
With an idea of what the home-buying market looks like, assess your financial situation to determine the kind of home you can afford. If you’re planning to take a mortgage, there are various methods you can use to assess whether you can afford it. For instance, the 28/36 rule recommends that no more than 28% of your household income should go to mortgage repayment, and all your household debt should not exceed 36%.
Find a Real Estate Professional
A good real estate agent can be a rewarding facilitator in your home-buying process. Look for an agent with vast experience and knowledge of the Las Vegas real estate market. Make a list of your priorities and discuss your needs and preferences with them.
Once you have discussed the type of home you’re looking for, location, and price, they should be able to link you up with the ones that suit your lifestyle and budget, organize the showings, and negotiate to secure you a good deal. In addition, you can count on their industry knowledge to recommend the best service providers, such as lenders and escrow companies in Las Vegas.
Get Pre-Approved for a Mortgage
If you’re buying a home using a mortgage, find a lender and get a pre-approval letter. The importance of going through the pre-approval process is that it gives you confidence when you start viewing homes. Usually, the lender will assess your financial position and determine the amount of loan you can afford. At the same time, you get a chance to explore any special programs they have that may qualify you for a higher loan.
Search for Homes
Based on the information you gathered on the first step and after talking to the real estate agent, decide on your preferred neighborhoods and commence the home search. The agent will recommend the best homes that suit your lifestyle needs and budget and schedule showings.
Make an Offer
Once you have picked your preferred home, make an offer. Your real estate agent should help you draft the offer and present it to the seller, who may accept, reject, or issue a counteroffer. If the seller sends a counteroffer, the agent then negotiates to get you a good deal.
Secure Your Financing and Find an Escrow Company
After the seller agrees to your offer, talk to your lender and finalize the mortgage. Also, find a Las Vegas escrow company to hold your deposit once you sign the sales agreement.
Conduct a Home Inspection
As part of your due diligence, conduct a home inspection (with help of a licensed inspector) to ascertain whether the home is in good condition or if all issues are noted in the agreement and factored in the selling price.
A due diligence period is usually set in the contract, and you have a right to withdraw the offer without penalty if you discover issues of concern. The inspection can focus on the foundation, walls, floor, plumbing, septic system, roof, electrical system, and HVAC system.
Close the Deal
Once satisfied with the inspection report, you enter the final step, which involves closing the deal. You and the seller sign all the necessary legal documents related to the sale, the bank issues the seller a check, you get the title of the property transferring the ownership to you, and pay all the closing costs.
Need Element Title & Escrow Help?
If you are in the process of buying a home in Las Vegas, Element Title & Escrow is here to help you close the transaction. Contact us today, and let us help you simplify the process and protect your investment.