In Part 1 of the Las Vegas First Time Home Buyer Guide, I stressed the importance of shopping your financing options and getting approved for a loan. Once buyers are qualified they are usually excited to go shopping but they need to make sure they are ready to buy before they waste any time looking around. In Part 2, we explored when it would be a good time to go shopping for your first home. In Part 3, we chatted a bit on how you should go about interviewing and hiring your Las Vegas Buyer’s Agent. In Part 4, realistic time frames for purchasing a home in a distressed environment were set. In this post we will talk about how important it is to learn about the types of sales, what youshould wear while shopping for a home and if you have government backed financing (like VA or FHA) what you need to look for so yourtransaction does not go sideways. Before you even walk into a home you should decide what type of transactions that you want to be involved with. The two most common transactions in the Las Vegas area are: REO (Bank Owned) & Short Sales. Even our “standard” sales are not necessarily “standard” but they may be “trustee sale flips“. REO is more popular with buyers than Short Sales. Short sales are very complicated transactions where the sellers are trying to get the banks to forgive their debt so they can sell their home. Many issues can happen – price can be declined, the seller can refuse to sign off on terms and conditions set forth by the bank(s), etc. Basically you can be waiting for months (or over a year) and a short sale is never a certain or “sure thing”. Once you decide what type of home you would like to purchase, you will get set up on something called an “automated email drip” directly from the MLS. You can decide on the frequency of receiving the listings that match your criteria – from ASAP to daily or weekly. Once a new listing goes in the MLS that matches what you would like (area, home size, home type, bedrooms, etc) you will receive the listing in your email to view online. I also provide 4 other searching options which you, the Las Vegas Home Buyer, can control. Once you have found some Las Vegas Homes to look for, we will set an appointment to go view those homes. When shopping for distressed property, be prepared both emotionally and physically (what to wear) to occasionally run into disturbing sights, smells and even sounds. Multiple offers on homes for sale happen in this market so when you are “ready” several things must happen: Another part of the “house hunt” with a financed buyer is to also anticipate flaws in the home that may make your transaction more difficult. Many financing institutions and loan programs have the appraiser look at the home to make sure it is “habitable”. They do not want to lend on something that is not “habitable”. The rules of a home being habitable are subjective and subject to the appraiser and loan underwriter’s decisions. This must be kept in mind whenever you are on the prowl for property as a financed buyer. So when you find that perfect home, the next thing you will want to do is write an offer. That will be covered in the next part of this series!
Great series Renee. You sum up the importants points, and there are so, so, so much more. Which is why buyers in the Vegas area should do themselves a favor, and contact you! You know your stuff!!
Super advice. I just suggested this as the final in the series. I continue to learn a lot from you, so thanks.
Jeffrey: Swell (about the 203K financing)! :insert dry humor here!: I have never been involved with 203K financing so I am disheartened to hear about that!
Mike: THat is a good idea and I edited my original post on my WP site because of your comments!
Carla & Debbie: Thanks for your kind words!
Hi Renee -- I have enjoyed this series. Home buying is a mystery to many buyers and your series here creates a solid roadmap and foundation for success. When buyers "get it" they can then really focus on the important things and not get distracted and stressed with protocol, etc., when an exceptional agent like you successfully guides them from start to finish. This series also illustrates how the right agent is key to the entire process.
Renee, I just took notice of this series and am extremely impressed by the time and effort put in. Thanks for the good information and most for the great example!
Are you thinking of expounding on these posts and turning it into a book? *hint hint*
Thanks Chris! I am trying to provide that solid foundation because buying a home is so confusing in this environment and people forget things that I told them in the beginning. This way I can just give them a bunch of links and they can reference it when they get to that point!
Kai: Thanks also! I keep it in draft and work on it for a minute or two here or there before it is published.
Eric: LOL, maybe :)
Ylou have done an excellent job here. I'm going back to read your earlier posts in this series. You are going to have some very well informed clients.
Well done with the links back to sequential information. Your readers love it.
Frank
Minneapolis MN
You always have good marketing ideas, Renee. I found a ladybug clip art today. I think you say that sometimes.
Renee. .a master post that everyone should do for their clients. . .you mean business and its apparent.
Renee, along with the rest of the comments here, I agree that this is an excellent series that would apply in any market. We have a lot in common in that we both listen to our clients as well as take the time to educate them in the entire process of buying (or selling)!
You always have such great posts. I wish I could talk to you in person. You would be a great agent to work with. Keep up the great and always useful information.
Nice job with the series, Renee! Clients, and particularly first-timers, get so caught up in the moment that even though we tell them these things, they forget at least half of them. How nice to have a spot to refer them back to for a "review".
Tammie: When I am done I plan on posting the whole shindig here!
Thanks Frank!
Cheryl: Yes I do ladybug!
Fernando: You have me thinkin ;)
Russell: Thanks!
Jessica: I love to talk to people, LOL just call me!
Linda: Yep - that's what I am creating this for, haha!
Joan: Thanks!
Long sales called short sales.
Foreclosed homes called bank-owned homes
Flipped homes called standard sales.
Standard sales called "normal" or "regular" or "just plain happy" sales.
What a complicated web we weave....when we work in the euphemism real estate business.
Great series Renee. It has been very informative. Thanks for writing it.
Cal
This sentence needs to be repeated: “When shopping for distressed property, be prepared both emotionally and physically (what to wear) to occasionally run into disturbing sights, smells and even sounds.”
Comments(22)