~ Buying a Home in Las Vegas For Sale By Owner - Real Estate in Nevada ~

Real Estate Agent with Keller Williams Las Vegas S.0075212
~ http://www.ballengrouphomes.com - Las Vegas is on SALE and NOW is time to buy. Call The Ballen Group at 702-604-7739  - Real Estate in Nevada

Buying a Home From For Sale by Owner Listings

You've decided you're buying a home, and suddenly you spot a gem that reads, ôFor Sale by Owner.ö What should you do? Real estate agents can be extremely helpful for guiding homebuyers through the purchase of a home, but every year approximately 20 percent of home sales in the United States are transacted directly between the buyer and the seller. It's not difficult buying a home from for sale by owner, but you will need to understand the important steps listed below.

  • Know Your Budget. Before buying a home from for sale by owner, figure out how much you can afford to pay for a house. Your existing debts will dictate your mortgage limit. Lenders typically require a down payment of 10 to 20 percent, so consider these factors and know your budget before buying a home from for sale by owner.
  • Get Pre-Approved. When a home is for sale by owner, the seller will want to know that you are able to purchase his or her home. Getting pre-approved for a loan is the best negotiating tool you can have when buying a home from for sale by owner.
  • Contact the For Sale by Owner Directly. When buying a home from for sale by owner, there's no need for a middleman. When you see a home listed as for sale by owner, e-mail or call the owner directly to request more information and set up an appointment to see the home. The owner will probably give you a tour of the house.
  • Get a Comparative Market Analysis (CMA) or Valuation Report of the Home.Compare prices of other homes in the neighborhood to ensure the home that is for sale by owner is not overpriced. Question the owners about how they arrived at the asking price. The CMA may or may not factor in foreclosures and short sales, which depress the average selling price in the neighborhood, but an appraiser will consider these factors when he appraises the home for the lender.
  • Hire an Attorney. A real estate attorney can provide you with all the advice needed to buy a home from for sale by owner. Use a local attorney who is knowledgeable about your town's real estate-related ordinances as well as your state's disclosure and tax laws. Your lawyer can also advise you through the offer negotiations.
  • Make an Offer. Make an offer based on comparable prices in the neighborhood, not on the homeowner's listed price. After you have toured the home, have a property valuation report, and have hired a real estate attorney, you are ready to present the seller with an initial offer. Your attorney should have the necessary offer forms. Make an offer that gives you room for negotiation but is not so low that it is offensive to the owner. Continue negotiating until you have an agreement with the seller on the terms: the price, closing date, and any seller concessions, such as paying part of the closing costs or including personal property such as furniture.
  • Lock in Your Mortgage Rate. Once you have an agreement, the home is "under contract." Now, you must get several critical steps done simultaneously. First, bring your offer to your lender for a firm commitment for the mortgage. Even if you are pre-qualified, shop around one last time for the best terms and lowest mortgage rate. Once you have settled on a lender and a mortgage, the mortgage will be "locked in" for 30 to 60 days, which should be enough time to complete the rest of the paperwork and close the sale. The lender's appraiser will examine the terms of the sale and the property itself. If your accepted offer is significantly above the recent sale prices of comparable properties in the neighborhood, the appraiser may object. That could put the deal in trouble because the lender will not make a loan for a home that is being sold for more than the market value indicated by the appraiser. You may need to renegotiate the deal.
  • Get the Home Inspected. Hire your own licensed home inspector, not one recommended by the owner of the home. You will get an inspection report detailing any mechanical, structural, or pest problems. The inspector may not confirm that the house is in compliance with local building codes, so if the home has been recently renovated, ask the inspector to confirm that the improvements comply with local building codes. If the improvements are not up to code, and you buy the home, you will be responsible for the costs of bringing the home into code compliance. Depending on the results of the inspection, you may want to re-negotiate the purchase price. For example, if the roof needs to be replaced, re-negotiate with the owner to lower the price to compensate for that replacement cost. Alternatively, negotiate for the seller to give you an allowance at closing for the repairs.
  • Close the Deal on the Home. Have a real estate attorney look over contracts and agreements before signing. Your attorney will handle most of the details at closing and will advise you on the paperwork that needs to be completed. Your attorney and your mortgage lender will help you with organizing the financing and providing payment to the seller. On closing day, the seller of the home will sign over the deed. You will complete all the mortgage paperwork, and you'll get the keys to your new home.

Buying a home in Las Vegas from for sale by owner does not need to be complicated, and you can save money on commissions if you follow the above steps.





The Ballen Group

Lori Ballen and her husband Richard Ballen manage a top producing Las Vegas Real Estate Team at Keller Williams Realty Las Vegas on DI and Durango with Debbie Zois and Dave Jenks. As Las Vegas Short Sale Specialists, Lori and her team focus on distressed properties and residential real estate in Nevada. 






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You may not be familiar with Lori Ballen, Ballen Brands, or The Ballen Method - but I’m almost certain one of your respected professional peers is. Someone you know likely knows my name. Talk to your associates, your friends in real estate, and ask what they know about the Ballen name. I’m confident you’ll be intrigued. My reputation wasn’t crafted by accident, irony, chance, or luck. I earned respect (and rewards!) the hard way. Using the stepping stones I’ve spent more than a decade constructing, you, too, can build your success story in business. I share my failures (and my win/wins!) to help you succeed.

Long before 2010, I was a business owner faithfully (and sometimes embarrassingly!) practicing my motto, “fail forward”. I built millions in various business ventures, and I threw millions away through haphazard mistakes, dangerous habits, and bad choices. Although I lost millions, no one can subtract experience. The valuable lessons I learned were engrained in my being. My marriage was also on the brink of disaster. But my husband and I held on by the tattered threads of our rags to riches dreams, gathered up our life lessons, and joined Keller Williams Realty in September of 2010 with a wish and a prayer. When we became a part of the Keller Williams family, all we had was a computer, faith, and an undying need to succeed. By the end of that year, we closed 100 internet driven transactions… with no database.
In the six years that followed, growing organically through trial, error, and triumphs, I also launched a training and marketing company, Ballen Brands, to assist honest, hard-working professionals like you. I know how difficult the road to success is, and I know no one needs to walk it alone.
All of my lead generation - all-of-it - is done through search engine optimization (SEO) and social media. I learned the difficult way and I validate my experiences by recycling my hard knocks to demonstrate for you a simple way to dominate digital strategies. And the good news is, your success story won’t cost you millions over decades like mine did! It will only take you a short amount of time and a small investment to build your business, your reputation, and your riches. My marketing class was designed with you in mind.
You are invited to join me on the evolving journey. If you’ll allow me, I can show you mind-blowing tricks of the trade and secrets of success. I’m so sure of your potential growth in my classes, I’m willing to put my name on the line. All you have to do is register now. Need to think about it? Click here to learn more.
I’m so excited to meet you, to shake your hand, to answer your questions, and to help you grow your business.
Sincerely yours,
Digital Marketing Strategist
Ballen Brands - Helping Business Professionals Rise Above the Noise.
P.S. You may just love my new B.R.E.W. websites!  B.R.E.W. stands for Ballen Real Estate Websites, and they’re gorgeous as well as functional. To learn more about B.R.E.W.s and other Ballen Brands services, you’re invited to visit us at BallenBrands.com, or call Jeff at (702) 917-0755. 

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Lori Ballen

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