(702) 900-1238 First time home buyer tips and a quick overview of exactly what takes place in the house buying process here in the Las Vegas real estate market. Melvin suggests that you work with a professional, an agent you feel comfortable with, to start your search and get pre-approved for a loan. 97% of all buyers begin their search online. Go here to search the Las Vegas MLS.
When meeting with Matt Peters he will explain that finding the right home is only a piece of the entire process. There are typically between 6,000 and 7,000 homes on the market at any one time throughout the Las Vegas and Henderson valley. So, while locating the right neighborhood for you is a fair amount of work, it's really only the beginning of the entire process.
First time home buyers should have their "approval letter" in hand or their real estate agent should have a signed letter on the lenders letter head which clearly states that the buyers has been "underwritten" and approved for X amount of a loan, subject only to the appraisal of the home selected. This give the buyer such an advantage in the market and, often times, can save the buyer thousands of dollars in the home buying process.
Matt and JC say that a home inspection by a licensed professional is a must. This provides a look into the integrity of the structure and systems in the home. For two to four hundred dollars it is a worth while investment which should not be overlooked.
In the meantime, an escrow is opened with an independent third party who is licensed and bonded by the state. For those moving here from the east coast and from parts of the mid-west where you're used to using attorneys to escrow your real estate transactions, it's a little different as Nevada and the entire Las Vegas and Henderson area are part of an "escrow and title" state. We strongly recommend that you escrow with one of the title companies. All of the title companies offer escrow service.
Finally, the walk thru inspection. This is simply to make sure that nothing has changes since you first looked at the house. It is not to nit pick the paint or minor issues that existed at the time you first viewed the property.
From here, escrow is instructed to close and they record the deed into the new buyer's name!
Congratulations. Remember, moving and buying a new home can be a stressful experience so try and take a deep breath and enjoy the process.
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