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If you want to buy a house in Reno, NV, you need to know how the home buying process will start and finish. This way, you can feel confident as you make this important purchase. These are the steps to expect during the process of buying a home in Reno:
Choose a Real Estate Agent
The home buying process should start with you getting the help of a real estate agent who knows the area well, so look for an agent who has served Reno for years. In addition, make sure he or she has experience working with the type of property you want, such as a new build, foreclosure, or short sale. As you schedule your first meeting with your agent, prepare by creating a checklist of what you want in a house, as well as what your budget is.
Get Pre-Approved for a Loan
Once you choose a real estate agent, it's time to get loan pre-approval from a lender. This way, you know exactly how much you can spend on a house, helping you avoid wasting your time looking at homes you can't afford. This will help speed up the home buying process as you search for your new home in Reno.
Related Article: The Home Buying Process: Mortgages and Loans
Choose Homes and Look at Them
After you talk to your real estate agent about what you want in a home, he or she can start sending you listings that might interest you. You can go through them and make a note of which homes you would like to see in person. Then you and your agent can arrange a time to go see them!
Make an Offer
Once you find a house in Reno that you love and that you can afford, it's time to make an offer. This will require you to show proof that you are pre-approved for a loan, and you will then have to write a check to the title company, which will open escrow if the offer is accepted. Making an offer can be an exciting part of the home buying process, but it can take a while to hear back, so be prepared to wait weeks or even months.
Related Article: The Home Buying Process: Making an Offer on a Home
Negotiate Terms
If your offer is accepted, it's time to negotiate your terms during the home buying process. If you need repairs done before you will buy the house, now is the time to mention this. You will also need to negotiate the price you are willing to pay, if it's different from the listing price. Your real estate agent will help with this important part of the home buying process in case you have any questions. Once the negotiations are done, you can accept the contract.
Remove Contingencies
A contingency gives buyers and sellers a way to cancel the transaction without losing deposits. This means contingencies have to be removed before the home can be bought. Some common ones involve loan approval, insurance, inspection of the home, appraisal, and repairs. Your agent will let you know if there are any contingencies that are unique to you and will then help remove them so you can continue with the home buying process.
Apply for Mortgage
The next step is to submit an application for your mortgage. At this time, you should ask your lender for an estimate of the closing costs you will need to pay. Closing costs usually pay for the title insurance, home inspection, appraisal, mortgage points, and certain taxes associated with buying a home. If you have any questions about what certain fees are, you can ask your lender or real estate agent for an explanation before you pay them.
Close on the Home
One of the best steps of the home buying process is closing on your new home. This process is simple, but it can be long because it requires you to sign dozens of papers. So come prepared to sign your full name and also your initials on a huge stack of paperwork! Bring your checkbook, too, since you will likely have to write one or more checks as you close on your home. Your real estate agent will let you know how much you can expect to spend during this part of the process.
After this, you can get the key to your house and celebrate becoming a homeowner! If you are about to embark on the home buying process in Reno and need some help, simply contact McKenna Berg, a member of The Ballen Group Real Estate Network, at (775) 453-0343, or visit www.TheBallenGroupReno.com.
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