Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step is an outline to help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Do you already know where you want to buy? Las Vegas + Henderson has a thriving variety of lake, mountain, and city communities. Do you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you're unsure, now is the time to start researching. Jessica Ream has a proven process of elimination to focus your energy so you're only seeing homes that fit your needs and wants.
Have a range where lowest may include renovation costs and highest if a home hits all your criteria. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home including taxes, insurance, and monthly bills.
The first step to purchasing will be providing Proof of Funds (POF). If you're paying cash, you'll need verifiable source of funds with a stock portfolio, Letter of Certification, or validation from your bank. If you are financing with a loan, you'll need a Pre-qualification Letter from a lender. Jessica Ream has all the resources you may need during this step, but expect to present any Mortgage Lender you choose with 2 years of tax returns and 3 months of your most recent billing statements. Realtors will not have access to your financial information, so they rely exclusively on these letters from Lenders or your Bank to validate your funds. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for and ensure that your cash has been seasoned.
Moving is stressful. Worry about one less thing. Choosing an ethical, hard-working and credible Realtor can make all the difference in the World to your time, energy, and emotional stress. Every deal is different, and surprises will come up. You want an agent that works 3 steps ahead to recognize potential issues and manage them before it affects you. Jessica Ream has been rated 5-stars across all platforms for being knowledgable, responsible, professional, proactive, and kind. Along with an extensive understanding for the industry, Jessica has access to many off-market deals to help you find the right home in the right location. Jessica Ream is specialized in executing private Residential deals between UHNWI clientele that requires operating with the highest level of security and discretion.
This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.
Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.
Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.
No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
Jessica Ream is the 2023 Top Selling Agent for Luxury Homes of Las Vegas and Real Vegas Magazine's Top Real Estate Mogul of Las Vegas. Communicative, knowledgable, and friendly, Jessica is continually recognized by National organizations and Luxury Homes of Las Vegas continues to rank as a Top 1% Broker for all of Southern Nevada.
