10 Steps to Your New Home
1. Pre-approval of home loan. The lender of your choice will have you fill out an application. Based on this information and credit report, they will provide a letter that states they type and amount of loan you are qualified for.
2. Home Search. We will work with you to set up the most comprehensive search to help you find your future home.
a. After identifying homes you are interested in viewing, we will coordinate the appointments with the home owners and listing agents.
b. Each time a new home comes on the market, or has a price reduction you will receive a new automated notification.
3. Make a competitive offer on your home. We will do a Comparative Market Analysis of the home and collaborate on the best way to position you for success. There are several dates and terms in the purchase contract so plan on an hour or so to draft your offer.
4. Negotiate a contract. Based on prior experiences in the market and communication with the listing agent, we will be your advocates in negotiating the best possible price for your home.
5. Earnest Money The earnest money deposit is an important part of the home buying process. It tells the seller you’re a committed buyer. Expect at least 1% of the purchase price for EMD. These funds are held by the title company and credited to you at closing.
6. Home Inspection. During your first 10 days, you have the right to have a complete inspection on the home. This is a buyer cost that ranges between $250-$500. It allows you to get a comprehensive report of the condition of the home. We will help coordinate this for you.
7. Meet with your Loan Officer. Once you’ve selected your new home, it’s time to finalize your home loan. The lender will provide a list of documents they require to process your loan and they will also order an appraisal at that time.
8. Resale pkg review: If your new home is in a common interest community, you will be receiving a pkg that contains all the information about that specific community for your review.
9. Signing your loan documents. This appointment is typically held at the title company. *Note that your credit report will be checked again on the day you loan closes. Please refer to the “Mortgage Don’ts” document for further information. Nevada law requires funds to be wired to Title Company (checks & cashier checks will not be accepted)
10. Closing Day! Once the title company receives both the wire from your lender, as well as your wire for closing costs/down payment they can release the deed to be recorded at the county. Once we have recording confirmation, we can meet to give you keys to your new home!