home-buying process

Who isn’t online these days? We’ll grant you that there are still a few holdouts who think the internet is just a fad – but you’re obviously not one of them, because you’re here reading this article! We thought we’d talk a little bit about how helpful search engines can be when you decide it’s time to find the right home.

These days, most people begin their search for a new (or used) home on their computers. And why not? It’s a great place to get a feel for the areas you want to live in, what type of homes are in your price range, and a lot more. It can help you narrow down your choices so you don’t have to physically go look at every house that’s for sale in Las Vegas. (When it’s 106-degrees outside, that’s a good thing.)

Of course, once you get your preferences well defined, you definitely want to find an experienced and reputable Realtor® to work with – for a whole host of reasons that we’ve written about before. Such as: Is Your Realtor® Negotiating the Best Deal For You?   What To Look For in a Home Tour With Your Realtor®. And even How to Know You’re Hiring the Right Realtor® in the first place. (Not to mention a few dozen other reasons you want a Realtor® on your side. You can find those on our blog, too.)

But there is a lot of helpful information you can glean from doing your own searches online for properties. It can range from the basics to specific things that are important to you (that may not be a big deal for other people). Consider the sort of things you can discover:

1. See the neighborhood – thanks to Google Street View. Have you seen that meme that says, “Google Maps gives us the ability to see the world – and we spend our time zeroing in on our own home.” It’s true, right? (Sort of makes you want to go search for Italian Villas on there right now, huh?) But in this case, it’s a good thing. You can get a feel for the type of community, zoom out to get a sense of the larger area – what shopping and such are nearby, see if there are a lot of apartments in the neighborhood, are you going to have to deal with a daily school zone (good – and bad!). It’s a great way to get a good sense of the homes you’re considering and help you weed out the ones that won’t work no matter how nice the house itself is.

2. Check out the crime statistics. For many people, this is a major consideration for several reasons. Perhaps especially those with children, senior citizens, single parents, and so on. These stats are usually available on many websites with information gathered from local police departments. It’s a good thing to know – one way or another.

3. What’s the history of the home? Local Assessor’s records can tell you who the previous owners were and how many times the home has changed hands – with the date and the price. (Helpful information to figure out if foreclosure or a short sale occurred – and how long the home may have possibly been unoccupied. An important consideration following the Great Recession.) It can also give you a good sense of potential resale value – if you’re not planning on living the rest of your life at that address. Although your Realtor® can also assist with this information, too – again – it’s a way for you to narrow your focus to find the right home to begin with.

4. Find out information about the HOA. Let us just say that contrary to what you may have heard, not all HOA’s are bad. In fact, we’ve written about that in more detail, too (Do Homeowners Associations Get a Bad Rap?). But some have developed, shall we say, a rather dubious reputation. By digging a little deeper online, you could find out that your new HOA is one of a surprisingly large number of HOAs that have been reviewed online. If so, it’s time to put your feet up and start reading. You’ll probably find a variety of rants, and some raves. But remember, most people only take the time to write about bad experiences, so you need to take many of these comments with a grain of salt.

5. What municipality the home is in, and what are the city or county requirements. Thinking of running a business from home? See if it’s legal. Are you allowed to convert a garage into living space? Not every community lets you do that. If you have specific plans for your home and property, it’s worth making these types of inquiries before (rather than after) you buy.

Goodness knows that there’s more information available at our fingertips today than at any other time in history. Sometimes, doing a search like this may not only help you with a decision as big as where to buy your next home – but also remind you that ….. uhhhh ….. maybe it’s time to review the privacy settings on your own online identity, right?

And as the questions arise while you’re doing your online research to find the right home, be sure to write them down. Because your friendly neighborhood Realtors® at New Home Resource are available to help you get them all answered!

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or visit www.newhomeresource.com.   Broker Joanna Piette, and agents Denise Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

One of the things that homebuyers seem to take for granted is that every real estate agent knows how to negotiate. It’s much more than simply extending an offer and writing up a contract, and it’s something that not every agent knows how to do well. Of course, it’s important that every step of the home buying process is handled properly, which is why we recommend always choosing an experienced Realtor® with a great reputation.

But it’s not unusual for buyers to be so happy they’ve found the right home, that they forget how critical it is to have an experienced negotiator on their side. In fact, it’s not only the agent’s negotiating experience that matters – but also their knowledge of the area, the neighborhood, the history of the home, and even the Seller’s agent (and then some!). Having all this information not only allows your agent to exude an air of confidence, but it also means they’ll be able to be creative, flexible, and “read the room” – making sure they get the best deal possible on your behalf.

Once you’ve found the home that you love, it’s time to move on to the next step: Negotiating the deal and writing the sales contract. The contract will put all the details in writing, but the negotiation is where the competency of your Realtor® will play a major role through this process. If you have an experienced real estate agent who has written hundreds of sales contracts, you should be in good hands. Make sure that you take your time and ask any questions you may have (because we promise you, there are no dumb questions during this stage of the home buying process!).

Buyers in hot, or even warm, markets need to remember that no one gives anything away in real estate. Sellers may very likely have multiple offers on their home, and they get to pick and choose. If your agent makes a lowball offer while others are offering list price (or even more, which is common), you very likely receive a firm, “No.” – – And just like that, the home of your dreams is gone ☹

Agreeing on a price is just the beginning. Because even if you’re thinking you got a ‘smokin’ deal’ – remember how true this is: The devil is in the details. Some of those details that can end up putting you on the receiving end of a bad transaction include the appraisal, time frame, property inspection, who pays for needed repairs, costs and fees, seller incentives – – and the list goes on. There’s no point in buying a home for a great purchase price if you’re responsible for massive repair costs due to the inspection results. Or if the buyer doesn’t have to move for 8 months. Or, … well, you get the picture.

Don’t be the buyer that an inexperienced agent uses as their “Guinea Pig” to learn what not to do. Your time, money, and life are too important for that. Make sure your Realtor® knows their stuff, because it will save you much frustration, anxiety, and grief down the road.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!

Been out looking at homes lately? Thinking that it might be time for you to make the leap? Stop renting, set down some roots, and grow your family? Those are all great ideas, if you ask us. (First, because we hate to see people waste money on rent when they can invest in themselves. Second – because we think Las Vegas is awesome. And third, because we love kids and animals. But, we digress.)

As we mentioned in our last post, going into the home-buying process with a good Credit Score is truly important. Why? Because as we explained, it will help you get a better interest rate, allow you to pay fewer fees, and it will give you more loan options.

Of course, it’s easy for us to say that – but credit can be a complicated thing. (That’s probably why there are books, magazines, websites, and experts out there that make that make explaining how credit works their sole purpose in life.)

There are, however, some basics to keep in mind when you’re trying to improve your own credit history that apply to everyone across the board. So we’re going to try to take a little bit of the “mystery” out of credit! Maybe then you can have a better idea of how to evaluate your own. Then you can make decisions that will help increase your “borrow-ability” (hey look! a new word!) when it’s time for you to make an offer on that house you absolutely love – then apply for your mortgage loan, confident it will make your dream of homeownership come true. Ready?

Not Paying as Agreed. (35% of Credit Score) The first red flag for a lender will focus on any late payments, charged-off accounts, bankruptcies, liens, judgment and other derogatory items on your Credit Report. However, since life isn’t necessarily black-and-white, there may be extenuating circumstances that caused these things to show up on your Credit Report. (An all-too-common and unfortunate one can be identity theft. Another may be an illness with extensive medical bills, or perhaps the millions of people adversely affected by the economic crisis.) Many people aren’t aware that mortgage lenders will consider some of these circumstances when evaluating your loan application. So remember that just because those things are on your report, if there’s a good reason and explanation for them, you may still be able to qualify for a loan.

Poor Credit Management. (30% of Credit Score) Are your credit cards maxed-out to their limit? That’s going to have a big effect on your Credit Score. It’s not that just owing money on your credit accounts makes you a higher credit risk, though. What lowers your score is having high balances, and having balances on several accounts. It’s a sign you may have spread yourself too thin. Start working toward paying those balances down, pay off the ones you can, and before long – you’ll see that score begin to rise.

The Length of Your Credit History. (15% of Credit Score) There’s no hard and fast rule for how long a credit history is required to get a mortgage loan. But as a guide, keep in mind that lenders like to see several months of a good payment history. If you have zero credit history as you read this, then now is the time to start building one. Here are some tips on how to get that ball rolling.

The Type of Credit You Have. (10% of Credit Score) One thing that can help improve your Credit Score is having a variety of credit types on your report. These can be credit cards, store cards and installment loans or credit. So, for example, an auto loan and a few credit cards would be a better credit mix than having only credit cards on your report. Just remember that while having a mix of credit can help, you shouldn’t take out any credit you won’t use. Because…..

New Credit. (10% of Credit Score) Opening multiple new lines of credit too quickly can create a drop in your credit score. (So that part about not taking out credit you don’t need – this is why.) The exception to this is if you’re shopping around for the best credit or loan terms. Multiple credit inquiries over a short period of time will be grouped together as one inquiry – so they won’t “ding” your credit each time one comes through.

Two other things to keep in mind when it comes to your credit – that can both have a tremendous impact on your creditworthiness – are these:

• Errors on your Credit Report. It’s estimated that 1 in 5 Americans have at least one error on their credit report. That’s a huge number – so it bears saying you should review yours with a fine-tooth comb to see if yours is one of them. The good news is that today, it’s possible to submit a dispute for incorrect information online directly to the credit agency reporting the mistake. Although as this creditcards.com blog explains, sometimes better results are achieved through the USPS regular mail.
• Are You Buying Your Home with a Spouse? Remember that both of your credit histories will play a role in your mortgage loan application. That means – don’t review only your own report – get your partner to review theirs, too!

Now you’ve got your homework assignment. It’s time to dig in and take the steps to raise your credit score as high as possible! That one number will help you save money in more places than you can imagine – and not only on your mortgage loan rates.

New Home Resource helps current and future homeowners with all of their Las Vegas real estate needs. Whether your preference is for property management, a newly built home from a local builder, or a resale property in just the right location, a New Home Resource Realtor® is here to provide just the service you’re looking for. Please contact a New Home Resource Realtor® today at 702-365-1000 or at www.newhomeresource.com. Broker Joanna Piette, and agents Denise Moreno Thrasher, Jessica O’Brien, Evelyn ‘Beng’ Kern, and Kathy Paterniti are all here to help!