Questions to Ask When Buying a Home in Las Vegas
There are a lot of questions to ask when buying a home in Las Vegas, and the most important ones have nothing to do with the square footage of the kitchen or the jacuzzi tub in the master bathroom. Here are important points about the home-buying process.
When you’re looking for a home, you have to know about the buying process and how to protect your investment. You’ll have a lot of questions to ask when buying a home in Las Vegas, but the most important ones have nothing to do with the square footage of the kitchen or the Jacuzzi tub in the master bath. Although concerns with fixtures and features are completely valid, you’ll also want to know how to go about the transaction. Here’s a guide to the kinds of things you should be asking about.
Ask About Your Agent
What are the agent’s qualifications? Every real estate agent is a certified professional, however, some agents have additional training and designations in specific areas. For example, an agent may have gotten additional education in short-sale buying and selling, which is not an uncommon thing in Las Vegas. Being educated on this provides agents with insight and understanding of both their clients and the processes they are dealing with.
Ask About Inspections
Some questions to ask when buying a home should involve the various inspections available, their cost, and who pays for them. Your real estate agent knows all the available options and can assess which ones are suitable for your prospective new home. For example, you might need pest inspections to reveal if you have any damage from termites or other insects.
In most cases, the buyer pays for all inspections. However, you can still ask if there’s anything that might be negotiated in that regard.
Ask About Appraisals and Surveys
How does the appraisal process work? If your deal is carried out in cash — and cash purchases are very common in Las Vegas these days — no appraisal is necessary. Financing, however, always requires an appraisal. The Las Vegas market is still developing at a steady pace and it’s important to understand how best to bridge any gap between appraised value and prevailing market price.
You will also want to ask if a survey is required. The answer is most likely “no,” as surveys are only required in certain states and Nevada is not one of them. Still, your real estate agent may advise one depending on the circumstances, or the sellers may opt for one anyway.
Ask About the Seller
You’re not being nosy when you ask questions about the seller’s history with the property — especially in Las Vegas, where house flipping is not at all uncommon. Although Federal Housing Administration rules currently allow a borrower to purchase a flipped house within the first 90 days of a title transfer, some banks still adhere to the old 90-day rule. Your real estate agent can help you navigate any special circumstances for funding to purchase a flipped home, as well as suggest and negotiate options (such as early buyer possession) if necessary.
Ask About Making an Offer
How much should you offer? While only you can determine the answer to this question, your real estate agent can provide parameters and offer pertinent advice. There’s a delicate balance in Las Vegas between the demands of a rising market and the boundaries of what will prevail through an appraisal.
Ask About the Transaction
The timeline for a typical real estate transaction is 30 to 45 days, but your real estate agent will be able to let you know if the details of your transaction would make the timeframe longer or shorter (in the case of a short sale, for example). State-required waiting periods to review forms or documents can be waived in some cases.
It’s great to have all the questions to ask when buying a home — and even better to have the answers!
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