Las Vegas entrepreneur and expert Realtor Nate Strager, has written and developed a free Home Buyers Guide that is available to anyone in the market to buy or sell their home. He explains in the guide that the buying process consists of 5 major steps or components: Pre Approval, Pre-Search, The Search, Mortgage and Approval and The Closing.
The function of pre-approval is to help to determine how much you can comfortably spend, and it comes with the added benefit of being backed up with a verification from a bank or lender. Knowing your number will assist you in focusing your home search, staying competitive in a seller’s market, and moving more quickly on the property that you want.
The purpose of the pre-search is to get yourself familiarized with the options or programs that are available. This would include services like down payment assistance programs, for example. In the city of Las Vegas down payments can range from 5% up to 20%, and the services that provide this assistance are open to anyone who applies.
Identifying the top two neighborhoods in which you want to live is the only way to successfully narrow down the search for your new home. When making this decision, one should consider such factors as their commute to work, proximity to friends and family, as well as other neighborhood amenities such as grocery stores, schools, restaurants and transportation.
When financing a home there are several types of loans for which you can apply. There are conventional loans, FHA loans and VA loans. Each type of loan carries its own stipulations; factors such as varying interest rates, etc. As long as you have your pre-approval letter, your realtor should be able to work with your loan officer on agreeable terms for financing.
According to Nate Strager, the closing process can be argued to be the most critical part of a real estate transaction. It is at this phase where multiple things have the highest probability of going extremely wrong. This is why buyers want to make sure that they are working with the best possible realtor. Your realtor should be your advocate during these transactions and should have many relationships with the other professionals who are essential to the process. Realtors who have cultivated these relationships are in the best position to make sure your closing goes as smoothly as possible.