Similar to other countries and states, the housing market of Nevada is experiencing a hard time to recover from a difficult time of foreclosure and declining home values. By the end of 2011, the average price of a home in Nevada was $211,500. With regards to Nevada real estate, there are several particular laws and regulations as compared to other states. The easiest way to buy a house in Nevada is by engaging with a licensed real estate agent and a trustworthy mortgage lender.
In this case, search for a licensed real estate agent or broker who has a vast background in dealing with Nevada real estate.
- You need to ensure you have a “buyer’s agent” who will work in a way to defend your interests only. You will find some agents offering both the seller and the buyer in a transaction; however, usually real estate agents settle on the fact that each part should have their own agent.
- You should sign a listing or brokerage agreement. This way, you will be able to put the agent’s fee and other commitments along with schedules in writing.
- When it comes to finding an agent or broker, it is better to consider referrals, or you can do a little research on the internet or reply to the ads in print or online.
Avail A Mortgage
In order to avail mortgage, you can work with a money lender or look for Nevada’s home lending programs to take the advantage and compensations for certain populations, for example, teachers and individuals with disabilities. In this case:
- Get in touch with a trustworthy moneylender who can help you get the appropriate loan. The local bank or credit union should be on your top priority.
- In case you have a good credit history, verifiable income, and down payment, you should go with a traditional mortgage.
- Get in touch with FHA (Federal Housing Administration), VA (Veteran’s Administration), or USDA (United States Department of Agriculture) to explore your eligibility intended for federal loan assistance.
- You can explore your alternatives intended for state assistance. For example, there are particular benefits for the teacher, educational professional, or disabled.
- Get in touch with the Nevada Housing Finance Agency regarding fundamentals intended for a Nevada’s Interest Only PLUS loan.
Search for A House
You can search for a house that you want to buy in the region of Nevada with the help of a real estate agent.
- In case you are not using a real estate agent, then you can check listings in your local newspaper.
- The other way is to look for the listings online, homes that are listed for sale and you would be interested in buying.
- There is a certain search criterion while searching online; for example, you can define your search as per the price range.
- You can request the real estate agent to show you the houses as per specific size, location, or any other requirements or needs.
Go Through the Real Estate Transfer Disclosure Statement
You must go through this document, and you should ask your agent to provide you with this document before you make an offer on the house. The document contains specific records, for example, the property that the seller will include with the house, including appliances or furniture. The document should likewise list the condition of the home and any associated risks.
Submit A Contract of Sale
In this case, you should get help from your agent to write and sign a purchase agreement. The contract usually includes a deposit of around $2,000, which indicates you are a serious buyer.
Negotiate with the Seller
In this case, your offer will be accepted by the seller or the selling agent, or they will give you a counteroffer. Keep on negotiating until the point you both agree on a price.
Settle on A Closing Date
You need to settle on a date with the seller to close on the sale of the house. In usual cases, house sales in Nevada tend to close from 30 to 60 days after the agreement is signed.
Add language regarding how soon you would want to close in the contract at the time you make your written offer. The closing is generally dependent upon successful inspection of a house and approval on the mortgage.
Book an Inspection Date
A certified home inspector will issue you a list containing any associated problems that need to be taken care of. In this case, the seller can either restore them or offer you a credit towards restoring them.
Complete A Final Run Through
In this case, it is better to inspect the property yourself with the goal to ensure it is all set to move in prior to closing.
Settle on Your Mortgage
You need to make sure all the paperwork is set up and that your home loan has been approved by the moneylender.
Get Homeowner’s Insurance
Most insurers in Nevada will need you to have enough insurance to cover (as a minimum 80%) of the replacement cost of your home.
Close the Deal
To close on the house, you will need to be with your real estate agent, an attorney assigned by your moneylender, and the seller.
- In case you are making a down payment, you will need to pay one along with any closing costs. In most cases, moneylenders need a certified check instead of an individual check.
- Now it is time to get your keys from the seller. Congratulations! You have purchased a home in Nevada.
Word to the Wise
At the time of buying a house, it is best to consider the number of years you intend to live in. You will need a house that will function admirably for your family, in any case, a few years, so as to allow the market to bounce back.
Stay away from greedy lenders. As per the Nevada law, buyers are protected from moneylenders who charge over 6% of the financed amount in fees or provide loans to individuals who can’t reasonably afford them. You should likewise be aware of the lenders who need you to finance credit insurance on your mortgage.
Joseph Carey has got a vast experience in both government and the private practice of law. He got a Bachelor’s degree from the University of Oregon. In the private practice of law, Mr. Jackson practices in the areas of bankruptcy, the real estate of different states, including MacDonald Highlands and immigration.