Las Vegas Buyers Agent: Las Vegas Home Buying Process, Las Vegas Real Estate

The Las Vegas Buyer's Agent

A Las Vegas Buyer's Agent is someone who is paid by the SELLER and the fee is usually 50% of the agreed amount of the Las Vegas real estate transaction. The purpose of a Buyer's Agent is to represent the buyer and to assist in evaluating the type of home, amenities, location, and price range a buyer would like to search.

The Las Vegas Real Estate Search

A consultation based on the buyer's criteria is then matched up with the real estate agent's knowledge of the Las Vegas Valley communities. The Buyer's Agent can then suggest various appropriate Las Vegas communities and the types of homes that fit into the buyer's price range.

You can search for available homes yourself with the Free Las Vegas Homes MLS Search before you select a Buyer's Agent or have your Buyer's Agent do an in-depth search for available Las Vegas properties that meet your needs.

Both the Free Las Vegas Homes MLS Search and a designated Las Vegas Buyers 'Agent will give you addresses to properties that are listed. You will also be able to actually pass by the property if you are a local resident, or you may preview them yourself online to get a feel for the various Las Vegas neighborhoods.

Once you have narrowed down your search, Las Vegas Buyers Agents will work to:

Find a Las Vegas home for the best price possible.
Help compare other homes that are listed.
Verify the condition of the home.
Prepare an offer to the seller.

The Las Vegas Home Buying Process

The Las Vegas Home buying process begins with making an offer to the seller. After the Las Vegas Buyer's Agent has discussed the details pertaining to the home, the agent notifies the Seller's Agent that an offer is being sent to present to the seller. However, some basic requirements need to be in place before proceeding with the paperwork.

Since most sellers require a "Pre-Approval" letter to be sent along with a Purchase Agreement, it is best to have this letter sent with the offer or soon thereafter. If there are variables such as close of escrow dates due to relocation, or special requests for items not included in the listing price such as appliances, these items need to be included in the offer. The Las Vegas Buyer's Agent will also try to learn how motivated the seller is and convey the information to the buyer. Although the listing price is what the seller would like to receive, it is not necessarily what will be accepted or settled for.

Many variables can affect the process. For example, if the market is a "Seller's Market", there may not be any room for negotiating on a price. So, if several offers are presented, the price offered may not be enough. On the other hand, if it's a "Buyer's Market", there may be a possibility of having the seller accept a lower price than what's being asked. Currently the Las Vegas real estate market, is a "Seller's Market" with multiple offers being presented on most of the Las Vegas homes for sale.

The buyer has to be aware what the supply and demand is with the help of the Las Vegas Buyer's Agent for a particular Las Vegas community or price range. Upon having checked the recent sales prices of comparable homes in the neighborhood, a realistic offer can then be made to the seller.

The buyer should submit the letter of "pre-approval" from their lender and provide an earnest money deposit with a personal or cashier's check. The amount requested as an earnest money deposit is the recommended amount to submit with the offer since it will help show the seller your "good faith" in purchasing the home.

The Las Vegas home buyer may request the time limit for the seller to accept the offer which is usually within 24-48 hours. After the Buyer's Agent reviews the Purchase Agreement, he will then sign it and initial where indicated and wait for the Listing Agent to respond with an acceptance.

When the buyer's offer is accepted, the Las Vegas Buyer's Agent notifies the buyer and the agent will then open escrow. The signed Purchase Agreement, earnest money deposit, and the pre-approval letter from a qualified lender are delivered to the title rep at a local title company and the escrow officer will then proceed to prepare the documents. Closing dates usually allow a 30-day closing time frame unless otherwise stated. While this is the requested time frame, it is not always met if the appropriate doc's are not received in a timely manner. Both buyers and sellers should be aware of possible delays that may affect them with the moving transition, should that be the case.

THE CLOSING PROCESS

Many Las Vegas homebuyers take advantage of the option of having an independent Home Inspection completed by a certified Las Vegas building inspector. The purpose of the inspection is to examine the home for eatures such as the heating and air conditioning system, attic, plumbing, roof, exterior, electrical, and appliances and to report if there are any major damages or repairs that need to be made.

The buyer normally pays for the Home Inspection that ranges between $200-$400 and is usually represented by the Buyer's Agent during the actual inspection. Once the appointment is made, the Buyer's Agent notifies all parties so that the buyer and listing agent (who, in turn, notifies the sellers) are fully aware of the inspection date and time. If for any reason there are any major problems with the home that are not seen with the human eye, the Las Vegas Buyer's Agent will discuss in what instances the buyer can rescind his offer for the purchase of the home.

A "Walk-thru" is also scheduled by the Las Vegas Buyers Agent usually 3-5 days prior to the closing of escrow. The purpose is to make sure that everything is in working order.

Most homebuyers also choose to purchase a Home Warranty to insure that the home is protected from any defects or damages during at least the first year of ownership. The fee for a Home Warranty varies and will range from $200-$500 per year. It usually includes everything in the home except the appliances such as the refrigerator, washer, and dryer. It is reassuring to the new homeowner to know if there is an electrical or plumbing problem or a leaky roof, that the Home Warranty is available.

If we can answer any further questions about the Las Vegas home buying process, please contact us. Also, to begin your search for a Las Vegas home without first talking to a real estate agent, use the Free Las Vegas Homes MLS Search to view available properties that meet your criteria.