WHAT DOES A REALTOR DO?
A realtor, or real estate agent, helps people buy, sell, or rent properties. They have expertise in the local real estate market, assist with property searches, negotiate deals, handle paperwork, and guide clients through the entire buying or selling process. Realtors also provide valuable market insights, pricing advice, and access to a network of professionals. Their goal is to make real estate transactions smoother and more successful for their clients.
Code of Ethics: Realtors adhere to a strict code of ethics, promoting professionalism, integrity, and fair practices in their dealings. Remember, while the terms "realtor" and "real estate agent" are often used interchangeably, a realtor is a member of the National Association of Realtors and is bound by a specific code of ethics. Not all real estate agents are realtors.
WHAT’S YOUR BEST ADVICE FOR A FIRST TIME HOMEBUYER?
Trust the professionals! ---Exercise caution when considering advice from those outside the industry. Real estate is a widely discussed topic, and it's common for individuals to believe they possess valuable insights. However, the true experts are the professionals actively engaged in the business. Accomplished realtors bring unparalleled expertise. They are well-versed in what to anticipate and what pitfalls to avoid. While friends and relatives may have dipped their toes in a few real estate transactions, it's essential to recognize that limited experience doesn't necessarily translate to comprehensive knowledge. For first-time buyers, it's crucial to approach well-intentioned advice from non-professionals with care to ensure a more satisfying and informed real estate journey.
HOW MUCH DO I HAVE TO PAY A REALTOR AS A HOME BUYER ?
As a home buyer, compensation for your buyer’s agent is now discussed and agreed upon directly between you and your agent before touring homes. Under current real estate commission laws, buyers are required to sign a Buyer Brokerage Agreement that clearly outlines how their agent will be paid. A seller may choose to offer compensation to a buyer’s agent, but this is no longer guaranteed or advertised through the MLS. If the seller offers compensation, it can help cover your agent’s fee. If not, the agreed-upon compensation outlined in your Buyer Brokerage Agreement may become the buyer’s responsibility, though it can often be negotiated as part of the purchase contract. Commission structures vary and are fully negotiable. Your agent will review compensation options with you—including seller concessions, negotiated credits, or other solutions—so you clearly understand how representation costs will be handled. The most important step is to discuss compensation openly with your agent at the beginning of the home-buying process so there are no surprises and you can move forward confidently.
WHY SHOULD I BUY, INSTEAD OF RENT?
Owning a home is like making a long-term investment. Unlike renting, where your monthly payment is spent with no return, owning a home comes with benefits. You can reduce your federal income taxes by deducting mortgage interest and property taxes. This can save you a significant amount each year. The interest you pay is a big part of your monthly mortgage payment, especially in the early years. Also, your home's value may increase over time. Beyond financial benefits, having a home allows you to express your personal style and make a place that's truly yours.
WHAT IF MY OFFER IS REJECTED?
They often are! But don't let that stop you. Negotiating is a common part of the process. Your agent is there to assist you. You might need to consider offering more money, but you can also discuss having the seller help with your closing costs or handle unexpected repairs. The negotiation dance may involve a few rounds, but keep in mind your priorities and budget. Don't let the back-and-forth distract you from what you truly want and can afford!
HOW MUCH SHOULD I BUDGET FOR THE HOME INSPECTION?
I recommend budgeting $500 for your inspection.
WHY YOU SHOULDN’T GO TO A NEW BUILDER WITHOUT A REALTOR?
Having a realtor when dealing with a new builder adds expertise, protection, and representation to your home-buying process, making it a wise decision to seek professional assistance.
WHY SHOULDN’T YOU USE THE LISTING REALTOR TO PURCHASE THE HOME?
Using the listing agent to buy a home can present potential conflicts of interest. The listing agent represents the seller and has a fiduciary duty to act in the seller's best interest. While it's not prohibited to use the listing agent to buy a home, it's generally recommended for buyers to have their own representation to ensure they receive unbiased advice and advocacy. If you decide to go this route, it's crucial to be aware of the potential conflicts and consider seeking legal advice to protect your interests.
WHAT’S THE FIRST STEP OF THE HOME BUYING PROCESS?
The mortgage pre-approval—Lets ask the lender!
WHAT KIND OF CREDIT SCORE DO I NEED TO BUY A HOME?
Let’s ask the lender!
ARE THERE ANY USEFUL PROGRAMS TO HELP ME AS A HOME BUYER?
Let’s ask the lender!
HOW MUCH DO I NEED FOR A DOWN PAYMENT?
Usually around 3-5% but Lets ask the lender!
WHAT PRICE RANGE SHOULD I BE SEARCHING IN?
Let’s ask the lender!
WHAT ARE MY CLOSING COSTS GOING TO BE?
Let’s ask the lender! One thing unique to Las Vegas is the state transfer tax, which is part of the closing costs.
HOW MUCH SHOULD I BUDGET FOR APPRAISAL?
I recommend budgeting $750 for your appraisal
HOW LONG IS A TYPICAL ESCROW *Accepted offer to Closing*?
A closing timeframe is typically 7-45 days from the date that an offer is accepted, depending upon if you are obtaining financing or paying cash. 30 days is most common in our market.
When can I back out if I change my mind?
Anytime! While you're checking things out as a buyer, you can back out for any reason during the due diligence period, and you'll get your earnest money back. But if you decide to walk away after that time, just know that you might have to say goodbye to the earnest money you put down with your initial offer.
WHEN DO I GET THE KEYS?
Once the deed has been recorded!