Beckstrom & Beckstrom, LLP

Whether you are ready to purchase a new home or are anxious to get your home on the market, understanding how the entire process works from start to finish is crucial. Residential real estate is notoriously complex, and there is much you need to know before you are ready to buy or sell. 

As you start to do your own research, figuring out how to apply these tips and tricks can be overwhelming. Fortunately, you can get help protecting your interests as a buyer or seller when you have a skilled Las Vegas real estate attorney working for you.

Tips for Buyers

It does not matter whether this is your first home purchase or you have bought homes before, there is always something more to be learned about the process. This home is an investment whether you plan to live in it full-time or become a landlord and rent out your home to tenants. Here are some of the top tips we have for buyers:

Step-By-Step Guide for Home Buying

When you are getting ready to buy a home, there are some important steps you can take. Here is a general overview of how the process works:

1. Think about why you want to buy a home. Are you looking to live in the home or are you using it as an investment property for short or long-term rentals?
2. Keep a close eye on your credit score. You will need to have good credit if you are going to get a good interest rate on your mortgage.
3. Start saving for a down payment. You will need at least 20% of the home’s purchase price if you want to avoid paying private mortgage insurance (PMI).
4. Set a realistic budget for your home based on your current income, expenses, maintenance fees, and potentially homeowners association (HOA) fees.
5. Hire a real estate attorney to protect your interests as you move into the more formal aspects of the home-buying process.
6. Shop around for a mortgage. Once you are pre-approved, you will have better insight into how much you can actually afford.
7. Hire a real estate agent to help you find the right home based on your goals. Your agent can help you find homes in your desired neighborhood.
8. Start house hunting. Do not be afraid to look into other neighborhoods to see what you could get for your money. It may be worth your time to keep your options open, especially if the market is competitive.
9. Once you have found a home, your real estate agent can write up the offer. We will include necessary contingency clauses surrounding home inspections, appraisals, and financing to help protect you. Be prepared to negotiate if the sellers make a counteroffer.
10. Get the home inspected. You need insight into the condition of the structure of the home and determine whether there are any major problems with the home itself or the property you are buying.
11. Renegotiate the purchase price if the property requires major repairs.
12. Get your official mortgage approval. Avoid putting anything on your credit cards in the month leading up to your mortgage approval so you can keep your debt-income ratio low and get a better interest rate on your mortgage.
13. Complete one final walk-through before closing.
14. Once all the paperwork has been signed and your lender declares your loan “cleared to close”, the home is officially yours and you can begin moving in or setting it up as your rental property.

Tip for Buyers: Consider locking in an interest rate with your lender to protect against future rate hikes.

Preparing Finances

Make sure you have a clear understanding of your current financial situation before you get pre-approved for a mortgage. This is crucial, as it will have a profound impact on how much you can actually afford to spend on any given property. Not only do you need to consider your current income and expenses, but since mortgages can span across decades, it is important to consider long-term financial goals as well. These will all have an impact on how much you can comfortably afford to spend on a new home.

Don’t forget to budget for closing costs!

Negotiation Tactics

If you hope to get the lowest interest rate on your mortgage, it is important to negotiate with lenders. There are several tactics you can use to get the best rate possible. These include:

• Shopping around
• Asking for a discounted rate
• Building up your credit score
• Using a mortgage broker
• Keeping an eye on current rates

Take Advantage of Less Competition

Keep an eye on current market trends. There are fewer competitors in the fall since many families prefer to buy before the new school year starts. For this reason, it may be in your best interest to wait to buy until the autumn months. However, this can also be risky, as inventory may be significantly lower.

Tips for Sellers

When selling your home, you hope to get the most bang for your buck. There are some steps you can take to safeguard your investment and protect your property along the way.

Step-By-Step Guide for Preparing a Home for Sale

When preparing your home to sell, you should:

1. Start getting rid of things you no longer need, packing, and storing items that will not move with you to your new home.
2. Present a neutral living space and deep clean.
3. De-personalize your home by removing things that might distract the buyers, such as personal family photos or religious items.
4. Hire a real estate agent to help you prepare your home for sale.
5. Focus on curb appeal so buyers have a good first impression of the home.
6. Make any necessary repairs that could cause buyers to request a lower price.
7. Consider making upgrades that could increase the value of your home, such as putting in updated appliances or energy-efficient upgrades.
8. Stage the home for sale and consider hiring expert stagers if you are unable to make expensive upgrades.
9. Have your real estate agent put the home up for sale.

Tip for Sellers: Don’t forget to budget for closing costs!

Conduct Market Research

Do not put your home up for sale without doing extensive market research. You need to understand how your competitors are pricing their homes so you can position your property most effectively. We can also identify your home’s unique selling points so you can maximize your returns.

Tip for Sellers: Be open to negotiating the home price and offers that include contingencies.

Contact Our Real Estate Attorneys for Help Today

The economy always seems to be in flux and understanding local market conditions is essential whether you are interested in buying or selling real estate. With the legal advice and representation of a dedicated real estate lawyer from Beckstrom & Beckstrom, you can get the guidance you need to navigate your real estate transaction while protecting your rights. 
Our team can also help with financing, and inspections, real estate agents, and other professionals to help every step of the way. Learn more about what your next steps should be when you contact us to schedule an initial consultation. Reach us through our online contact form or by phone to get started as soon as today.