5 Tips for Making an Offer on a Home
Finding the right home for your family can take months of searching the market. When you do find your ideal home, you’ll want to hire real estate lawyers Las Vegas to help you make sure the transaction goes through smoothly. You will also want to make sure the seller accepts your offer. While there are no guarantees, the following tips can help you increase your chances of getting accepted.
Get Your Mortgage Pre-Approved
When you’re pre-approved for a mortgage, you’ll know in advance how much the bank is willing to loan to you. This can save you from making an offer on a home that falls outside your budget. In addition, they will provide you with the paperwork necessary to show that you have been pre-approved, which helps a seller to feel more confident in accepting your offer. This will all work in your favor when there are other buyers interested in the property who may not be pre-approved for their mortgages.
Limit Your Contingencies
Some contingencies are necessary, but you should limit the number of contingencies you attach to your offer for the home. If you own another home, you may need to make your offer contingent upon your ability to sell your other home. Every home buyer should make an offer that’s contingent upon a home inspection of the property. Outside of these two situations, there shouldn’t be many more contingencies that will necessarily impact your offer. To be sure, you should consult a Las Vegas real estate attorney about the offer you intend to make.
Have an Earnest Payment in Addition to Your Down Payment
Closing on a home is a complex and costly situation even when you’re working with a Nevada real estate lawyer. Your down payment should be between 3% and 20% of the purchase price of the home, depending on the lender’s requirements. Additionally, you can increase the chances of a seller accepting your offer by providing an earnest payment. This is usually between 1% and 2% of the purchase price and it’s paid directly to the seller. The payment proves you’re ready to buy the home, so, if you back out of the transaction, you’ll lose the earnest payment.
Make a Fair Offer
Often, a buyer will lose out on a home by offering a purchase price that’s far outside the market value of the home. When making an offer, you must weigh your desire to save as much on the home purchase as possible against the seller’s interest in making a profit. Before you consider what to offer, do a little research into the local market. Specifically, you should look at the sale prices for other homes of comparable size within the same area. That will give you a guide for determining a fair offer on the house you want to buy.
Consult Real Estate Lawyers Las Vegas
Finally, it’s important to make use of the services that an attorney can provide. A Las Vegas real estate lawyer will have the experience necessary for negotiating a fair purchase price. As you go through the transaction, your attorney can help you complete the necessary paperwork and submit documents on time. A missed deadline or an error in your documentation can derail the transaction, costing you the money you already invested in the home. Additionally, your lawyer will explain the details of the sale contract to ensure you fully understand your obligations.
When you are ready to look for your dream home, contact someone skilled in real estate law Las Vegas, such as Pintar Albiston. By consulting with a legal professional, you can feel confident that you fully understand every aspect of the transaction. In the end, hiring a lawyer will help you get into your new home as soon as possible.