Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home. 

Today, we'll talk about 4 Ways To Get Your Offer Accepted When Buying a Home

Not a single strategy or trick can guarantee acceptance of a contract when competing with others. These are 5 ways you can strengthen your offer and make it more attractive to the sellers via communictaion with their listing agent.

It is important that your offer is structured in such a way that will be easily  accepted by the seller when presented. 

Here are 5 ways to enhance your offer presentation and get your offer accepted.

#1 Working with a professional agent and loan officer matters...

A real estate agent can help you with this process tremendously. The first thing he or she should do is to connect with the listing agent and find out what's significant to the seller? 

Besides price, what else do they need to have inside an offer, that will be very attractive to them? 

Then, your loan officer plays an essential role in this as well. 

As soon as the offer is presented, have your loan officer call the listing agent and explain the strengths of your loan application, that you are 100% approved and all they need is a ratified contract to proceed. 

It is a team effort between your REALTOR® and your  loan officer after all... 

To convince the seller that they are working with professionals who dotted all the i's and crossed the t's. 

This is what it takes to make your offer  more attractive. 

 #2 Increasing Your Earnest Money Deposit

As part of the process when buying a home. You will need to write a check as a good faith deposit. Your offer needs to include a strong EMD deposit that tells the seller that "you've got skin in the game" 

A strong deposit  shows that you are a serious buyer and very focused on buying that particular home. 

What makes  a strong EMD Deposit? 

This is a question you must ask your real estate agent. 

The EMD deposit is generally between 1% to 5% of the offered price. There are no rules  that require an exact amount.

#3 Offer a Leaseback. - "Allowing  the Seller To Stay In The House For a Short Period After The Sale"

 A leaseback allows a buyer to rent the property back to the sellers for a short period of time, letting them stay in the home after the closing. Of course, your real estate agent will have to negotiate all the details with the seller, but if your situation allows you to wait, this is a good offer to give the seller time to move out from the house after closing, and not rush moving out...as soon as the deed of title was signed.

#4 Buy the Property AS IS

What does it mean to you as a buyer when you offer to buy a property as is?

 'Sold As-Is'  is when  the sellers list their homes for sale, and they don't want to do any repairs before closing. It means that the buyer accepts the property AS IS and  there are no guarantees from the seller that everything is in working condition. 

An offer to buy a property AS IS has had some risks, and you should consult with your real estate agent if that is a viable option for you 

 The Bottom Line

Getting a contract accepted to buy a home is difficult right now — and this is especially hurtful to first-time home buyers. They don't have the extra income to offer higher prices in order to buy a home. 

We are in the middle of a buyer's market and like everything else, there will be a time when we will be inside a seller's market as well...

Today, lack of inventory is putting pressure on homebuyers.

But, I can assure you with the help of a good real estate agent, you will become a new homeowner in no time!

There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision,

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home. 

Today, we'll talk about 8 Steps To Buy A Home With The Guidance of a Real Estate Agent

Step #1 

Making a decision because, buying a home is a major financial commitment. You will be spending thousands of dollars, perhaps tens of thousands of dollars to purchase your new home.

Step #2 

Next, contact several real estate agents in your area. Ask them about the types of homes they represent, what neighborhoods they prefer to work in, and what type of homes they feel would fit your needs. If you cannot find an agent who can connect with your specific needs, ask for referrals to other agents who may be able to help you.

Step #3 

Once you know what price range you want to spend, go to a mortgage broker or bank and get prequalified for a loan. The prequalification process will give you an idea of how much money you will need to buy your home.

Step #4

Once you have selected your agent and have an approval on hand, make appointments to see the homes that interest you. In most cases, your agent will give access to all the houses available for sale in the areas of your choice. 

Step #5

During the showing, take careful notes about the condition of the house. Also, keep track of any special features or amenities that you might want to include in your offer. Your agent should be able to guide you through this process.

Step #6 

After you have made an offer, you should receive a counteroffer from the seller. This counteroffer will usually contain some changes that you must agree to before the contract can be finalized. It is important to read the counteroffer carefully before signing it. Again, your agent's help is necessary for negotiating the terms of a contract and forward tp the other p[arty what you are willing to pay to negotiate for the house. 

Step #7

The contract will first need to be free of any contingencies(conditions) i.e. Home Inspection. A contract has many conditions that need to be 100% clear before the contract of sale can be enforced. Before proceeding to the next step, there should not be any other contingencies left inside the contract. 

Step #8

At this point, you will be ready to close on the sale of your home. The closing process is very complicated and involves many people. Before you begin the process, it is indispensable to find out exactly what is involved in the closing process. Your agent will be an invaluable resource and guide throughout the process. 

After the closing, is completed, you are now a homeowner, and you will have the front door keys in your hand.

Buying a home is extremely complicated and full of surprises. Do not attempt this without the use of a reliable and experienced real estate agent helping you side by side.

There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision,

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home. 

Today, we'll talk about 3 Ways How To Buy a Home With No Down Paymen

How to Buy a House With Little or No Money Down

Buying a house with little or no money down can be a challenge. The first thing you need to do is find a house that is affordable. This means that it should not cost more than 3 times your monthly income. If you don't have a lot of money. 

#1 Getting Help From The US Government

You might want to consider getting a loan with the help of the US Government. You may be eligible to receive a no money down loan from VA, FHA, HUD and USDA. Connect with a knowledgeable real estate agent to consult what program will fit your application.

Did you know that VA loans and USDA loans require no money down? 

In addition, there are many ways to reduce your down payment by applying for the right program. 

#2  Getting Help From a Co-Signer

Do you know a co-signer that could stand behind you and has money for the down payment? Typically, this would be a close friend, your parents, brother, sister, cousin  or occasionally an employer. Someone who has trust on you and believes you will honor your commitment.

#3 Find a Property Owner Who Will Finance You Directly 

Most often, these property owners are tough to find, but they likely own property that is not well cared for, an inheritance that needs a quick resolution, a house that has been vacant for an extended period or a property that can not be sold for one reason or another. Seeking these homeowners could result in a creative no money down deal. If you find a property that no one wants, scares buyers, you may have a chance of convincing the seller to provide you with a no money down deal. 

Always consult your real estate agent when you are looking for these types of properties. They will guide through while protecting your best interests.

Don't forget the closing costs!

Once you have found a house that you can afford, you need to decide how much you can spend on closing costs. Closing costs are fees charged by the seller and other third parties when you buy a house. They include the purchase price, appraisal fee, property taxes, and any other fees associated with buying a house. In most cases, you can expect to pay anywhere between 2% and 6% of the purchase price. You can get a better idea of what these costs will be by looking at the sales contract.

Another point of reference prior to finding a no money down deal is to find where you want to live? 

There are many factors that you need to take into consideration. First, you need to decide if you want to live in the city or the suburbs. You also need to decide if you want a single family home or a condo building. Finally, you need to decide whether you want to live near public transportation or in a neighborhood that has a large number of young families.

Once you have decided where you want to live, you need to decide what kind of house you want. There are many kinds of houses available. For example, there are houses that are built with brick, houses that have two stories, houses that are made out of wood, houses that are made out concrete, and houses that are made out of steel. You can also choose to buy a house that has a garage, a basement, or a swimming pool.

Once you have decided the type of house that you want, you need to decide on the features that you want. For example, you might want a house that has a fireplace or a fireplace insert. You might also want a house that has hardwood floors, granite countertops, stainless steel appliances, or a Jacuzzi tub.

Finally, you need to decide on how you want to proceed if you find the house you want and could possibly buy it with no money down. 

Always consult your real estate agent when you are looking for these types of properties. They will guide through while protecting your best interests.

There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision,

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home. 

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices Five Common Mistakes When Buying a Home

Buying a home is a big decision. You may be thinking of moving into a new home, or you may have decided to sell your current home and move somewhere else. Regardless of what you're doing, it's important to understand how real estate works. The following five mistakes will help you avoid common mistakes when purchasing a home.

1. Not considering all your options.

Many people assume that they'll find the perfect home and then sign the contract. While this may be true for some buyers, most buyers will need to look at several homes before they can decide which one is right for them.

2. Not taking time to consider all your options.

Once you've narrowed down your choices, you should take the time to consider all your options, including the cost of the home. This will ensure that you don't end up with a home that's too expensive.

3. Not checking out the neighborhood.

One of the most essential aspects of buying a home is choosing the neighborhood. It's important to check out the schools, the crime rate, and the general atmosphere in the neighborhood. Don't assume that just because a home is affordable that it's the best choice for you.

4. Assuming that the home is already fixed.

Most people assume that their home will be ready to live in right away. Unfortunately, this is rarely the case. You'll need to make sure that the home is structurally sound, and that it has everything that you need.

5. Thinking that you'll save money by not having to fix things yourself.

If you have to do any work on the house, you'll likely pay more than if you had hired someone to do it. In addition, you won't have as much control over the work. Make sure that you get an estimate from a professional before you make any decisions.

There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision,

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home. 

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices How To Buy Your First Home - The "5 Necessary Steps"

If you are a first time home buyer, you'll need to follow these 5 steps that will determine if your purchase is successful or not. 

Since this will probably be the most significant monetary transaction in your life so far, you must be careful and choose your actions well.

How To Buy Your First Home - The "5 Necessary Steps" you must take when you are ready to become a homeowner. 

STEP #1 

Assembling Your Team

The main reason you require  a good  real estate agents is because they are licensed professionals who have access to information that most often is not open to the public. A good buyer’s agent is the key hire for you as a home buyer. He or she will preferably be an expert on the home buying process for the area(s) you are looking for. Your agent should also be a skilled negotiator that will help you save money on the process. 

Another key hire is your lender. They will be helping you with your loan application and prepare you with a list of all the documents you will need to present with your application. Your lender will work with your real estate agent side by side...so they can protect your best interests. 

Between your agent and your lender, your application should go through with no problems as you start the process of finding your first  home. 

STEP #2 

Determine your Budget / Price Range

You'll need to  determine how much house you can afford?

Include inside your budget the "extra costs" that comes from homeownership like: taxes, insurance and maintenance costs.

Note: When saving up for a home, it's key to have a reserve of cash savings or an emergency fund. This money could be used for the down payment or closing costs. In general, it's always a good idea to have at least 3-6 months of living expenses saved up in case of emergency...this is called cash reserves and your lender may ask you to provide evidence for this. 

Connect with your real estate agent if you have questions about this. 

STEP #3 

Get an Approval Letter 

As soon as you have determined your price range and have found the mortgage lender you want to work with, you'll get a copy of your pre-approval letter, and you'll need to share this with your real estate agent as you go through the process. Your approval letter is your proof that you are a legitimate home buyer.

STEP #4 

Determine the Right Location for Your First House

Choose careful your location when buying a home, especially if you're moving to a new area that you may not be familiar with 

How do you select which location is right for you?

#1 Consider transportation and commuting times to and from work

#2 Is the neighborhood in line with your  lifestyle? 

#3 Friends and family, how important is that they live nearby? 

#4  Do you want to live near, restaurants, grocery stores, retail establishments or Starbucks?

STEP #5 

Always Ask For a Home Inspection

Trust your real estate agent for all other steps that you must take when buying a home. 

The last step you must make is to insist that your purchase offer is contingent on a home inspection. 

Let me explain, this condition of the contract is designed to protect your best interest when it comes to the condition of the home you are purchasing. 

The home inspection will check for signs of structural damage or any other things that may need fixing. 

Your real estate agent will put this condition inside your contract and schedule/arrange to have this inspection conducted within a few days of your offer being accepted by the seller. 

There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision,

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home. 

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices The Top 4  Best Upgrades That Add The Most Value To Your Home

There are so many things you can do to add or drop the value to your house. 

Do you know exactly which home upgrades add the most value and ROI when selling your house? 

If you are looking for ideas and inspiration, you are definitely on the right place.

On this post, I will cover about the best 4 possible updating options. 

People often ask me, "What brings the best ROI when it comes to selling a house?"( ROI - return on investment)  

and this is my reply...

Let's get started, 

1. Updating the Kitchen

The heart of every house is the kitchen. Any appearances of discomfort found by buyers will cost you thousands of dollars.

Your number one priority in preparing a house to sell should be to make the kitchen shine and if you can afford it and needs it.... change to new appliances, change old counters, cabinets, door cabinets and

install a new splash wall before selling. The money you invest in modernizing your kitchen, will be returned handsomely at the closing table.

2. Get that Bathroom Upgraded

A bathroom remodel doesn't necessarily mean that you need to put a lot of money on it. 

A few dollars spent in repairing where is needed, fixing and replacing fixture if necessary and staging your bathroom will go a long way.

Remember, buyers  are looking for change in their lifestyle...give it to them with a few scented candles, colored soaps, body lotions and fresh soft towels.

The bathroom has to sparkle!

3. Replace Old Carpet

Old carpet is a big turnoff to home buyers as it shows dirty, stained and has a smell that won't go away. 

Remember, your carpet is like the floor mats in your car –

If you are selling your car and while cleaning it, you observe the floor mats are all worn and dirty. You replace them and instantly change

the look of the interior to help you possibly get more money for your car. T

The same concept applies to your house. Pretend the carpet in your house's carpet are the floor mats of your car before selling it.... If worn, discolored, dirty and looks all used up...change it! - 

If they are still in good shape, have them professionally cleaned.

4. Paint the Walls in a Neutral Tone

Painting rooms and exterior areas where they are needed is always a good investment of time and money.

Paint over scuffs and wall imperfections –

A potential buyer sees your house as a blank canvas for them to paint a new life on....make sure you give them that white canvas and not

divert their attention to little areas that you left with one stroke of a paint brush...just because your color did not match!

Take a sample of the paint (a paint chip would do) to Home Depot, and let them  mix the exact color paint for you.

I don't recommend strong colors, stick to neutral lighter shades of brown and white.

Remember, a house is a product and after selecting the right price, the preparation is very important to have a successful sale. 

If your house as a product is appealing to buyers, it has a much greater chance of selling sooner and for the most money.

There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision,

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home. 

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices  5 Ways To Get Your Offer Accepted in the Middle of a Housing Bidding War

Many rejected home buyers are finding lots of difficulties getting offers accepted by sellers.

In this market, when buying a home the question to ask is: 

How do I get my offer accepted on a house where there is a lot of competition? 

As 2022 started, inventory levels are at historic lows.

Simply, 

There isn't enough homes to sell to all the homebuyers ready, who are ready to buy. 

As a real estate agent, where I represented  many buyers over the last few years, I have to figure out a way to win against multiple offers and get a contract accepted for my clients.

This is the reason I came up with my top 5 ways to get an offer accepted in the middle of a bidding war. 

#1 Include an Escalation Clause to Your Offer

An escalation clause is a provision inside a contract that allows the seller to escalate our offer above the highest sales price submitted. 

The buyer’s contract price is automatically escalated to a maximum escalation point or the highest bid from other homebuyers. Whichever comes first 

Example: An offer of $500,000 with an escalation clause to raise the offer up to $525,000. There is no need to amend the contract, and it is automatically put into effect, provided there is a higher offer. 

If a competing offer was submitted for $520,000, the seller then has the ability of raising my offer to $525,000 and be the higher offer between both contracts. 

#2 Removing The Appraisal Contingency

Although this may not be the most popular option, by removing the appraisal contingency it allows the sale of the property to go through regardless of what the house appraised for. 

This is called an "appraisal gap" 

As the homebuyer is required to bring more cash to the table. 

Banks will lend up to the appraised value, if the appraisal comes back lower than the offered price, the buyer is basically on the hook for the difference. 

The amount could  be substantial, in some cases, we set limit, 

As an example: 

We may submit an offer with a limit for the appraisal gap. 

If the offer was $535,000 and the appraisal came out to $500,000, when removing the appraisal contingency, the buyer will have to bring $35,000 more to the closing table. 

Or you can limit this amount "up to" $10,000 as an example. 

Be sure to discuss in detail with your real estate agent when applying this strategy.

#3 Be Aggressive and Be The First Offer

If you’ve submitted several  offers on multiple properties and have no luck so far, consider becoming a little more aggressive by being the first offer...this could be  sometimes advantageous to you 

 Some sellers and their agent do not want a bunch of contracts to go work through. 

If your offer is clean, and you submit your highest and best offer immediately, you may convince the seller to accept your contract right away....while other agents are still coordinating the first showing. 

To be the first buyer, you’ll need an aggressive real estate agent to help you through the process. 

#4 Ask and You Should Receive

Ask your agent to connect directly with the listing agent and ask point-blank...

"What  would be the ideal terms that the seller(s) would like to see  inside an offer to buy their house?"

Maybe they need to stay for a couple of weeks after selling their home, so they can move with no major inconveniences...

Maybe they would like to see a bigger down payment, so they can feel secure with a stronger commitment from your part 

There are many reasons why sellers will accept an offer...all you have to do is just ask and listen… 

#5 Use An Experienced REALTOR®

The agent you choose will certainly have a direct effect on your success in buying a home.

It goes hand by hand, don't underestimate the experience, creativity and influence from the agent you decide to help you buy a home. 

"I’m available to discuss a plan of action, when you are ready"

There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision,

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home. 

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices 5 Unintended Consequences of  Overpricing Your House When Selling...

Know the facts and study it carefully. The pricing of your home should not be set on hope, automatic computerized CMA's and/or false

homeowner illusions. The price of your home should be set by square foot comparisons, current local market conditions, major

improvements or lack of, pending sales, sold comps and the number of similar active listings in the area. 

You need guidance, advice and direction from an experienced professional to set the right price to sell, follow their advice and simply don't look back.

What happens when you ignore this and decide to "test" the market and just see if someone is willing to pay you more than what your home is worth? 

These are my:

Top 5 Unintended Consequences of  Overpricing Your House When Selling...

#1  

Reduces REALTORS® activity because they know your house is over-priced and

don’t want to waste their time showing it to their client buyers. Time is money and their focus is to help their clients find the best values out there. 

Dealing with an unrealistic seller with an overpriced home will make their jobs more difficult and waste a lot of time.

#2 

 Attracts the wrong buyers because they are expecting more amenities in the home based on the price alone. 

Once they see an overpriced house, they will compare to others that are priced correctly on that price range.

While an overpriced house sits alone with no buyers interested, 

They are comparing the price of the house with "other" listings...

and the "other" listings suddenly become more attractive when compared to your overpriced home. 

#3  

Eliminate offers by default. An overpriced house attracts low offers....

Why not?. A house that has been in the market for a long time, will not attract a fair offer, on the contrary

A house that ha been in the market for a long time will be branded as desperate sellers with unrealistic expectations. 

#4  

Loses interested buyers who might have looked at it but

didn’t think the seller would consider their offer and simply move on 

Most  buyers are not willing to take the effort to write an offer, put up earnest money, and take the time it takes to find

out if the seller will take less? 

#5

 Every house has a reputation, and you need to protect it.

As you accumulate "Days on Market" while trying to sell an overpriced home, 

your chances of getting it sold for top dollar is almost impossible.

You will end up attracting only low-ball offers looking for a bargain as

your home sits unsold with the appearance that "there must be

something wrong with that property being in the market so loooong!".

Commit to sell or wait until you are...

Price it right from the very beginning.

That's my advice.

There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision,

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home. 

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices  3 Important questions To Ask Before Buying Your First Home in 2022

Before starting on the process of buying a home, most home buyers want answers to these 3 key questions: 

What is a down payment, and how much do I require?

A down payment is the money you pay upfront to get a mortgage. It’s based on the total amount of your home loan. If you are borrowing $300,000 and the lender requires 3% down, then you'll need a total of $9,000 for your down payment. 

To figure out how much of a down payment you may be required to pay when buying a home, it will depend on the type of loan you are trying to get.

For example, you can get a conventional loan with as little as 3% down

FHA loans require that you pay 3.5% down.

VA or USDA requires no money down. 

You will have to qualify on the type of loan you are trying to obtain based on your application and how much money you have to pay for a down payment.

The more money you put down for a down payment, the less your monthly mortgage payment will be.

What are closing costs and how much do I have to pay?

Unfortunately, a lot of first time home buyers believe that the down payment is all they have to pay when buying a home, 

Here comes the closing costs...

You are required to pay a down payment PLUS closing costs in order to buy a home. 

Closing costs are the charges you are required to pay before your mortgage is ready to fund the loan... for the house you are purchasing.

Typically, home buyers will pay anywhere between 2% and 5% of the loan amount in closing fees. 

This includes, money allocated for taxes, lender charges (points *), appraisals, inspections, insurance plus other costs.

The good news is that in most cases you can include part of the closing costs into your loan, depending on what type of loan program you qualify for.

In some other cases, you may ask the seller of the house to help you offset your closing costs charges by asking for a concession when your real estate agent sends your offer.  

For example, if your home costs $300,000, you could pay anywhere between $6,000 and $15,000 in closing costs. 

In this case, you may offer the seller $300,000 for their home and ask for 3% seller contribution to help you pay your closing costs.

In this example, the total amount you are really offering is $291,000 where $9,000 will be available for you to offset the costs of your closing costs. 

To learn exactly how much closing costs you will be paying?

 Ask your lender to provide you with an estimate of closing costs. They are obligated and required by law to do so. 

What are Loan Origination (points) Fees?

Part of your closing costs involves any charges that come from the lending company in the form of "loan origination fees (points) and other loan charges" 

These fees and charges range from 0% to sometimes up to  3 percent of the amount borrowed. 

Lenders generally charge these fees for things such as the appraisal of the property, pulling your credit report, preparation of your loan documents, and the processing  of your application, as well as charging a loan origination fee, which may be 1 or 2 percent of the loan amount. I know that this seems like a lot of charges just to get one mortgage loan... remember, the lender has to charge some of these fees to stay in business and my recommendation is to check these fees with your real estate agent, that way, you will be sure that there are no added charges above what is expected in general 

 Remember, if you’re strapped for cash, you can get a loan that charges no fees; however, such loans have much higher interest rates that will increase your monthly payment substantially.

There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision,

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540

Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home. 

Today I want to bring a very important point that relates to the sale of your home, Study Shows Home Prices  3 WaysTo Avoid Paying PMI When Buying a Home

What is PMI? 

For homebuyers who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy that protects the lender if you are unable to pay your mortgage.

This becomes a monthly payment that is added to your mortgage payment. 

Essentially, the more money a lender funds inside your mortgage, the greater the risk they will have on losing out on their investment. If the homeowner is unable to make their monthly mortgage payment, the PMI will protect and compensate the lender.

All lending institutions understand the usage of  PMI insurance policies to protect their risk when a home buyer puts less than 20% down payment.

Now, the question is: 

How can you avoid paying PMI and put LESS than 20% down payment? 

Good news, there are some scenarios where you can do this

Here are 3 Ways You Can Use To Avoid Paying PMI? 

#1 Look for a lender offering lender-paid mortgage insurance (LPMI), which eliminates PMI in exchange for a higher interest rate. Ask your real estate agent to provide you with a list of lenders who offer this type of programs. 

You must do your homework and ask yourself if paying a higher interest offsets the cost of paying PMI Insurance

#2 Buyers can opt for a piggyback mortgage — This type of loan uses a second loan to cover part of the down payment and reach 20%, therefore bypassing the PMI requirement.

You may avoid paying PMI insurance with this but, you will have to start paying for the second mortgage loan as soon as you take possession of the home. 

Again, you must do your homework. 

Paying the PMI or the second mortgage, which is better for you? 

#3  A way to avoid paying  PMI is, by looking for a loan program that doesn’t require it in the first place.

This is a little harder to find. There are lenders who may elect to bypass the PMI when they are also the ones funding the same loan. 

Ultimately, paying PMI is a decision you may want to do by consulting with your lender and real estate agent, 

One more thing, 

Many times, if you are looking to move up to a larger or more expensive home, you may take the equity you earn from the sale of your  house to put 20% down on your next home. With the equity gains that most homeowners have enjoyed in the last couple of years during a pandemic, it makes sense to take this opportunity and put those savings toward a larger down payment on your new home.

As always, I’m ready to have a quick consultation with you, when you are ready to make a move. 

There are many opportunities for growth in the current real estate market. To find out what’s right for your family, let’s get together to help you understand your options and guide you toward the best decision,

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540