BluefoxToday blog : Part 7 Las Vegas First Time Home Buyer's Guide: Contract Acceptance!

Part 7 Las Vegas First Time Home Buyer's Guide: Contract Acceptance!

In Part 1 of the Las Vegas First Time Home Buyer Guide, I stressed the importance of shopping your financing options and getting approved for a loan.  Once buyers areLas Vegas New Constructionqualified they are usually excited to go shopping but they need to make sure they are ready to buy before they waste any time looking around.

In Part 2, we explored when it would be a good time to go shopping for your first home.

In Part 3, we chatted a bit on how you should go about interviewing and hiring your Las Vegas Buyer’s Agent.

In Part 4, realistic time frames for purchasing a home in a distressed environment were set.

In Part 5,  we discussed the home search.

In Part 6, we wrote our offer.

Congratulations & :golf clap:!  We finally have an accepted offer!

NOW WHAT do we do?  It depends on the type of sale with the accepted contract!  There are four major types of sales in our market now

Standard Sales & Trustee Sale Flips: typically you would execute the contract in a more “normal” (what’s that?) fashion by signing off on the offer and counters and then open escrow with the earnest money deposit as instructed in the contract.  Escrow & Due Diligence begins.

Other types of sales it gets a little confusing!

REO or Bank Owned: This is where detailed instructions are sent out.  Usually a “Bank Addendum” needs to be executed prior to full offer acceptance.  This is where they rewrite the contract in their favor.  If you don’t accept the terms & conditions set forth in the bank addendum – you more than likely won’t get the house.  This is usually written in the “bank’s favor” and should be submitted to your attorney of choice for review.  Once all of this is completed, you will be able to open escrow with your earnest money deposit.   The seller picks title & escrow company in most cases.  If you, as a buyer, choose to pick title, you more than likely will have to pay the seller’s title costs.  Many REO title company preferences are located out of town and require EMD to be deposited in the form of certified funds (cashier’s check or money order).  Escrow & Due Diligence begins.

Short Sale: These are executed in a similar fashion to standard sales.  HOWEVER, there is a seller contingency that they need third party approval.  You will still need to deposit your earnest money to escrow per terms and conditions of your contract. BUT (don’t you love but’s?) I make sure a short sale addendum gets approved so your due diligence won’t begin until all lienholders approve the seller’s short sale and the seller agrees to all terms & conditions in the short sale approval letter.  So now the game of “hurry up and wait” begins with the short sale!  Short sales can take anywhere from a couple of weeks to a couple of years (you read years right!) for that contingency to be approved!!

In the next couple of posts in this series I will be discussing due diligence & time frames and the escrow period.  Stay Tuned!


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 20 commentsRenée Donohue • June 09 2011 09:51AM

Comments

What a great series you wrote outlining all the steps to break it down for buyers that need hand-holding.

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) about 7 years ago

Hello Renee and VB has to agree with Donna ... Great Series and some wonderful information for home buyers, agents and more! Just over 5000K to go before the big party, would you mind if VB bought you lunch? I could do a little interview with you about AR, the "Past & Present"?

VB ;o)

PS - I think the party will start this Sunday or the first part of next week!

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) about 7 years ago

O.K I'm sounding like a broken record but I too agree with both comments above.  I'm loving the series of blogs you are doing here and how they tie together.

Posted by Bob Jakowinicz, Michigan Real Estate Agent-- MI RE Adventures (National Realty Centers Livonia--Bob Jakowinicz) about 7 years ago

Very simple and easy to follow series that your Las Vegas buyers will certainly appreciate Renee.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) about 7 years ago

Great information for the first time home buyer in Las Vegas or anywhere.  Can't wait to read more. 

Posted by Juli Vosmik, Scottsdale/Cave Creek, AZ real estate 480-710-0739 (Dominion Fine Properties) about 7 years ago

Renee - This is such an excellent series for Las Vegas NV home buyers.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) about 7 years ago

Renee, I get so pumped reading your blogs.  I love the way you deliver quality information to your community and the nation here on this forum.  Thank you.

Posted by Larry Lawfer, "I listen for a living." It's all about you. (YourStories Realty Group) about 7 years ago

This is an outstanding series, Renne - you did a brilliant job!  The buyers in Las Vegas NV need look NO FURTHER - you are the one on top of it all!

Wake Forest NC House Chick

Posted by Leesa Finley, RED Properties - Raleigh NC Real Estate (RED Properties) about 7 years ago

Wow Renee...you have really hit the ball out of the park with this series. I am bookmarking this one so I can go back and check out the others.

Posted by Doug Anderson, Bay Area Real Estate Views (Tucker Associates Real Estate Services) about 7 years ago

THank you so much for the comments and words of encouragement! Blogging has been difficult lately due to time constraints!

Robert:  I am currently getting crushed right now with real estate!  I have been working from 4 AM to 7 or 8 PM so I am going to have to decline for now at least!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) about 7 years ago

I have been wanting to do a series similar to this.  Now, I have to get to work.  Very nicely done.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) about 7 years ago

Renee, great series for home-buyers.

I'll be using some of these for my buyers - soon.

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) about 7 years ago

Hi Renee ...Great Series !! Your web writings are Awesome !!!!

Posted by San Antonio Texas New Homes for Sale (www.sanantoniotexasnewhomesforsale.com) about 7 years ago

Renee,
This is a great series. So informative and easy to read. Your links back to explanations of terms along the way are very helpful. Thank you for sharing and I look forward to more.

Posted by Bruce Kunz, REALTOR®, Brick & Howell NJ Homes for Sale (C21 Solid Gold Realty, Brick, NJ, 732-920-2100) about 7 years ago

Hello Renee and let me know when you get some free time, and I think this fall might be more busy when some of these banks start bringing in more foreclosures with great prices.

VB ;o)

PS - Congrats on the feature!

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) about 7 years ago

that is great info for potential buyers.  Happy sales

Posted by Stanley Stepak, Realtor - Avon Lake, Avon, Bay Village, Westlake, (Howard Hanna - Avon Lake, OH) about 7 years ago

Hi Renee,

great way to educate and assist your current and future buyers. Many bloggers question the merit of series, but you are showing us all how to keep it simple, interesting and informative...

Posted by Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986., Talk To or Text Peter 250-213-9490 (eXp Realty, Victoria BC www.pfanntastic.com) about 7 years ago

Hi Renee - this is great information for Las Vegas, NV home buyers, and the series is well thought out and expalins the process well. Your Las Vegas home buyers will appreciatie this information! This is great information for all areas.

Posted by Sharon Paxson, Newport Beach Real Estate - Arbor Real Estate (Arbor Real Estate) about 7 years ago

Renee, this is an awesome series, especially for first time home buyers in the Las Vegas area.  It seems so different from our market here in Charlotte.  I'm glad they have you to go to for great advice!

Posted by Melissa Brown, Realtor - South Charlotte NC Homes for Sale (Helen Adams Realty) about 7 years ago

Renee,

Those who are looking to make offers on the now totally affordable Vegas homes need to read your blog to fully understand what's involved. Then they can make wise decisions.

Posted by Esko Kiuru about 7 years ago

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