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It's really quite simple...
First, we'll need to contact a lender so you can determine the price range of housing you'll be able to purchase. Depending on your circumstances and the loan program you choose, once your application is approved, you'll receive a 'Pre-Approval' letter from the lender saying you can borrow a certain amount of money towards your new home. This can be done very quickly...usually within a matter of hours!
Why is that important to you--and me? Now we know the price range we need to search in the MLS (MultiListingService--the database of all the homes for sale in Nevada) and we can start narrowing down your options. You won't be wasting your time looking at homes that will put you literally in "the poor house"!
When we do find your dream home, we'll be able to complete the "Purchase Agreement and Earnest Money Deposit" form and fax your offer to the Seller. Most Sellers and agents require a Pre-Approval letter when an offer is received. It's to your benefit and advantage--and the Sellers. They aren't wasting time waiting for you to be approved for the sales amount offered--they know you can get the loan!
Second, I'll be able to send you listings as they become available in your price range immediately (and for as long you want--a week, month, six months--whatever you need) from the MLS database . You'll be able to get an 'education' of what your money will buy before you even arrive in Las Vegas to look for your new home. You can familiarize yourself with square footage, areas, year built, etc., so when you do get here, you'll be able to make your decision to purchase with the comfort of knowing you did your homework!
Third, once your offer has been accepted, your Earnest Money Check made payable to the "Title Company" (this can be a personal check) will be deposited with a separate third party--a "Title Company". The title company is responsible for making sure all of the terms, conditions and agreements in the Purchase Agreement are met. They also make sure the property is free of any liens.
Fourth, once all of the inspections and agreements made in the Purchase Agreement are met, you will endorse the final papers with the Title Company. You DO NOT have to be physically here to accomplish this--the documents can be Fed-Ex 'd to you and you can sign them in front of a notary where you are! Once the "Docs" are signed, they are sent to your lender so your loan can be funded.
Fifth, after your loan is funded, the "Title Company" sends the Country Clerk and Recorder your "Docs" and once they are recorded...
tada....you are now a bona fide RESIDENT OF NEVADA!!! Congratulations! It wasn't that hard after all, was it?
Just think...one hundred years from now, none of this will matter... |