- Once we are notified that all the utilities are on and the property is ready for inspection, we will order the Home Inspection. Typically the cost is about $200 depending on the size of the property.
- If your property is in a common interest community with a home owners association, the seller will then order the HOA Resale Package which includes the HOA rules, Bylaws, and CC&R’s. It may take up to 10 days to receive these documents. Once you receive them, you will have 5 days to review and approve or disapprove them.
- You will need to sign several disclosures. When the Seller is a “Traditional Seller”, you will have disclosures on what is or is not wrong with the home according to the Seller’s knowledge. When the Seller is a bank or a corporation, most of the disclosures are basically stating that you are buying the property AS-IS and you indemnify any party from any wrong doing. You will sign that you understand that the bank/Seller has never lived in the property and has acquired it through a foreclosure and is not aware of any problems and will not fix or be held liable for any that may arise after your purchase. We will discuss all disclosures when provided.
- Once the Home Inspection is completed and approved, and you approve the HOA rules & Bylaws, we will schedule with the Title Company a date to close on the transaction.
- As a cash buyer, you are not required to come in to the Title Company to sign. If you would like, they will email or mail you the closing documents for your signatures. If you are getting a loan and you live in Las Vegas, you can set an appointment and go to the title company to sign all the closing documents. If you live out of state, the title company will send a mobile notary of their choice to accommodate your signing.
- Once you sign the closing documents and return them to the Title Company, you will need to wire in your funds to close on the transaction. If you plan to pay with a Cashier Check, you must provide it to the Title Company 3 weeks prior to closing so it can clear with their bank.
- Once the Title Company receives your signed closing documents and closing funds, they will send it all to the bank/Seller for final approval. At this time the bank/Seller verifies that everything is in proper order to fund, close, and record.
- Once final approval is in, the Title Company will then release your file to record.
- Once we get confirmation from the Title Company that your file has been recorded, we will then call you to congratulate you with great excitement and happiness and then schedule a time to meet you and give you the keys to your new home.
If we are managing your home, we will then go to the property and retrieve the keys for you, unless otherwise instructed. If necessary, at this time the rehab and or repairs can begin taking place. Once the property is in rent condition we can begin marketing it for rent and schedule showings.
That is the Buying process in a nut shell. Of course we anticipate that you will have questions and urge you to ask as many as you want. We are here to help any time.
We appreciate your business and look forward to working with you.