We work with many different vendors in the field. We have lenders whom have shown a good work ethic and a history of successful closings with our clients. Our lenders are located in Las Vegas which makes the transaction smoother as opposed to an out of state lender or one whose priorities are not with our clients. We always urge clients to shop around for the best possible financing options.
We will need a copy of your Earnest Money Deposit check also known as EMD. A copy of your EMD check & your POF or Pre Approval letter must always be submitted with all offers.
When preparing the EMD check, please make sure of the following:
The EMD check is typically payable to the title company of the sellers choice
The EMD check needs to be from and signed by you (Purchaser/Buyer)
In the “MEMO” line of the check, you may write: “EMD”
Finding your property, submitting an offer, and getting ready to open Escrow:
- We will search for and locate properties that meet your investment criteria.
- We will provide you with data on market values, rental rates, and our professional opinions.
- When you identify a property that you would like to submit an offer on, we will write an offer up and e-mail it to you for initials and signatures. You will then fax or email it back to us to submit. Ask us about Doc-u-sign.
- Once the seller accepts your offer and provides us with fully executed contract, we will open escrow with the Title Company. We will need the actual EMD at this time in a form of Cashier Check, Money Order, or you can Wire it in directly to the Title Company. Wiring instructions will be provided.
- 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.