Luxury Home Buying Process
Here at Windermere Prestige Properties, we understand how difficult it is to go through the process of acquiring new luxury homes in Las Vegas, especially for first-time buyers who have no prior experience with property purchases. To help you along, we have compiled an easy-to-follow guide, detailing Windermere Prestige Properties’ buying process.
One of the first things a prospective buyer must do is to select a real estate agent that will represent them during the entire process. Having an agent is crucial to ensure that the buyer will not be ripped off during the purchase of the luxury home, and to ensure that all legal and financial obligations are handled properly.
2. Discussion of Preferences
Talk to your agent about the exact kind of home that you want to buy. Provide all the necessary details, such as projected price range, land area, home type and the like. Providing a detailed rundown of your home purchase preferences will go a long way to helping your agent find the right kind of luxury properties to choose from for purchasing.
3. Knowing the Neighborhood
Scope out the communities where your prospective homes are situated. Check out the nearby amenities, access roads, key landmarks and other geographical information. Also, keep an eye out on the type of residents within the neighborhood, as well as the general atmosphere around the area. It will help save you the hassle of belatedly finding out that the luxury neighborhood where you bought your new home is not to your liking.
4. Loan Pre-Approval
File for a pre-approved loan with your bank or with a credible lender before entering into any property deals. A key move that will ensure that you can close a home purchase is if you come with a pre-approved loan from your bank. Having a pre-approved loan means that you have a more secured financial base, making you a more attractive buyer than others.
5. The Initial Offer
Prepare the document citing your offer to purchase the property, and have your agent submit it to the seller for review. The initial offer must contain all necessary details like the full address and legal description of the property, sale price, payment terms, a target closing date, projected earnest money deposit, type of deed, state-specific requirements, and contingencies.
6. Signing the Luxury Home Purchase and Sale Agreement
A purchase and sale agreement is a binding contract that is signed by both parties to signify that the luxury home purchase will proceed as planned, complete with the provisions that both parties have agreed upon by both parties. Sign this agreement only if you are sure that you have indicated all your plans, proposed changes and additions to the seller, and that neither of you have overlooked any important attached documents to file.
7. Home Inspection
After signing the purchase and sale agreement, a home inspector will come over to the luxury property to give it a thorough inspection, checking out every segment of the house for areas that need fixing or replacement, including roofing and siding, plumbing, electrical systems, heating, structural integrity and so on. The buyer can negotiate with the seller about financing repairs or getting concessions based on the inspector’s report. Note that the inspector is paid for by the buyer, and that a home inspection may be a requirement by the lender.
Negotiation is the step in the luxury real estate buying process when last-minute changes and amendments can be made to the signed purchasing agreement. These usually cover new expenses like home repairs and overhauls that were revealed in the home inspection, additional financing options, and changes in schedules. The luxury home buying agent usually handles most of the negotiating in this phase.
Discuss with your lender about the final loan approval for your luxury home purchase. This usually includes providing your lender with the home inspection report, as well as giving details about what you have managed to negotiate with the seller. For more information regarding home financing, please refer to our mortgage center page.
10. Title Insurance
At this point of the process, both you and your lender will receive a title insurance document that details the property’s full history and other related legal information. A title insurance is a legal document that protects buyers from financial loss that are caused by oversights or irregularities in the luxury property title.
11. Securing an Escrow Account
The escrow’s role is to act as an outside party that will act as a caretaker of all financial obligations between both parties until the luxury property purchase has been completed. Take note that the escrow, being a vital legal document, can only be left in the hands of a trusted professional. The buying agent usually handles most of the negotiations and monitoring of the escrow account.
12. Luxury Real Estate Purchase Closing
Closing refers to the final step of the purchase, when both the buyer and the seller have signed off all the necessary papers, paid off all tax and financing dues, and filed away all important legal matters and forms for future reference. This also involves a waiting period when the seller takes time to move out of the home into their new one. Once all of these have been completed, you can finally transition to your new Las Vegas luxury property.