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Three steps to take when purchasing real estate.

Updated: Aug 8, 2018 named Las Vegas the No 1. real estate market in the country, earlier this year. This is attributed to the criteria of prices and amount of existing homes, new construction and local economic trends.  However, this isn’t the first-time Las Vegas has been No 1. on the list, we have also been No 1. for foreclosures and short sales.   Whether buying a primary house or an investment, it is important to do your research and entrust in a team that will work with you.

  1. Financing

Because inventory is low and going fast, getting a pre-approval before you begin the search for your perfect home should be your first step.  You can choose from a variety of different lenders, including: local banks such as Bank of Nevada, nationally owned like Chase Bank, online lenders like Rocket Mortgage or mortgage brokers.

  1. Realtor

After obtaining an approval from your lender, contact a realtor and begin the search.  Las Vegas certainly is not short of realtors.  It is important to ask for a referral from someone you trust.  You want to find a realtor who is interested in what and where you are looking for.

  1. Real Estate Attorney

By now, real estate transactions are so standardized that most will use the exact same purchase contract, just filling in a few blanks.

However, if legal issues arise that your real estate agent can’t answer, you’ll need an attorney’s help. Although good agents know a lot about the negotiating and contracting part of the process, they can’t make judgments on legal questions. For example, what if your prospective new home has an illegal in-law unit with an existing tenant whom you want to evict in order to rent the place to a friend? Only a lawyer can tell you with any certainty whether your plans are feasible. Or what if you’d like to rent the home for an extended period, such as a year, before you’re obligated to buy it? That will require drawing up an unusual lease. Or, if you’re drafting any unusual language for the purchase contract, or are concerned about some language in your mortgage, you may want to have an attorney look the documents over.

If you are in the market to purchase a new home or are struggling with your mortgage and face foreclosure, give us a call.  Premium Law Group specializes in Real Estate Law, Bankruptcy and more to assist you when you need it.

Schedule your complimentary consultation now – 702- 448-4962

This information is provided for informational purposes only. It is not legal advice and does not constitute an attorney client relationship.


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