Looking for Property-Streamlining the Search

Buying a Home - One of your best assets.
Whether purchasing your very first home or your 100th, it is always an adventure. There is the looking for homes stage, the "let's write an offer" stage, and always the "will they accept our offer" stage. Once the offer is accepted, you open escrow and get ready to move in, hopefully! There is no substitute for experience and although not always that simple, we strive to bring a timely, seamless and successful process for your home buying needs. Below, we outline some of the major home buying steps and we encourage you to call or e-mail us any questions you have because we can't cover everything here.

Step 1 - Meet With Your Mortgage Professional
If you will be financing all or part of your purchase with a mortgage, this is your first step. With today's ever changing credit markets, what you may have qualified for a year ago will probably be different today.  The most important part of this process is finding someone you trust, letting them take an honest look at your financial situation, and lastly having them pull your credit report. (Be aware! The credit report that you get online and the type mortgage professionals use to lend money are not the same). With those simple steps taken, your mortgage professional will be able to provide us with an accurate picture of what your price range will be.

One thing that we cannot stress enough is the importance of a pre-qualification letter. This document is prepared by your lender and it specifies that he or she has evaluated your finances and determined how much you can afford. A pre-qualification letter is a valuable tool for negotiations, as it tells the sellers that you are willing and able to purchase their property.

If you are in a position where you believe you will be buying without the use of mortgages (i.e. all cash), be prepared to furnish documentation at the time of the negotiation stage. Sellers typically stipulate some form of documentation of your assets before formal approval of an offer. If your situation is even more complicated, give us a call or e-mail. After 30 years of helping buyers in Incline Village and Crystal Bay, you can rest assured that the privacy of your affairs is one of our biggest concerns.

Step 2 - Define Your Needs and Wants
Will it be a home or a condo? 2 or 4 bedrooms? What is your favorite area in Incline Village or Crystal Bay? What is your budget? Are there any concerns regarding someone with a disability?

Of all the steps in buying a home, investing some time figuring out what you really want (and don't want) will make the fun part, house hunting, more efficient. The more clear you can get, the better you will be.

Step 3- House Hunting (the fun part!)
By this point, you should have a very clear picture of how much you are going to spend and what your wants and needs are.

We recognize that many prospective buyers are from out of town and it is not so easy to hop in the car and go look at a property. Because of that we have technologies that help us communicate with you from a distance, keeping you informed of what is coming on the market in real time. Everyone in town has access to the service that will automatically update you. The difference we bring is that we do not just set up a service and let it run. We work everyday of the week and are actively looking with your interests in mind. We also all carry devices that allow us to communicate anywhere in the world, at any time of the day or night whether it be via email, a phone call or a text message.

Step 4 - Making an Offer and Negotiating
Once we find a home that moves you, it is time to determine what you are going to offer the seller. There are many questions to ask when determining an offer price such as: What is included with the purchase price of the home? What are similar homes in the area selling for? How high is the demand on this particular property? (One thing to remember about Incline Village and Crystal Bay is that we are about 95% built out. There are no more large areas to build on. In some cases, this causes high demand for properties which means we need to be able to move quickly and get the property under contract.)

Experience and Negotiations are two words that go hand in hand. We have been brokering properties here since 1980. We are familiar with all areas and nuances of the varied neighborhoods in town. Another negotiating advantage we bring to the table is that we have a strong reputation of being honest and effective brokers. This helps you because when we present an offer, the broker on the other side knows that the offer is serious and we mean business.

Step 5 - To get your mortgage going, get your finances in order
By this stage, you will have previously met with your mortgage professional and should be working on the documentation that they need. In a sophisticated real estate market such as Incline Village and Crystal Bay, you might be competing in the offer with someone that has an entire team to handle their finances. It is always best to have your financing details organized as early as possible.

Step 6 - Inspections
Depending on the property, various inspections are highly recommended. The basics will be the appraiser and (we always advise) and reputable home inspector. You can visit our referral page for names of vendors in the area.

Please contact us if you have a unique situation or are concerned about something specific.

Step 7 - Escrow Process and Closing
Every part of the country has different processes for closing a real estate transaction. The big picture of a closing is that all the parties to the transaction meet, transfer documents, transfer funds, and finally record the transaction at the respective County Recorder's Office (or similar entity).

That is where the similarities end. In Washoe County, Nevada (where Incline Village and Crystal Bay reside), we use the Escrow Process for closings. You are normally required to have Title Insurance, especially if there is a lender involved.

Some may be familiar with using attorneys to close the transaction. The attorney closing is most widely used on the East Coast. The main difference between the two types of closings are that in an attorney closing state, at the time of closing, all of the attorneys get together in one room and do all of the paperwork at one time. This will include the lawyers representing the sellers, the buyers, the banks involved and anyone else that is a party to the transaction. Although it can be very informative to have legal representation from all parties at the closing, (all questions are answered on the spot) it is people intensive and with that many lawyers involved, quite costly.

The Escrow Closing does the same work, however the main difference is that the escrow company is a neutral third party that is fully licensed and bonded to complete the work. They company can be independent or a branch of a larger escrow corporation.

You will have an Escrow Officer who will collect documents from the sellers, the buyers and the banks. They ensure that the transaction is completed according to law and to the terms of the contract.  They will take the change of ownership documents down to the county to finalize the transfer of the property. One other difference between the two types of transfer is that at an attorney closing, all money changes hands at the final closing meeting. Escrow companies have trust accounts set up specifically for the transaction and they will hold all funds and disperse only when instructed by all parties to the transaction.