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May
25

How to Avoid Pitfalls When Buying a Las Vegas Home

By LasVegasShortSales

It’s a great time time to buy a home, but there’s a catch—only for those who buy smart.  Tara-Nicholle Nelson, a broker in San Francisco, gives some tips that are relevant to the Las Vegas short sales market.

  • First, stay on track by getting the order right: Know what you want before looking rather than looking to find what you want.  By having a concrete vision of your home–including your price range, your vision of the home itself, and your vision of the location–you’ll avoid homes that are a bad fit.  An agent’s job is partly to translate your sometime abstract vision into a concrete dwelling, but the more you work to focus your vision, the happier you’ll be in the end.  Towards this end, write down what you want before consulting an agent.
  • Second, know what you want, but also know when to settle. To find the best deal, you need to strike a hard bargin but also be realistic about what kind of home you’re going to get for the money you’re willing to put up. If you’ve been searching for months on end and no home has met your complete wish list, then it might be time to compromise.  A real-life home that meets most of your needs is better than a dream house that remains merely a dream.
  • Third, caste a wide net, but then focus on one good fish.  That is, in the beginning, look widely around to find a broker you trust, but once you find your broker and your strategy, focus like a laser beam.  Housing markets vary from city to city and from neighborhood to neighborhood within a city. Having someone–a broker–with intimate knowledge of the local market can make a world of difference.  The focusing aspect of this strategy is necessary to avoid wild goose chases and to succeed in the sometimes tiring process of finding a home.
  • Fourth, the small print matters, especially for the Las Vegas short sales market. Contracts for short sales vary widely and the facts about the condition of the home become especially relevant. Make sure to read inspection reports for short sales.
  • Fifth, beat your own bad psychological habits by doing your accounting on paper and in the cool hour.  By this I mean that making financial decisions and calculations on the fly and in your head can sometimes break your bank.  We humans tend to weigh the price tag more heavily than extra fees and costs, even though money is money. We also tend to let our desires get in the way when we’re in the process of actual buying.  To avoid this, write up your all of the costs on paper or on a spreadsheet and make your decisions when you’re at your most realistic.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short sale process.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191 to schedule a short sale consultation today.

Considering a Las Vegas Home purchase?  Search all Las Vegas Homes for Sale using our free, interactive map-based search.

 

 

Related posts:

  1. Las Vegas Short Sale Time Frame
  2. Can I short sell my home with a tenant?
  3. Will The Foreclosure Moratorium Impact Las Vegas Short Sales?

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