Did you know there is a difference between a Pre-Qualification and a pre- Approval?
First, You want to choose an experienced Realtor and Lender to help not only start your home buying journey, but to make the process a smooth experience. Start by asking yourself how much you can afford and what you are comfortable with paying on a monthly basis.
Then you will want to connect with a lender to start the pre-approval process. This not only establishes your purchasing power, but also gives you an idea of what you can afford and what you'd like to spend. With a pre-approval in hand, you can confidently search for homes within your budget.
Why Perform A Home Inspection
As a buyer, you are entitled to perform inspections during what we call in Nevada "The Due Diligence Period". The due diligence is usually about 10-12 days or as you specify in your offer. This is the time where you as a buyer should have inspections especially a home inspection done to determine the condition of the home. This is not required, but I highly recommend to have one performed.
If you do have a licensed professional perform a home inspection and there are items that you would like to have repaired, we can send over a repairs request along with the home inspection report. The seller has a few options as to make the repairs, repair some items, repair none of the items or give a closing credit instead of fixing the repairs.
This is extremely important to have done within the due diligence period to protect your earnest deposit back if you elect to cancel the transaction. Another situation may be that a big ticket item like the AC/Heater isnt working or there is evidence of water damage and we need to have other contractors come out to inspect. We need to have the time to negotiate and move forward. You want to feel comfortable with the condition of the home that you are purchasing.
QUESTIONS TO ASK WHEN BUYING IN AN HOA COMMUNITY
When looking at a home that is in an HOA or Common interest community make sure you ask a few questions:
1. Ask how many HOA fees are there?
2. What is the fee schedule whether they are monthly, or quarterly.
3. What do these fees cover such as is it gated, certain amenities, etc.
4. Are there SIDS/LIDS with this community as well?
These additional fees can add up and will be on top of your monthly mortgage payment, so you want to make sure they are within your monthly budget and you want to run it by your lender before making an offer as it can affect your loan approval. The HOA or any other assessment fess are included in your debt to income ratio.
