Part 1 of the Las Vegas First Time Buyer Guide. Much great information courtesy of Renee Burrows. While there are nuances for specific locations - this series is a great read!
This is Part 1 of the Las Vegas First Time Home Buyer’s Guide. You can read the rest of the series here.
Buying a home for the first time can be overwhelming with all the tasks that need to be done from the beginning until the day you receive your keys. Hopefully I will help make it easy for you by breaking it down in a series.
The first thing a buyer wants to do is make sure they are qualified to purchase a home. They want to explore all of their options on financing: VA, FHA, Conventional, Cash or Alternative Financing (Private Money, Owner Will Carry). The most popular option for first time buyers is FHA financing. The down payment is low (currently at 3.5%) and if they hire a savvy Las Vegas buyer’s agent that can get their closing costs paid, they are not really looking at coming up with a whole heck of a lot more out of pocket expenses with buying than renting a home.
There are also Down Payment Assistance (DPA) options available to the first time buyer to help cover for closing costs, down payment or both. Of course you do need to qualify for these options just like you need to qualify for a loan!
You also want to start saving up for your Earnest Money Deposit (EMD). Your EMD shows that you have good faith to purchase the property and if you back out for reasons outside of your “contingencies“, the seller may not release your EMD back to you. EMD is usually around 1% of the purchase price of the home.
Next: Part 2: Interviewing Agents
About the Authors - Updated 2018
If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.
Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!
Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty
Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty
Associate Brokers, REALTORS
BVO Luxury Group
Keller Williams Arizona Realty