What Does It Look Like to Buy a Home in the Reno/Sparks Market?
As an agent who has helped many first-time buyers, as well as buyers coming into our market from out of the area, a common question that I get is, "What does it look like to buy a home in Reno?" Which is completely understandable. If you're coming in from out of state, or just out of the general area, the whole process can be different than what you have experienced in the past. And, if you've never purchased a home before, I'm sure there are a lot of unanswered questions you may have about the process. That being said, I've taken the time to put together an outline of what steps are taken when buying a home. You can check it out below.
Step 1 - Select an Agent
Finding an agent is the first step in your home search. A great agent will understand the home buying process, the local market, and will have great resources they can recommend when needed. Resources like trusted lenders, inspectors, contractors, etc.
Step 2 - Get Pre-Approved
The next step is talking to a lender and getting pre-approved. This will help you understand your home buying budget, along with how much you can afford on a monthly basis. Finally, it puts you in a position where you can pull the trigger right away once you find your dream home.
Step 3 - Go House Hunting
Step three is the fun part, it's all about house hunting. Yes, you can find homes on Zillow, and Realtor.com, but your agent should also have a private portal that will send new listings directly to your email, as well as access to other home resources. When homes catch your eye, your agent can get you in right away to tour them.
Step 4 - Offer and Negotiation
Step four is where you find the perfect home and submit an offer. You'll work with your agent to review market conditions, and come up with an amount to offer. In this step there will most likely be some back and forth with the seller. Your agent will negotiate on your behalf, in order to get you the best price and terms.
Step 5 - Due Diligence
In step five, you will hire inspectors to check everything out and make sure the house is sound. Also, you'll hire an appraiser to make sure you're not overpaying for the property. Finally, a title officer will research and make sure that the home can legally be sold, and clear title can be transferred. All things you want checked before you complete the purchase.
Step 6 - Repairs
During the due diligence phase of the process, items may come up on the inspection that need to be repaired. So, in step six, your agent will represent you and work with the seller to get those repairs done before you take ownership.
Step 7 - Sign Closing Docs
In step seven, you're almost done. The house checks out, the repairs are complete, and your lender has approved the loan. Now, you get to go to the escrow company and sign your closing docs. Homeownership is just around the corner!
Step 8 - Get Your Keys
Step eight, the title company records the deed, you get your keys, and congratulations, YOU'RE A HOMEOWNER!
Key Point
The home buying process can be confusing, mysterious, and even nerve-racking at times. It's a big life decision, and you want to make sure you understand what's going on, so you can make good decisions. Though the actual process is more involved, I hope this quick overview helps out and brings you further understanding. If you have any questions about the home buying process, feel free to reach out!
