How much do I have to pay the Realtor for his services?
My services as a licensed Real Estate Agent are completely free of charge to you or any buyer of a U.S. property. I would represent you in the property search and price negotiation and obtain my fee from the selling owner/agent.
How easy is it to purchase property for sale in Las Vegas?
Purchasing a property in the USA is far less complicated than most other countries in the world. Nevada is very much a user friendly state, giving the buyer an extremely easy and safe approach to home ownership. The single most important factor is to ensure that you use the services of a free, fully licensed Real Estate Agent. I personally will oversee the complete transaction from the time that you arrive in Las Vegas, to when your home is ready for occupation. This includes helping you to find the most suitable property for sale on the market, handling the legal aspects of the purchase, liaising with the mortgage broker and ensuring that the final paperwork is completed.
How will I view the best properties in Las Vegas that are suitable for my personal requirements?
Whereas Estate Agents in the UK can only sell properties held and listed by their own company (leaving you in doubt as to whether you have seen the best and most suitable), as a Nevada Real Estate Agent I have no such obligation and can show and sell any property that is for sale within the State, giving the best assurance of impartial and unbiased advice.
How much deposit do I require to reserve a property in Las Vegas?
In most instances, a deposit of between $2,500 and $5000 will be sufficient to reserve a Las Vegas property and fix the price.
Is it easy to obtain a mortgage in Las Vegas?
Subject to status, (you do not need a visa to buy a holiday home in the States) obtaining a mortgage in Las Vegas is relatively straightforward. Loans of up to 90% are available for residents and non-residents and are secured against the property for sale. The majority of resident loans are made at 80% of the purchase price to avoid private mortgage insurance. Most non-resident loans are made at 75%, as these offer the best terms, especially for our overseas buyers. Repayment terms range from 5 to 30 years with no age restrictions. Also worth consideration is that Lloyds TSB are now offering multi-currency mortgages for US homes that are payable from the UK.
What can I afford?
To find out what you can afford get prequalified for a loan. Prequalifying will not cost you anything, except a sales pitch, since the lender obviously wants your business. I can help ensure that you find lenders who specialise in foreign buyers, who will obtain the most suitable and competitively priced mortgage, relative to your personal requirements.
Are there any additional costs added to the purchase price?
For all purchasers using a mortgage, there are closing costs to be paid. These are costs incurred when completing the purchase of a home. At the beginning of the loan process there is a fee of $400 for the credit report and appraisal. When the loan completes there are other expenses to be paid, such as the mortgage set-up fee, legal costs associated with the purchase and registration of the property, title insurance and various pre-paid items (such as 12 months household insurance and association fees). As a guide, purchasers should allow around 3% of the property's total purchase price to cover all closing costs. Presently, as we are in a strong buyer’s market, it is quite normal to negotiate with the seller to pay your closing costs.
Can I purchase a holiday home to use for family breaks and rent it to other holiday makers when I am not using it?
Things work very differently here, than if you were buying a holiday villa in say Spain. All good communities in Las Vegas will have something called a HOA (Home Owners Association), which defines the rules and regulations (laws) by which every property within that community is bound. The most stringently enforced laws are rules on renting your property. Although most will allow long term renting (six months or more), you will be extremely hard pushed to find a residential community that will allow short holiday rental (put yourself in a neighbours position when every week a new set of foreign strangers arrive), although this does not apply to the use by your friends and family.
Is it better to purchase a House or an Apartment?
Apartments are obviously the main choice for foreign buyers. They are much easier to maintain, especially in periods in which owners are not around. Here you or your guests have the use of gyms, pools, barbeques and other amenities, without the responsibility of their upkeep. Although these communities do not offer the same privacy as a house, they tend to be gated with 24 hour security.
Can I purchase a Las Vegas Property without physically being in Las Vegas?
Although Nevada Real Estate contracts can legally be faxed or emailed for signature, I would certainly advise at least viewing a property in person before a purchase is considered, even if it's just a weekend visit
Are the best deals foreclosures/repossessions?
Las Vegas pretty much has the highest repossession rate in the country and these bank owned properties are amongst the cheapest on the market. Although there are some great bargains to be had they are an extreme headache for buyers to purchase. These properties come with no seller warranties, are sold 'as is' and the majority of them are left in an extremely poor state needing much repair. Not only that, it can sometimes take the banks 3 months to get back to you on any offers and the answer is often no
Can I buy a house in an area that you can guarantee is safe?
As a Realtor I am not allowed to guarantee any areas of being 100% safe and would suggest contacting the 'Las Vegas Metropolitan Police Department' (www.lvmpd.com) for the most official up-to-date crime figures. However, there are obviously bad areas in every city and I will definately advise you on what I feel are the safer parts of town, but for the most part my wife and I feel much safer here then we ever did in England.