Frequently Asked Questions From Realtors
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Frequently Asked Questions From Realtors

May 19, 2016 09:18 AM

What is opening ESCROW?

Once a sales contract is fully ratified, the contract is submitted to the title company along with the buyer’s earnest money check to open ESCROW. The title company acts as a neutral third party and begins the act of clearing the title and following mutual written instructions to coordinate the flow of documents and funds.

What is title insurance?

It is an insurance policy that protects the property owners and their lenders against losses related to the property’s title. This minimizes the risk of acquiring property whose legal history is unknown to the buyer.

What is the purpose of home inspections?

A seller is required to disclose any known damage to the property. However, some items aren’t noticed and may cause further problems in the future. Home inspections are highly recommended because they can reveal most issues buried under the surface and prevent expensive repairs.

What are SID/LIDS & assessments?

A large portion of the newer properties in Las Vegas were built under various master-planned communities. The common areas of these communities were not funded by the city however, but were financed by the builders. The balances then distributed to the properties were based on lot sizes. Therefore, whoever purchases the property will have to pay towards the balance; if they sell before the balance is paid off, it will remain with the property and the next owner will then take over. This balance can be negotiated between buyer and seller in the contract. Once the payoff is complete, SID/LID or assessment is removed.

What puts our services above all others?

Here at Shapiro & Sher, we offer a one of a kind concierge service. 

For sellers, our weekly inspection on your vacant properties will make sure that your properties are taken care of, and we’ll track all the necessary upkeep while the property is vacant. Not only that, we will provide feedback after every showing, and we will strive to meet any request asked of us.
For the buyers, we’ll provide the transportation for you when viewing properties as well as recommendations of the best vendors in Las Vegas. We’ll personally guide you through the entire purchasing process. If you’re a buyer from outside the city, we’ll advice you on the best that the city has to offer that even the locals don’t know about.

Why chose to buy in Las Vegas?

A huge benefit of living in Nevada is there is no state income tax on the individual or corporate level.  The weather is sunny more than 300 days a year, with mild winters and long summers. Less than an hour away is the magnificent Red Rock Canyon, Mt. Charleston Sky Resort, and Lake Mead Recreational Area. If you buy a property in Las Vegas, you can enjoy the outdoors no matter what time of the year it is. The entertainment in our city is endless; from the world class resorts on The Strip to the incomparable golf courses, amazing shows from famous actors and celebrities. Needless to say, there’s always something for everyone here.

Why do current market trends matter?

In the past decade the Las Vegas market has fluctuated tremendously from rising to a peak in values and hitting rock bottom. Whether buying or selling, it is necessary to understand the direction of the market. This will affect the price you decide to list at and the price you chose to purchase for. Currently, prices are being driven upward from lack of inventory, listings are receiving multiple offers and buyers are shooting above list price to gain an advantage. With that in mind, looking at properties listed at the top of your budget will not be recommended since they well likely sell over list price.

How long does the buying process usually take?

There are several different variables that can affect the time it takes to perform a transaction. To start, we must find the right home for you and then negotiate a deal which can take as little as a week or take several months. Once an executed contract has taken place, the due diligence period follows an average of seven days. Depending on the type of financing, it will move toward closing. The loan process typically lasts 30 days if there is a mortgage lender being used for financing. Keep in mind that no two transactions are identical and unexpected circumstances may arise that can affect the transaction.The fastest type of transaction is made through cash; if the purchase is made with cash, the deal can close once the title is cleared and the buyer sends in the funds.

How do I know what my home is worth?

When considering putting your home in the market, the very first thought is how much can you get for it. The benefit of sitting down with an experienced realtor is they have the ability to create a comparative market analysis. The “CMA” will evaluate the condition, location and features of your home and compare that against recent sales. This is the most efficient way to determine the property’s value other than ordering an official appraisal by a certified appraiser.

Who pays for the Realtor(s) services?

Typically, the buyer’s representative is paid a co-op from the listing brokerage. Transaction fees and additional commission paid by buyers to their agent can be negotiated in the buyer brokerage agreement. There is no set commission to list your home with a realtor. Brokerages have the ability to negotiate their commission with sellers and in that contract it will be determined how much is offered to the cooperating for bringing a buyer.

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