MERIT Realty Reports Wells Fargo Has 216 Foreclosed Homes In Las Vegas

Posted under Bank Owned, First Time Home Buyers, Foreclosures by Louie Frias

That’s right. As of January 2010, MERIT Realty shows Wells Fargo Bank has 216 homes, townhomes and condominiums available for sale in Las Vegas and Henderson. 

Many of them can be purchased with FHA financing which means minimum down payments of only 3.5% for 30 year fixed rate mortgages. 

Once you’ve found a home you want to buy, you’ll need to negotiate a price with the seller and agree to a purchase contract, then it’s off to CLOSING!

Making an Offer

Unlike many major purchases which have a specific price tag, homes sell for whatever amount the buyer and seller negotiate. Your real estate agent should help you determine the appropriate amount for your initial offer. When you make the offer, keep these things in mind:

• Put it in writing. All negotiations should be handled in writing—not verbally—to ensure that there is a clear understanding between the parties. If you must negotiate verbally, at least follow up in writi
• Have your preapproval from your lender to give you maximum leverage. Sellers require offers from buyers whose financing is already secured.
• Be prepared to submit an earnest money deposit (also called a “good faith” deposit) to show your commitment to the transaction. This deposit, the amount of which varies by locality, will go into an escrow account until the transaction is complete.

The Contract

The purchase contract, or purchase agreement, is a signed agreement between the buyer and seller describing all the terms of the transaction. Like other contracts, this document represents a legally binding agreement, so approach it with care. Your real estate agent is the only person qualified to prepare the contract for you and keep you legally protected. Purchase agreements typically include these items:

• The home address and legal description of the property.
• The sales price and the amount of the loan, down payment, and deposit.
• The names of both parties and their respective agents, brokers, or attorneys.
• Any applicable time limits. These may apply to the buyer’s acquisition of financing, the seller’s response to the offer, the closing, or the transition of occupancy.
• Any conditions or contingencies that must be met in order to complete the transaction. For example, the contract may be contingent on the buyer’s ability to obtain financing, the home being appraised at a certain value, the results of a home inspection, or the sale of the buyer’s current home.

Remember that no two real estate transactions are exactly alike. Buyers and sellers bring different backgrounds, interests, and agendas to the negotiating table, and the purchase contract will reflect those differences. 

Closing

The closing is the final phase of your homebuying and mortgage process, so now your new home is just a few steps away. If you haven’t already, make sure you do the following:

• Review your loan commitment with your lender to make sure you understand all the requirements.
• Set the closing time and date based on your sales contract and the loan commitment expiration.
• Confirm that a survey of your property has been ordered. Check with your closing agent or attorney.
• Make preparations to move (notify your landlord, complete change of address forms, arrange for utilities to be disconnected at your current address and made available at your new home, and plan your actual move).
• Conduct a final walk-through inspection of your home-to-be.
• Make sure you’ve satisfied all the requirements of your agreement with the seller.
• Get a certified or cashiers check from the bank for your closing costs. Cash or personal checks are generally not accepted.

On closing day, ownership of the property will be transferred from the seller to you, and you will sign documents that acknowledge your rights to the property you have purchased, your agreement to repay the money you have borrowed, and the lender’s right to the property if you default on the loan. The escrow officer and title company will coordinate and distribute all the paperwork and funds, according to the terms agreed upon by you and the seller.

Then, it will be all yours!

For free access to all properties listed as foreclosures OR short sales in Las Vegas and Henderson, visit our website: HowToBuyABankHome.com