Friday, August 08, 2008

Making an Offer on a Las Vegas Home

What does it take to make an offer on a Las Vegas home (including bank owned, pre-foreclosure, and short sale homes)? You need:

Need a pre-approval letter from your lender or proof of funds. Most sellers will not look at your offer unless this is attached.

Earnest Money
This is an amount of money which is submitted with the offer to show that you are serious. The earnest money will be deposited with the escrow/title company once the offer is accepted. That money then goes towards your closings costs. If you are doing a no money down type of deal then you need to talk to you lender to make sure you will get this money back when you close.


This is a standard form which lists what you are offering for the home. It lists all of the terms of the sale and any contingencies. Common contingencies are financing and inspections.

Make sure you read the offer very carefully and ask your agent or an attorney any questions you may have. Everything has to be in writing with a real estate deal. If you want to add a condition or make sure something stays with the home then it has to be spelled out somewhere in your offer, counter offer, or addendum. Remember, any counter offers or addendums will modify the original agreement.

That is all you need. Pretty simple. In the coming weeks I will be discussing:
How to determine what to offer on a home.
How the offer process works.
and anything else you may need to know when purchasing a home in the Las Vegas area.

Related posts:
What Should You Offer?

Las Vegas Bank Owned Properties

Solve your Real Estate Worries with Four Questions

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