First times

Life is full of first times. This is one for me. I can't type for beans...(two fingers) but here I am trying my hand(oops fingers) at blogging.

My name is Stacey Pena My husband and I are real estate agents for Merit Realty in Las Vegas. The reason I decided to start this blog is I have spoken to many people who have misconceptions about the housing market and how it works here in Las Vegas.

I like to work for buyers...the thrill of the hunt, the fun of viewing houses that may become homes, getting a BARGAIN (I love a good bargain!!). For the past 18 Years real estate has been my hobby and now it's a job I find exciting and love doing.

It can be stressful for the buyer: Am I paying too much, am I not offering enough, are there problems with the plumbing, the air conditioning (very important item here in Vegas), Is this the right neighborhood for me.....Your agent should help alleviate most of that stress by providing you with information about the market and that specific area.

A lot of the misconceptions center around price. A lot of people believe homes in Las Vegas (because the majority are bank owned) should sell a lot lower than the asking price. However, that's not the case. Yes, homes here are going for about half the price of what they sold for in the boom years. Not facing the reality of the pricing for a particular area and doing your homework (actually have your agent do your homework) will cause major disappointment.

Example: I had someone tell me and my husband (Jaime): I want a three bedroom, two bath, two car garage in a really nice neighborhood for thirty thousand dollars. Jaime's answer to that inquiry: "Do you want a pool with that?". My answer was: "What planet do you come from?" (I didn't say that but I wanted to). Unrealistic expectations are out there.

Yes, there are homes in Las Vegas for as low as sixty thousand dollars, and condo's for as low as 40. But be prepared to do a lot of work on them. Don't think you are just going to move right in. I have seen some miracles..A house sold for under it's asking price of forty eight thousand and didn't need a complete over haul, just some washing up and carpet/tile. It was truly amazing.

If you really want to buy a house, now is a great time to do it. But you need to get your ducks in a row.

First; Get a prequal letter from a lender (if your a member of a credit union I recommend using them, however, they are backed up and it may take quite a while to get one). I don't personally recommend going to a broker, I feel the banks are better (my opinion). This will let you know what realistic price range to look for. ( If you are paying cash you will need to show proof of funds, a bank statement of some type).
As a real estate agent the hardest thing for me to see is someone fall in love with a house they don't qualify for. That doesn't mean there are no houses in their price range that they will love it just makes it harder. Also, in order to submit your offer (if the property is a foreclosure or bank owned) I have to submit it with the prequal. The banks require it and it tells them your serious.

Second; Figure out what you need/want. I need a two bedroom but would like a three. As an agent I can search your criteria as two and up this will show me anything in your price range that has two or more bedrooms. How many bathrooms, a garage (what size is preferable), two story, one story or it doesn't matter, pool (yes, no, doesn't matter) (depending on your price range a pool may not be an option). Do you want an older home or a newer home. Do you want a fixer upper (word of advice...always try to get more bang for your buck..a little work never killed anyone and you will increase the value if you fix it up.) or do you want almost move in condition...some people are too busy or don't know how to do repairs. What area would you like to be in (if you haven't lived in Las Vegas before you really need to have an agent you can trust. They should show you different areas and let you know the ups and downs of that area. For example: This is a nice area with mountain views, close to schools, shopping and parks. However, It seems to have a lot of traffic or it's really far from where you will be working (by the way if you are from California (LA area), or Phoenix and are reading this you will probably laughing at what we call a commute (30 to 40 min.). Some people don't mind the drive, while others do.

Third; Find an agent who is willing to work for you, but don't think your the only one in the world for them. A good agent you can trust, will have other clients who want those same qualities. Also, don't sign an "exclusive right to represent a buyer" unless you are sure the agent you are with is the one for you. You can interview agents and find one that makes you feel comfortable. Don't think you have to stay with one if your not comfortable.( on the flip side- do not jump from agent to agent) interview first and stick with the one you feel will best represent your needs.

Fourth; Communication is very important. Make sure whom ever you choose listens to your wants and needs and responds accordingly. Don't let them blow off your concerns as not important. If it is important to you it should be important them.

Questions you should ask an agent:
1. What do you like about Las Vegas? (find their enthusiasm. If they are happy/excited it will make your search so much better. If they hate living here well.....whats the point).
2. Buying a home is a big step and most times a long term commitment. Make sure your agent thinks so too.
3. How will you search for houses?
4. Do you have a limit on the number of properties you will show me?
5. Have an agent explain the short sale process. Do they recommend it? Why or why not?
6. If we find a house, what will you tell me about pricing and how do you obtain that information?
7. What documents will I need to sign and provide, to make an offer? May I have a copy to read in advance?
8. Do you and/or you company have a website so I can search also?
9. Will you show me properties listed by other companies?
10. How will you keep in contact with me and how often?
11. Do you have a list of lenders, home inspectors, warranty companies, insurance companies etc...
12. How often will you provide me with properties that match my criteria. How will you get them to me..e-mail etc...If I don't have e-mail will you call me and/or meet with me to view prospects. Do you have a computer available to view them?
13. Will you tell me all the negative and the positive (as you see them) of each property?
14. Why should I pick you for my agent?

When you start looking for an agent. Let them know. You could say: " Hi, my name is______ and I would like to interview you as a prospective agent. Do you have time or would you like me to call back at a more convenient time. (Make sure you call them back. They might be with a client and if you were their client you should want them to focus on you.).

Remember, every personality is different. Find an agent that suits yours. Some people ask for references. That's fine but I guarantee they won't give you bad ones. If you want to know more about their company go to the better business bureau's web site at http://southernnevada.bbb.org/checkbusinesscharity.asp

For disciplinary reports and license suspensions of real estate agents go to the following web page (the disciplinary report section was under construction last time I checked but may be up soon.
http://red.state.nv.us/dispactions.htm

If you would like to interview me as an agent my phone number is 702-502-7070. My husband, Jaime, and I would consider it an honor.

You can also view our website http://funtobuy1.las.mlxchange.com/ you don't have to log in unless you want to save your search.

Well, This only took me 4 hours to type. ha ha ha. But I wanted to give you information you could use. I hope I have done so. If you have any questions in general call or e-mail me at funtobuy1@aol.com I will try and help the best I can....Have fun and good luck.

P.S. If I think of anything else or find a great Bargain (I do so LOVE a Bargain) I'll let you know!!!