11 Questions to Ask When Making an Offer and Closing on a Home

Purchasing a home in Las Vegas and questions to ask when offering or closing on a home

11 Questions to Ask When Making an Offer and Closing on a Home

March 23, 2023

As the Las Vegas real estate market continues to grow, real estate agents are making offers on homes every day. In 2023, the Las Vegas housing market is expected to remain competitive, with a high demand for homes and low inventory. According to recent data from the Greater Las Vegas Association of Realtors, the median home price in Las Vegas is currently $430,000, a 14% increase from the previous year.

Real estate agents play a vital role in helping home buyers navigate this competitive market and make the best offer possible. However, it's essential for home buyers to ask the right questions to ensure a successful transaction. By asking questions about contingencies, earnest money, and closing dates, buyers can protect themselves against potential risks and understand the timeline for their home purchase. With a solid understanding of the home buying process and the Las Vegas real estate market, home buyers can confidently make an offer and close on their dream home.

1-How does the offer work? Do we communicate with the seller or seller’s agent?

Your real estate agent will handle the offer process, and they will communicate with the seller or the seller's agent on your behalf. "When we present an offer, we always present it to the seller's agent," says Jillian Batchelor, a Las Vegas realtor. "We don't communicate directly with the seller unless there's something that requires our client's input."

2-What contingencies do you recommend including in the offer?

There are several contingencies you can include in your offer, such as a financing contingency, appraisal contingency, and home inspection contingency. "We always recommend including all three contingencies," Batchelor says. "That way, if something goes wrong, you have the option to cancel the contract and get your earnest money back."

3-How much earnest money should we put in the offer?

Earnest money is a deposit that shows the seller you're serious about buying their home. The amount of earnest money you should put in your offer depends on the price of the home and the local market. "In Las Vegas, we typically recommend putting 1% of the purchase price as earnest money," Batchelor says.

4-When do we need to provide earnest money?

The deadline for providing earnest money varies depending on the contract. "In Las Vegas, we typically require earnest money within three days of accepting the offer," Batchelor says. "But it's important to check your contract to see what the deadline is."

5-When should we expect to hear back from the seller?

The amount of time it takes to hear back from the seller varies. "In Las Vegas, we typically expect to hear back within 24 to 48 hours," Batchelor says. "But it really depends on the seller's situation and how busy the market is."

6-If we receive a counter-offer, when do we need to reply?

The deadline for replying to a counter-offer varies depending on the contract. "In Las Vegas, we typically give the buyer 24 to 48 hours to respond to a counter-offer," Batchelor says. "But it's important to check your contract to see what the deadline is."

7-How can we sign the paperwork? Digital? In-person?

The process for signing paperwork varies. "In Las Vegas, we offer digital signatures," Batchelor says. "But if the buyer prefers in-person signatures, we can accommodate that as well."

8-If the offer is accepted, what are the next steps?

If the offer is accepted, the next steps are to complete the home inspection and appraisal, and to obtain final loan approval. "Once those are completed, we move on to the closing process," Batchelor says.

9-How far out is the potential closing date from an accepted offer?

The closing date varies depending on the contract. "In Las Vegas, we typically close within 30 to 45 days from the accepted offer," Batchelor says. "But it really depends on the lender and the buyer's situation."

10-What are our next steps once the offer is accepted?

Once the offer is accepted, the next steps are to complete the home inspection and appraisal, and to obtain final loan approval. "

In conclusion, making an offer on a home can be a complex process, but with the right questions and guidance from a knowledgeable real estate agent, you can feel confident in your decision. In Las Vegas, the current real estate market is highly competitive, with many buyers vying for limited inventory. As a result, it's common for homes to receive multiple offers, and the acceptance rate can vary greatly depending on the location, price point, and condition of the property.

In order to increase your chances of having your offer accepted, it's important to work closely with your real estate agent and be prepared to move quickly when you find a home that meets your needs. By asking the right questions and staying informed about the local market conditions, you can make a strong offer and secure the home of your dreams.