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Old 08-31-2017, 01:43 PM
 
7 posts, read 3,149 times
Reputation: 12

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Quote:
Originally Posted by lvmensch View Post
It is a tricky question. New home sales are wired to favor the builder and there is virtually nothing that an agent or a buyer can do about it. The refusal to consider any modification to the buyer's contract is virtually universal. So agent or attorney the option is to not buy. You are not going to change the contract.

And make no mistake. New build is still a terrible deal. You are out something like 15% on the buy and then have 10 or 15% more to pay to get the place livable. So you are down 20 or 25% at day zero. Break even in five years if you are lucky.

Use of an agent is generally low cost on a new build. And it does help. Agents who have done a few have some understanding of what can be gotten out of the builder. And in general builders pay buyer's agent out of their marketing budget. So the bag you get a discount for not having one is mostly a put on. They also are better at harassing a builder into doing what he agreed to than most civilians would be.

If however one has a done a dozen or so transactions or were in the business or such you don't need an agent. It is really protection against being taken advantage of...and perhaps some help in getting things done correctly and timely.
We certainly do not have the experience my husband seems to think we do although we've purchased pre-existing homes and new construction homes in the past. And none in the LV market. I want to use a realtor. They're the experts.... not us. DH is trying to cheap out and for me , it's too big of a gamble. Thank you for replying. I'd love it if YOU were our realtor. I'm a big fan!
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Old 08-31-2017, 01:45 PM
 
7 posts, read 3,149 times
Reputation: 12
Quote:
Originally Posted by Hal Roach View Post
Since you will be buying off the mls, use an agent. But, I do tons of research before I even talk to an agent. The model of flying in and going to look at six houses in a SUV is way outdated. I had a guy looking at my condo a few weeks ago, and the only problem was that he was not an educated buyer....had no idea about comps or rents. I really felt like I was wasting my time. I didn't want to push anything, I expected it to sell itself within reason. The market moves pretty fast, the buyer needs to have their ducks lined up. I like the ZIP code concept....worked great for Ziprealty. Then you can narrow down your choices. Coming cold to a metro area and riding around with a realtor is asinine, unless you have done your own research. There are plenty of nice shades of beige in horrific school areas, as well as crime.....
Thank you Hal! I 100% agree with you!!
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Old 08-31-2017, 01:47 PM
 
7 posts, read 3,149 times
Reputation: 12
Quote:
Originally Posted by Hal Roach View Post
Familiarizing yourself with the buyer/seller/50-50 grid on a standard Nevada contract is a good start. That alone could save you a few thousand. I had cash buyers who paid their own Title Insurance....didn't feel like hitting a holeinone, but was better than a birdie. Had a realtor tell me the law said I had to pay for septic pump and clean, even though it wasn't in the list. Oh, really? I have the entire Arizona Revised Statutes on the internet in front of me...just show me which law says that, and I will pay it....CHACHING .saved 375 on that one. People that quote make believe laws...sheesh...so annoying.
Septic? Uh...no
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Old 08-31-2017, 01:47 PM
 
10,800 posts, read 3,768,270 times
Reputation: 4713
Quote:
Originally Posted by Hal Roach View Post
Familiarizing yourself with the buyer/seller/50-50 grid on a standard Nevada contract is a good start. That alone could save you a few thousand. I had cash buyers who paid their own Title Insurance....didn't feel like hitting a holeinone, but was better than a birdie. Had a realtor tell me the law said I had to pay for septic pump and clean, even though it wasn't in the list. Oh, really? I have the entire Arizona Revised Statutes on the internet in front of me...just show me which law says that, and I will pay it....CHACHING .saved 375 on that one. People that quote make believe laws...sheesh...so annoying.
I know of no law requiring a septic inspection/certification. But it is common on loan requirements. It is negotiable but I would be very reluctant to allow a buyer not to get one from the seller or pay himself. They are expected in most areas of LV with septics.

The LV custom is the seller pays for the owners policy and the buyer for any lender's policy. The custom on escrow costs is a 50/50 split.

Changing these is simply a part of the negotiation. Seller proposes the Buyer pay the Owner policy a counter that lowers the price an equivalent amount would often occur. If the buyer perceives the price as low then these concessions may be easy to get. Price perceived as high they may be impossible.
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Old 08-31-2017, 01:49 PM
 
7 posts, read 3,149 times
Reputation: 12
Thank you all for your replies. I plan to read them to my DH when he gets home this weekend. Hopefully he'll realize how much we don't know and be willing to work with a professional.
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Old 08-31-2017, 01:55 PM
 
1,559 posts, read 853,704 times
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Quote:
Originally Posted by lvmensch View Post
I know of no law requiring a septic inspection/certification. But it is common on loan requirements. It is negotiable but I would be very reluctant to allow a buyer not to get one from the seller or pay himself. They are expected in most areas of LV with septics.

The LV custom is the seller pays for the owners policy and the buyer for any lender's policy. The custom on escrow costs is a 50/50 split.

Changing these is simply a part of the negotiation. Seller proposes the Buyer pay the Owner policy a counter that lowers the price an equivalent amount would often occur. If the buyer perceives the price as low then these concessions may be easy to get. Price perceived as high they may be impossible.
There was no law in AZ either, she just made it up. Yes, the title insurance payment is different in other areas, but yes, NV and AZ seller would provide owners policy, but hey, they checked the box I signed their offer and they paid...I believe I had to point that out to the escrow clerk.
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Old 08-31-2017, 02:04 PM
 
10,800 posts, read 3,768,270 times
Reputation: 4713
Quote:
Originally Posted by Hal Roach View Post
There was no law in AZ either, she just made it up. Yes, the title insurance payment is different in other areas, but yes, NV and AZ seller would provide owners policy, but hey, they checked the box I signed their offer and they paid...I believe I had to point that out to the escrow clerk.
Careless or inexperienced agent. Happens.
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Old 08-31-2017, 02:31 PM
 
2,953 posts, read 1,394,375 times
Reputation: 5292
Quote:
Originally Posted by lsm19 View Post
We certainly do not have the experience my husband seems to think we do although we've purchased pre-existing homes and new construction homes in the past. And none in the LV market. I want to use a realtor. They're the experts.... not us. DH is trying to cheap out and for me , it's too big of a gamble. Thank you for replying. I'd love it if YOU were our realtor. I'm a big fan!
Then hire him! I'm sure you'll get good service, remember you are both on CD. The builder will have you behind the 8 ball if you don't use someone who reps you. And you won't save any money.

A builder we used, who happens to be in the paper often now. Building my neighbors 2.5 million dollar home in 2000. The pool had no pipes put in it for water entry and no drain at the bottom. I saw this from my home and told my husband. He had built our house and I knew the issues with mine. We too lived somewhere else and came in town once a month.
Sure enough a few days later the owner had the builder there showing him what was done. They built a cement pond. So they had to tear the thing out and start again.

Many of the GC aren't out on site, their in the office. Go out in this heat, heck no. One time I was at their office and said to the GC how come you are in here when you have so many homes being built. The start of our hate affair.

There is a saying in life that is so true "you don't know what you don't know." Life in Vegas is different from anywhere I lived. Now we just say 'welcome to Vegas' upon hearing some crazy story.
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Old 08-31-2017, 03:28 PM
 
Location: Las Vegas
13,441 posts, read 24,230,718 times
Reputation: 24763
A GOOD realtor is worth the money. But not all of them are good.

If you are set on a new build, research the builder. It's not hard to get information, look at the court cases and complaints. Walk around the subdivision and talk to people who bought these homes. What problems do they have and has the builder fixed them? Find a subdivision this builder constructed 5 years ago and do the same thing.

Someone already said buying new here is like volunteering to pay an extra 15% and that's true. There are other homes available that will give you more for your money.
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