|Las Vegas and Henderson NV Real Estate
Keller Williams Realty
2230 Corporate Circle,Suite 250
Henderson, NV, 89074
Office Phone: (702) 939-0000
Cell Phone: (702) 339-9700
Email: [email protected]
Buying A Henderson Home: How Long Should I Wait On A Short Sale?
If you’re looking at homes in Henderson Nevada today, chances are good you will see a lot of short sales. Out of 1,906 single family homes on the market, 922 (48.4%) are short sales. While their list prices may look attractive, don’t forget that your offer is subject to approval by the short sale negotiator … and that can take months.
How long should you wait when buying a Henderson short sale? That’s an individual buyer’s decision, but it’s normally a minimum of 45 days. Along with your offer, we submit a Short Sale Addendum which includes this language:
“Buyer may cancel the Purchase Agreement for any reason and without penalty any time after 45 days from Acceptance if Lender Approval has not been received. Upon Buyer’s cancellation, Seller agrees to execute cancellation instructions with Escrow Holder and return EMD (Earnest Money Deposit) to Buyer.”
So once your offer is accepted, you’re giving the short sale negotiator up to 45 days to respond. On day 46, you can execute your right to cancel the agreement or continue to wait. It all depends on how much you want that particular home.
Buying A Henderson Home: What Is A Declaration Of Homestead?
Home ownership is one of the greatest privileges of a lifetime. Nevada recognizes that a home is usually someone’s largest asset, and has enacted laws to protect it. A Declaration of Homestead can protect the equity in your home up to $550,000 against financial challenges resulting from medical bills, bankruptcy, and other general creditor claims.
The Declaration of Homestead is a simple one-page form that can be filled in online or downloaded and completed in black ink. To find your parcel number, look at the top of page one of the Residential Purchase Agreement, ask your real estate agent, or you can look it up on the Clark County Assessor’s site by entering your address. The parcel number uses this format: ###-##-###-###.
When the form is filled in, sign it in the presence of a notary, and then file it with the Clark County Recorder. The current filing fee is $14.
For many Nevada homeowners, the Declaration of Homestead can be one powerful little document. Take a few minutes to protect your home’s equity. For more information, see Nevada Revised Statutes Chapter 115 – Homesteads or consult an attorney.
Buying a Henderson Home: The CIC Resale Package
If you’re buying a home in Henderson Nevada, odds are good that you’ll be part of a Common Interest Community (CIC). Also referred to as Homeowner Associations (HOAs), these neighborhoods often have very specific rules and regulations that all owners and residents must abide by.
How many trees must I have in the front yard? What colors can I paint my house? Can I park my boat or RV in the street? These are all types of questions that are addressed by CIC rules. Right now 79% of the active Henderson homes for sale fall within CICs, so it is important for buyers to be informed of their rights and responsibilities before purchasing.
When you sign an offer to purchase in a Common Interest Community, your agent should also have you sign the Information Statement Disclosing Homeowners’ Rights and Responsibilities form. Commonly referred to as “Did You Know …” the form addresses these seven key issues:
“Did You Know …?
- You generally have 5 days to cancel the purchase agreement?
- You are agreeing to restrictions on how you can use your property?
- You will have to pay owners’ assessments for as long as you own your property?
- If you fail to pay owners’ assessments, you could lose your home?
- You may become a member of a homeowners’ association that has the power to affect how you use and enjoy your property?
- You are required to provide prospective purchasers of your property with information about living in your common-interest community?
- You have certain rights regarding ownership in a common-interest community that are guaranteed you by the state?”
Once your offer is accepted, the seller has two days to order the CIC Resale Package as specified in item 9 on page 5 of the Residential Purchase Agreement (your offer). The resale package contains the Declaration of Restrictions (CC&Rs); association rules and regulations; current operating budget and financial statements; a summary of any legal action that affects the association; a statement of the current and expected fees; and other information that affects homeowners in that neighborhood.
Resale packages can be delivered electronically (usually in .pdf format), on disk, or as hard copy. It’s not uncommon for the package to be 100 pages or more, but don’t ignore it. Read it. You only have five days to cancel the purchase without penalty; beyond that, your earnest money may be at risk.
Nevada real estate agents, the state Real Estate Division, and our state legislature have worked closely to create timelines and disclosures that protect and inform buyers of homes in common-interest communities. For more on CICs, see Article 4 of Nevada Revised Statutes 116 or consult with your buyer’s agent or broker.
Buying A Henderson Home: Is The Neighborhood Safe?
Right alongside price and location, safety is a key factor many people seriously consider when buying a home in Henderson. Will my children be safe walking to the neighborhood park? Can I park my vehicle on the street overnight without worrying about it? Is there a lot of police activity nearby?
The City of Henderson Police Department has a Crime Search on their website that allows users to see eight different types of crime within a one mile radius of an address, intersection, school or park. They also have a link to the sex offender registry.
Other online sources of information include City-Data, Neighborhood Scout and Relocation Essentials.
Of course, nothing beats personal experience. I encourage buyers to drive through neighborhoods at different times of the day with their windows down to help them get a feel for the area. Even better, take a walk around the block or through one of the neighborhood parks.
Are the yards and homes well-maintained? Pride of ownership can be an excellent indicator of a safe and enjoyable community. Is there a Neighborhood Watch program? See someone walking their dog or playing with their child at the park? Ask them how they like living there; many residents will gladly give you the good (and bad) about the neighborhood.
Combining online data and real-life experience with your gut instincts should help you find a Henderson home that you’ll be comfortable to live in. And if you still have questions, ask your buyer’s agent. They can provide further info to alleviate your concerns or find similar neighborhoods that are a better fit. That’s what I’m here for!