Home Buying Disaster

Buying homes in Las Vegas will be very interesting in 2006. The number of resources available to buyers continues to increase along with the amount of competition among Realtors.

Searching for real estate in the Las Vegas market offers many obstacles without the proper guidance from a quality Realtor.

Internet resources include real estate listing sites such as Realtor.com, ZipRealty.com and hundreds more. There are numerous advice gurus offering the latest strategy to buying and selling in any real estate market.

Not only do buyers have access to home listings via Internet, they can go into any grocery chain and pick up the latest copy of the newest real estate magazine for free.

Banks and financial institutions make borrowing as easy as clicking a few buttons on your keyboard.

These are all good resources to have when buying a home, selling a home or investing in real estate. The more educated one is the better they will fare when that transaction finally goes through.

There is a downside to all this. Without the guidance of a quality Realtor, many homeowners are left out to dry. So many Realtors are more interested in their commission then they are in their client’s interest that they will do almost anything to get the parties to sign papers.

One particular instance, and this is not uncommon, happened to a very good friend of mine a couple years back. He and his wife were looking at homes in Las Vegas. After several months of searching they finally found a place that they wanted to buy. Their Realtor, who was more concerned with making his commission then he was in protecting his client’s interests, suckered them into buying the home with no money down and a mortgage that should have bankrupted them.

On top of that, they were locked into that mortgage by a pre-payment penalty clause that would suck out any equity that might exist, if they were to refinance or sell the home.

Check back soon and I’ll share with you how these folks managed to stay afloat almost two years under these conditions, and eventually climb their way out of the whole that was dug under them.

Although I’m not a Realtor, I do have many Realtor friends. These are quality professionals who are sincerely interested in helping people attain their goals in the Real Estate market.

Whether buying homes, selling homes, or investing in real estate, Realtors are supposed to look out for their client’s best interest. Some play by the rules, many do not. If you are searching for a home, rental property or land in Las Vegas, take precautions to ensure you’re working with a qualified Realtor.