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A Step-by-Step First Time Buyer's Guide

Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.

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STEP 1: RESEARCH

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

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STEP 2: DECIDE ON YOUR BUDGET

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

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STEP 3: GET PREQUALIFIED

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

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STEP 4: CHOOSE A REAL ESTATE AGENT

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for an agent like me to take much of the stress off your shoulders? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. Finding the perfect home can be a daunting task, this is where my expertise and wealth of knowledge come into play. Let me show you around some homes that meet your dream home criteria so you can find the one that's right for you.

My goal is to provide you with the most personalized service that is designed to help you buy your dream home

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STEP 5: FIND THE RIGHT HOME

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

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STEP 6: MAKE AN OFFER

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

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STEP 7: HAVE THE HOME INSPECTED

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. I can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

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STEP 8: SELECT YOUR LOAN

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

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STEP 9: GET A HOME APPRAISAL

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

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STEP 10: FINISH PAPERWORK

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Congratulations!

After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.

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Thank you Teresa, You guys are just the best and made it an easy process for me.

— Melissa M.

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Teresa and her team are such a wonderful group of people to work with. Always professional and responsive. Would highly recommend them to anyone looking to purchase in the Las Vegas area.

— Matt A.

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Teresa made selling my home as easy as possible, it was a complete breeze. Without a doubt the best Realtor I've worked with since I moved to Vegas.

— Matthieu

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Amazing experience with good people that actually care. Teresa worked with me to overcome many obstacles and found me a condo I couldn’t be happier with. 10/10 would recommend to others and definitely looking forward to doing more business in the future.

— Edward P.

HEAR WHAT CLIENTS SAY

Teresa is a "True Professional"! She is thorough, fun to work with, honest and forthright. Teresa knows how to get the job done and goes over and beyond any realtor I have worked with.

— Buyer | Seller

HEAR WHAT CLIENTS SAY

I have been a client of Teresa’s for 13 years now and she has been fantastic! I have purchased Condo’s, homes for rental, and homes for renovation, and Teresa has always been able to find me what I need, and to assist with any issues, both before and after closing. She is a treasure, knows the entire city intimately, and is an excellent communicator. I wouldn’t hesitate to recommend her to anyone looking...

— David C.

HEAR WHAT CLIENTS SAY

Teresa McCormick and her team are 5-star all-stars! My experience buying a house in Las Vegas was full of fun, confidence, and expert guidance from Teresa. If working with a positive real estate agent is important to you, choose Teresa. If working with a professional who knows the Las Vegas market and particularly Summerlin, choose Teresa. If you are working with a real estate agent who is paying attenti...

— Scott K.

HEAR WHAT CLIENTS SAY

Teresa and The Team are Outstanding Professionals. Relocated from Chicago to Vegas. Closed in 45 days! Urban Nest had All needs for obtaining Our Dream home, under one roof. Mortgage broker, escrow Atty, Transaction Mgr, etc. We were walked through every aspect of the process. Teresa has formed a highly motivated and experienced Team, which I would Highly Recommend to Vets (like myself) or Anyone looking...

— Derrick V.

HEAR WHAT CLIENTS SAY

Teresa was the best realtor I’ve ever had! She has made this process so easy and stress-free for us. Teresa is very knowledgeable and knows the market very well! She is honest and will give you her advice without forcing you into any decision you aren’t ready for. She gets stuff done quickly and efficiently! She and her staff are extremely efficient and always available to help. She has a great personali...

— Jocelyn H.

HEAR WHAT CLIENTS SAY

We can't speak highly enough of our experience with the Teresa McCormick Realty Group. Teresa was extremely responsive and very proactive in communicating with us, from the sale of our house to the purchase of our new house. Teresa was very informative, and you could tell right off the bat that she knew her career and had our best interests in mind. Teresa made the process incredibly easy and took extra ...

— Hana V.

HEAR WHAT CLIENTS SAY

Teresa and her team, Claire and Steve were fantastic. The intimately know the Las Vegas area after more than 25 years of experience each. They listened closely to what I was looking for and found me the perfect house. Teresa walked me through the buying process in great detail. She was very easy to connect with and always available. I felt like I was her only client. After the home was purchased I needed...

— Scott W.

HEAR WHAT CLIENTS SAY

I am so happy we had Claire as our Agent! She asked a lot of questions to determine what I was looking for and made excellent recommendations regarding neighborhoods and homes. She had an amazing attention to detail, was always on time and truly went above and beyond to make sure I was comfortable through the entire process. If you are looking to buy or sell in Las Vegas, specifically Summerland, Claire ...

— Kane

HEAR WHAT CLIENTS SAY

Teresa is very knowledgeable with how the sales market is going in Las Vegas. She always kept me informed and looked after my best interest. I am from Hawaii and never met her in person, but she gave me a feeling of complete trust.

— Jonathan A.

HEAR WHAT CLIENTS SAY

Teresa McCormick and her team are truly a pleasure to work with. We felt like we were her only clients. If you are looking for a home here in Las Vegas, Teresa is your realtor! She was on top of everything from start to finish, had great recommendations, very accommodating to our last-minute requests, and was attentive to the list of things we required in a new home. We were the picky clients that looked...

— Tina J.

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The very BEST!, we were referred by a friend to Teresa McCormick to sell our home in Las Vegas. From the very first meeting with her at the home, the day we called her, it was obvious she and her team, Steve and Claire were the ones to go with! Her knowledge of the market, current inventory, pricing strategies and suggestions with small changes we could do to get top dollar in short order proved true to ...

— S F Hansen

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Very professional, had good contractors, looked after everything. In the last twenty years we have owned over 30 rental homes, have rehabbed many ourselves but now in our late 70’s and rather relax and enjoy. Teresa and her team looked after rehabbing and marketing 3 homes within 60 days and got top dollar. I have also used most of the minimal commission services but can assure you our net was better usi...

— user4193253

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Teresa McCormick is a dream realtor. My husband and I moved from Pittsburgh to Las Vegas and I was connected to Teresa while still in Pittsburgh. Teresa stayed in touch with me continually but was never pushy. She answered every one of my questions and was so helpful. When it came time to buckle down and find our dream home, she was nothing short of phenomenal - working with our deadline and really getti...

— Molly P.

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Our experience with Teresa was phenomenal. We were selling our house inLas Vegas and lived in another state so we were expecting it to be a bit of a hassle. It was very much to the contrary. Teresa was just so professional and helped us get top dollar for our home with very little effort on our part. She is extremely knowledgeable and easy to work with.

— Tina R.

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"Simply The Best"! Teresa provided us with excellent and expeditious service throughout the entire process of purchasing our dream retirement home. Her negotiation skills were superb and her knowledge of property acquisition is phenomenal. She is a dedicated, determined, and delightful real estate professional who possess a high degree of integrity. She goes the extra mile to provide you an extraordinary...

— Alisa M.

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Teresa did an amazing job! I'm going to say it here: Real Estate Ninja!! Sought a 3 BR/3 BA home located in either Henderson or Summerlin and conveyed that I would have limited opportunities for viewing due to out-of-state move. She was extremely helpful in hearing all of my desired features and then developed a list of potential houses for viewing. We hit the ground running! She was fully prepared with ...

— Dan S.

HEAR WHAT CLIENTS SAY

Teresa is an amazing realtor! She truly commits and cares to help get you the best deal out there. The market is tough but she is tougher! We appreciate all the time and effort you put into helping us buy our home and for helping some of our family members find their homes as well!

— zuser20150127082119692

HEAR WHAT CLIENTS SAY

Teresa McCormick is an amazing realtor. Her years of experience in the field truly showed from our first introduction. Teresa and her team had my back from the very start until my property closed. This listing was certainly the easiest of all of them!!!

— user6565764

HEAR WHAT CLIENTS SAY

We can't speak highly enough of our experience with the Teresa McCormick Realty Group. Teresa was extremely responsive and very pro-active on communicating with us, from the sale of our house to the purchase and of our new house. Teresa was VERY informative, and you could tell right off the bat that she knew her career and had our best interests in mind. Teresa made the process incredibly easy and took e...

— Vermillion

HEAR WHAT CLIENTS SAY

Teresa is awesome I was a first time home buyer on my own, I have owned homes before with my husband, but this last year I lost him and really didn't know anything about buying a home, condo etc. She hand walked me through the whole process I could not have done it on my own "thank you" for all your support and help in this very stressful purchase but amazing journey. I would recommend Teresa McCormick t...

— Angel D.

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Teresa is a fabulous agent. She listens to your wants and needs and does a great job finding you exactly what you are looking for. She is very patient and works well with whomever is doing the financing. I highly recommend Teresa McCormick as an agent for anyone looking to buy or even sell a property.

— Southwestsweeping

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From start to finish Teresa was awesome!! She not only got us into our new home but sold our current home in less than a day. She was never unavailable to us and make the whole transition smooth.

— Johare G.

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Very helpful and knowledgeable, consistent with searches great at finding what your looking for sends new locations daily via email, great communication always available and accessible a pleasure to work with i highly recommend

— D. Collins

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Teresa represented us in buying a small inexpensive home in Aliante area. This was not an easy task but Teresa stayed with it and we found what we were looking for. I own multiple homes and during this search was also selling my primary residence in California. I know what a pain this can all be. Teresa stuck with us throughout this process that took multiple months. Teresa will listen to you and will ac...

— zuser20140605113147765

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Teresa was very professional and knowledgeable. She helped me so much with finding and buying my first house. She showed me several great houses. And guided me through the whole process.

— Kati E.

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Teresa did an excellent job responding our requests fast - withing a few minutes, providing with professional advises, looking after our goals, guiding and educating about RE market, planning and arranging properties viewing in timely manner and efficient way, protecting our interests and listening to our needs. Thanks to Teresa the seller had chosen us and we bought the house of our dreams, because Tere...

— Maria D.

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Teresa has been my realtor for years and I've purchased 2 properties from her. One of which was a short sale and very tedious to accomplish. But she made it happen! Highly recommended!

— Matt B.

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Teresa McCormick she is very helpful, and dedicated to help every need and questions that i have for the past 4 homes purchased. she always going out of her way to taken care of me of all hours that i called her upon, and extremely helpful for looking for protential house. I could not say enough good about her, but after 4 houses purchases i will call her again in 1 year to have her help me buy another o...

— Van L.

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Teresa proved herself to be very professional and available. Our first home purchase though her was completed in a very short period of time. Our second purchase took a bit longer because our needs and budget were more complex. Teresa ALWAYS came through for us!

— 2greytpupps

HEAR WHAT CLIENTS SAY

Teresa was very professional and knowledgeable about my real estate needs. She was easy to work with and went out of her way to be helpful and get my property sold.

— Karen B.

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Teresa is the most responsive and knowledgable agent who is extremely well versed in both normal and short-sale processes and negotiations. She is so nice you almost forget that she is not just your friend but also your accomplished real estate agent!

— Steve V.

HEAR WHAT CLIENTS SAY

I cannot recommend Teresa McCormick & Steve Mihas enough! They not only helped my husband and I buy our first home- they helped us sell it too! They are incredibly attentive, detailed and their communication is top tier. They are the definition of " go above and beyond" for their clients. Buying and Selling your home can be stressful and confusing ( especially if you've never done it before) However, Ste...

— David T.

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This review is provided to attest to the integrity and professionalism of Teresa McCormick and partner Steve Mihas, as well as to address the comments of the Dimitrov party, who submitted an offer to buy our home, and left a negative review on this page. The Las Vegas real estate market is quite hot right now, and we were grateful to receive their offer, along with several others. I can offer assurance t...

— Erin L.

HEAR WHAT CLIENTS SAY

Teresa McCormick and her team are 5 star all-stars! My experience buying a house in Las Vegas was full of fun, confidence and expert guidance from Teresa. If working with a positive real estate agent is important to you, choose Teresa. If working with a professional who knows the Las Vegas market and particularly Summerlin, choose Teresa. If working working with a real estate agent who is paying attentio...

— Scott K.

HEAR WHAT CLIENTS SAY

Teresa and The TEAM are Outstanding Professionals. Relocated from Chicago to Vegas. Closed in 45 days!!! Urban Nest had All needs for obtaining Our Dream home , under one roof..Mortgage broker, escrow Atty., Transaction Mgr., etc.. We were walked through every aspect of the process. Teresa has formed a highly motivated and experienced Team, which I would Highly Recommend to Vets (as myself)or Anyone look...

— Derrick V.

HEAR WHAT CLIENTS SAY

Teresa was the best realtor I’ve ever had! She has made this process so easy and stress free for us. Teresa is very knowledgeable and knows the market very well! She is honest and will give you her advice without forcing you into any decision you aren’t ready for. She gets stuff done quickly and efficiently! Her and her staff are extremely efficient and always available to help. She has a great personali...

— Jocelyn H.

HEAR WHAT CLIENTS SAY

We can't speak highly enough of our experience with the Teresa McCormick Realty Group. Teresa was extremely responsive and very pro-active on communicating with us, from the sale of our house to the purchase and of our new house. Teresa was VERY informative, and you could tell right off the bat that she knew her career and had our best interests in mind. Teresa made the process incredibly easy and took e...

— Hana V.

HEAR WHAT CLIENTS SAY

I have been a client of Teresa’s for 13 years now and she has been fantastic! I have purchased Condo’s, homes for rental, and homes for renovation, and Teresa has always been able to find me what I need, and to assist with any issues, both before and after closing. She is a treasure, knows the entire city intimately, and is an excellent communicator. I wouldn’t hesitate to recommend her to anyone looking...

— David C.

HEAR WHAT CLIENTS SAY

I am so thankful that my son found Teresa! She was so helpful in finding us just the right home. Her team was great to work with and always available to answers any questions we had. Choose Teresa you will be so thankful you did.

— Sharon B.

HEAR WHAT CLIENTS SAY

Teresa has sold two homes for me and made both transactions go smoothly. She is motivated and very professional. She will talk to you straight and get you through the dreaded escrow process. Whole process was quick and painless. I highly recommend her!

— Susan F.

HEAR WHAT CLIENTS SAY

Teresa was my Real Estate Agent in 2020 at the beginning of the pandemic. We were all learning how to function through the new process of buying a home together. Teresa had unbelievable patients, she is/was personable, kept the communication flowing and I believe she had my best interest at heart. Fast forward 4 years I love my home and wouldn't have changed a thing. Thank you Teresa and Team.

— Lisa O.

HEAR WHAT CLIENTS SAY

I cannot recommend Teresa McCormick & Steve Mihas enough! They not only helped my husband and I buy our first home- they helped us sell it too! They are incredibly attentive, detailed and their communication is top tier. They are the definition of " go above and beyond" for their clients. Buying and Selling your home can be stressful and confusing ( especially if you've never done it before) However, Ste...

— Samantha T.

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