Nevada Builder Trade In program navigates contingency purchases

“Know thyself” is a mantra that can correlate to buying and selling a home at the same time. One must know what kind of home they wish to buy and how much they can spend — and make certain that they align.

Developing a realistic homebuying budget that includes the projected equity to be realized on a yet-to-be-sold home can be confusing, and then finding the home where the finances and dream home characteristics align can be challenging.

The Nevada Builder Trade In contingency program, operated in Southern Nevada by Robin and Robert Smith of Smith Team at Keller Williams Las Vegas, can help existing homeowners navigate this process by helping them sell their existing home, and find and purchase a brand-new one at the same time.

“The Nevada Builder Trade In Program has helped hundreds of Southern Nevadans buy a brand-new home from one of our builder-partners contingent on the sale of their current home, while following a very strategic process that starts off with one of the most important things in home selling — projecting a realistic sales price for your existing home,” Robin Smith said.

“For most homeowners, this is extremely important because the sales price can influence how much cash you have on hand to re-invest into the purchase of your new home and the mortgage amount for which you may qualify.”

To help clients determine the projected sales price, the Smith Team meets with them in their current homes to assess their condition and features. During this complimentary meeting, the team conducts a comparative market analysis that provides an estimated price for which the home might sell based on recently sold, comparable homes in nearby neighborhoods. Advice on minor repairs that could increase the sales price is also offered.

“Working with an experienced Realtor who can project a realistic potential sales price that is based on today’s housing market filled with soaring prices is crucial. You want to list your home for sale for the highest realistic price possible so you don’t leave any money on the table.

Also, understanding the projected price will allow you to narrow down your home search to a specific price point,” Robin Smith said.

For those who choose the Nevada Builder Trade In Program, the Smith Team can help in their home search by comparing the new-home offerings of more than 50 neighborhoods constructed throughout the valley by builder-partners Beazer Homes, Century Communities, Pulte Homes, Woodside Homes and Sun City Mesquite by Del Webb. After a client selects a home, the Smith Team helps negotiate the purchase of the brand-new home contingent on the sale of the client’s existing residence.

“Our program opens the doors of contingency purchases for many different types of homes located in neighborhoods throughout the valley. They run the gamut from single-, two- and three-story homes of all sizes, and from those with basic designs to elegance with all of the bells and whistles,” Robin Smith said, adding that, depending upon the builder, contingency purchases might be agreed upon for standing inventory homes, those under construction and empty home sites.

After the new home is selected and the contingency agreement is accepted by the builder, the Smith Team lists and sells the current home at a reduced commission, while offering the buyer’s agent the standard 3 percent commission. After the sale, the Smith Team helps arrange moving services or helps locate a temporary rental, if needed, between the sale of the current home and the completion of the new home.

To learn more about the Nevada Builder Trade In Program, contact the Smith Team at 702-460-5080, visit ISellLasVegas.com or inquire at a builder-partner neighborhood.

Homeowners interested in purchasing a home on contingency at a non-builder-partner neighborhood and receive benefits similar to the Nevada Builder Trade In Program should contact the Smith Team before starting their home search.