Although this essay was written with first-time homebuyers in mind, a combination of age and time since your last purchase could render you a novice once again. Here are the typical procedures involved in purchasing a home in Kentucky. Each state has its own set of real estate rules and traditions, so it’s essential to consult a local Realtor before making significant purchases. Yes, that is precisely why we exist!
This essential advice isn’t technically a “step,” but I will mention it anyway: please cease paying late fees and penalties. It hurts your credit score. And this gets me to the natural starting point.
Get a Loan!
I apologize for the volume. This is a rather big initial step. Finding a mortgage lender is crucial, and I can’t say that enough. Many people have to give up on buying their ideal home because their debt-to-income ratio is too high or their credit score plummeted dramatically while they weren’t paying attention. To find a lender, it is recommended that you contact at least three of them. Explain that you need to look around first. Because of this, you may get a lower interest rate as lenders compete to provide you with the finest loan possible. Don’t worry about how credit check requests from lenders will damage your score. That is no longer true. After settling on a lender, you can secure a fixed interest rate for 30, 60, or 90 days. However, it is not necessary. However, before locking in, consider the possibility that interest rates will fluctuate.
A commitment or acceptance letter from your lender will follow. Given the current market climate, many sellers/Realtors require this to be included with the offer.
Choose a Realtor.
Do not even bother looking at houses before you have found a Realtor. I’ll explain why in a minute. To the point of monotony, I repeat myself: Real estate agents are just people. Furthermore, there are both friendly and evil people. In some instances, folks are just unmotivated. Some people don’t have a good grasp of reality. Some people don’t care. Some people are just cruel. You should avoid being trapped with someone you don’t get along with or trust. To choose a real estate agent.
There is a technical term that most regular folks have never heard of. It’s referred to as “Procuring Cause.” That implies you can’t bring in your Realtor after a Realtor shows you a home and you buy it. The number of outliers is appallingly low. The first and most obvious is if the Realtor who showed you the house is willing to forego his commission so that you can work with an agent of your choosing. What else can I say? The second is if your Realtor is willing to help you through it and spend a lot of time and energy doing it for free. Similarly, I think that I’ve talked enough.
You can quickly locate a Real Estate Agent. Consult with reliable persons. Inquire if they like working with their Realtor and how. Referrals from satisfied clients should be more effective than a door-to-door solicitation for successful real estate agents. However, remember that Real Estate Agents have flaws just like everyone else. We are fallible, just like every other human being. Please be patient if we don’t return your call immediately; we dropped our phone in the toilet. Events occur.
Try to find an apartment.
Make things simpler for yourself and your Realtor during this, one of the most exciting parts of the process. Prepare. I realize that when you get to this point, you’re itching to “kick some tires,” but it’s crucial to focus your search before you do so. Construct a wish list. Jot down anything you consider essential to life. Specify in writing that the main bedroom must be on the ground floor. Forego the basement if the house already has enough room for your belongings above ground. You don’t want to waste time by going to open homes you have no intention of buying, but you also don’t want to pass up a great place to live just because your standards are too strict.
Making an offer on paper.
Making an offer on the house of your dreams is the next logical step. Your real estate agent will guide you through the entire process, but here are some things to remember. After settling on a property, your Realtor will conduct due diligence on your behalf. She will check the comparables to see if the pricing is fair, how long the house has been on the market and other relevant details.
Your Realtor has given you all the information you need to offer the house. It will be taken at face value or challenged by the other party. You will only have a short time to decide whether to accept or reject the seller’s counteroffer. The following step occurs once an offer or counteroffer is accepted.
Inspections.
A time restriction for inspections should be included in your contract. Some require home and pest inspections, but not all states; yet, everyone would benefit greatly from having one. Let me put it this way: if I am your Realtor and you choose not to have inspections, I will insist that you sign a Home Inspection Disclosure stating that you are releasing me from any liability resulting from your refusal to have reviews despite my repeated, egregious pleas. Perform checks!
Termite inspections are often a prerequisite for securing a loan. Not a problem. The cost of the inspection is meager in Kentucky. However, it is just as essential to have a property inspected. You can find out if there are electrical problems, siding problems, drainage problems, plumbing leaks, foundational instability, shingle damage, repairs and renovations that are not up to code if your chimney needs tuckpointing, if your tub drains slowly if your bathroom has proper ventilation if your attic has adequate insulation, and so on for a few hundred dollars. Have a house inspection done once more.
If you didn’t specify in the contract that you were buying the house “as is,” you can ask the seller to make repairs after the inspections are complete. Don’t make the mistake that a lot of married people make. You have to be selective in the wars you engage in. Don’t bother asking if you can handle the problem with little outlay of time and money. You should drop it if it doesn’t matter much to you in the grand scheme of things. Most buyers make the mistake of adding extra fees and making the sellers regret accepting their offer. Use your Realtor as a resource. Safety should always be the priority. Before bringing in the kids, the pets, and the rest of your worldly things, you want to ensure the house is secure.
Escrow.
“escrow” refers only to the interval between contract acceptance and closing. It’s dull, but you can alleviate boredom or stress by getting some packing done. Pack up your things; for now is the time to move. Meanwhile, your lender will endeavor to schedule the closing and collect any outstanding documentation.
Utilities.
The utilities should be turned on or transferred on the day of possession, so remember to call a week ahead to make arrangements.
Closing.
Now we’re here! You will be the proud owner of your new house today, whether you immediately get into the moving van after the closing or wait a few days to give the sellers time to vacate. Paperwork to line your new kitchen awaits you. Before the closing agent thrusts a pen in your hand and says, “Sign here, here, and here,” or while he is away making copies, you should ask the sellers about garbage collection days and whether or not the unsightly bush is theirs or yours.
But on the flip side, don’t forget to tell your friends and family about your great Realtor. On commission, we provide for our families.
Louisville, Kentucky’s Lisa Buth is a Realtor with RE/MAX Action First. In 2003, she passed the necessary exams to become a licensed real estate agent, and today she is also a certified New Home Specialist. Lisa believes it is essential to exhibit honesty, integrity, and professionalism in all fields of business, especially in real estate. And she employs those traits to help her customers succeed in the real estate market, whether buying or selling a home. The ultimate goal is to assist people in realizing their aspirations.
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