Thinking About Buying A Home?

The acquisition of a new home is the largest and most important investment you will ever make. My belief is that successful transactions are realized with proper planning, research and attention to detail. My experience as a financial executive and realtor, combined with the resources available from the realty firm with which I am affiliated – Semonin Realtors – assures successful transactions.

The Planning Process

Are You New To Louisville?

If you are unfamiliar with Louisville, I will provide you with written materials and websites to expedite your learning process and ease your transition to your new environment. Once you are comfortable with your understanding of the various neighborhoods, we will then begin to target selected areas.

The Benefits of Getting Pre-approved For A Mortgage!

The next step is to meet with a lender and get pre-approved for a mortgage. This process will generally involve 30 minutes or less and then 12 hours or less for the paperwork to be processed. I can provide you with the names of several experienced and honest lenders.

There are three significant benefits from getting pre-approved up front. First, knowing the maximum size mortgage loan for which you can qualify, gives you the control to decide how much your monthly payment will be. For example, although you might qualify for a $150,000 mortgage, you might elect to assume a loan of only $125,000 and thereby not risk becoming “house poor.” 

A second benefit of getting pre-approved is that it sets a limit on the price of the homes you should be considering. In other words, you can shop with confidence and avoid having to worry about whether the home you fall in love with is affordable.

The third benefit of pre-approval involves your position vis-à-vis the seller. The fewer  contingencies contained in your offer, the more appealing it will be in the eyes of the seller. However, although a loan officer can check your credit score and analyze your income and debt position, until the UNDERWRITER approves the loan, any approval is only preliminary. However, a preliminary approval is still very important.

Have An Existing Home To Sell?

As discussed above, offers with the fewest contingencies are the strongest offers. One such contingency may involve the sale of your existing home. Whenever possible, it is preferable to have sold your existing home before beginning to seriously search for your next home. Otherwise, you will again weaken you negotiating position with any seller, since your offer to purchase will include the contingency that you sell your existing home. (Unless, of course, you are financially able to simultaneously carry two mortgages.) Although you can begin your search for your next home prior to selling your existing one, you must be prepared for the possibility of disappointment. Finding your dream home and then losing it to another buyer who can make an offer without contingencies, is always a possibility. Even if a seller accepts your contingency offer, you may then feel pressured to accept the first reasonable offer received for your existing home.

Defining Your New Home.

This step will usually involve the completion of my Home Buyer's Preference Worksheet. This Word document is designed to help you think through exactly what you want in your next home. Your requirements are then included in my search criteria. 

The Research and Viewing Process

My responsibility will be to locate homes that meet your budget and requirements. Since your time is valuable, I will strive to show you only the very best properties available on the market. Your job will be to help me refine my understanding of your needs by being extremely candid about your likes and dislikes of every home presented. Assuming normal market conditions and depending upon your specific needs, this process should take anywhere from one to four weeks.

The Importance of Paying Attention To The Details

Once we find your new home, the business side of the transaction begins. Specifically, I will work with you to address the following issues.

• Conduct a comparative market analysis of the homes on your “short list” to confirm that the asking price is an appropriate price, given current market conditions.
• Scrutinize and provide guidance on the Seller’s disclosure.
• Provide guidance on the importance of the home inspection and property survey.
• Explain the entire purchase contract and the other required documents.
• Develop the written purchase offer and present it to the seller’s agent or preferably directly to the seller.
• Provide help in negotiating the best possible deal.
• Provide guidance regarding the timing of all aspects of the transaction, from beginning to end (e.g., “time is of essence”).
• Provide advice regarding the amount of the initial "good faith" deposit.
• Confirm the establishment of an escrow account with seller’s broker.
• Assist with the coordination of all inspections, surveys, repairs, etc.
• Provide counsel during the review of all documents pertaining to inspections, etc.
• Answer any questions regarding the lender supplied summary of the closing costs.
• Review and explain the closing documents prepared by the lender’s attorney, prior to closing (if possible).