The first step to getting started is to prioritize your needs. This will include price, location, schools, amenities, square footage and acreage. Purchasing a home can be overwhelming and we have found that buyers who take the time to do this from the beginning find a home suitable for their needs much faster and less stressful then buyers who don’t. Feel free to contact us for help in creating this list.
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Finding a new home should be an exciting and enjoyable process, but it is also time consuming, so look for a Realtor whose company’s vision aligns with yours. A real estate agent is there to help you and protect you as the buyer. Our job is to make sure things are done according to the law and make this a smooth transaction. Most importantly they need to understand your needs. Most buyers do not realize that agents actually have a plateful of things to do in order to get a transaction done. It seems like everyone knows an agent these days, but if you truly want to get the best deal and have someone truly represent you in the home buying process, then choose a professional who is passionate and actively working in today’s real estate market.
When looking to buy a house, choosing the location is very important according to your needs. What amenities are you looking for? Questions you should be asking at the start of your home buying process are:
- What school district do I want my kids to attend?
- How far away are the gas station, grocery stores, entertainment and public pools?
- Do I need to live close to public transportation?
- How far am I willing to drive every day to work?
- How many bedrooms and bathrooms do I need?
- What are some nice features I would like to have? A fence? A large backyard? A basement?
This will assist you in what to start looking for. Once you are ready to start your search finding the right home for you will be much faster.
Most buyers start their search online before knowing if they are qualified to purchase. They make the appointments to go look for homes and then think about calling their lender to get pre-approved. The reality is sometimes the buyer’s expectations of what they want to be able to afford versus what they can actually afford are often times not the same. Going to the lender for a pre-approval is always the best thing way to get started. A pre-approval is simple, all you do is contact a lender and they can take a snap shot of your current financial situation. This will consist of credit scores, income, payment history and trade lines.
We have local lenders who we highly recommend who have proven to go above and beyond in helping clients purchase a home. Not everyone has credit, or trade lines, so choose a lender who is willing to help you get approved.
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Mortgage Calculators help give you an estimate of what your monthly payment will be. This will include an average of property taxes and insurance. You can add how much money you will need to put down in order to obtain a comfortable monthly payment.
There are several lending programs out there for buyers, but sadly a lot of buyers are not educated to know what programs are best suited for their needs. Different banks and lenders have their own programs with different criteria. There are also in house lenders who have their own proprietary programs for buyers. Below are some lending programs available. Your agent should have knowledge on these programs and can further explain and refer you to a lender fit for your financial needs.
Your search should start online. It’s the fastest and most convenient way to navigate through homes with the criteria and locations you have decided to look. Make a list of homes that catch your attention. The next step would be to take time to drive by the homes on your list. See what the neighborhoods look and feels like, are they as close or as far as you would like? A lot of times buyers fall in love with a home online and before they even step a foot in the door to see it, they find themselves disappointed just driving to through the neighborhood to get to it.
Once you have the short list, contact us to set exclusive tours to go view the homes. We will filter through them to see if the interior have the appeal custom you are looking for. Click here to search for homes available in your preferred area.
Find a home that fits the lifestyle you want to live. Are you in sales and driving constantly? You will more than likely need a home closer to town and more accessible to interstates. Are you a stay home mom? You might want to consider living in a community with parks and close to weekly activities. Are you single and looking for a lifestyle of socializing? Try living closer to restaurants, coffee shops, museums or night life. Are you looking for retirement? Maybe start looking for a condo with amenities that promote a more relaxing lifestyle. With our pulse and knowledge of the local marketplace, the Bass Group can help guide you what areas can fit your needs and lifestyle.
This is the process from beginning to end. It will give you an idea of what to expect. Some lending programs will take longer than others.
- Once you want to make an offer, negotiations take 24-48 hours to get an accepted offer.
- Once offer is accepted, inspections will be ordered. This can usually be done with in a 10 day frame.
- If repairs needs to made, negotiation for repairs can take up to an additional week.
- Loan Application & Appraisal, Loan Approval and Commitment Letter, Sign Contract/Escrow Deposit: 2-4 weeks
- Clear to close and Closing the package: 48 hours
- Closing 1-2 hours
Buying a home is an exciting process, and many times very emotional for both buyers and sellers. Our focus is to give you a smooth transaction, even if there are hiccups along the way. Not every loan is the same, just like not every buyer is the same. We want to help manage expectations, so we like to educate our buyers as much as possible about the transaction and process as possible. Expect from us best in class customer service, and effective communication. We are in this together and we want nothing more to get keys in your hands to your new home.
We often are asked what are closing costs and pre paids? Are there other costs besides our down payment? The answer is yes. Let me break down the closing costs and pre paids you will need in order to close your loan. This is just to give you an idea. Closing and prepaids costs range depending on how much the loan is, property taxes & insurance quotes fluctuate from loan to loan. They can range from as low as 1500 in this area. The local average is 2800 – 3200. The good thing is that you can ask for a concession from the seller to help pay this for you. You will also get a tax proration back as a credit from the seller at closing that can help offset some of this cost. Below are what you will typically see.
- Origination fees from the lender
- Appraisal fee
- Tax service fee
- Flood certification
- Daily charges for mortgage insurance premiums
- Home owners insurance
- Initial deposit for your escrow account
- Property tax proration
- Title charges and lender title insurance
- Owners title
- Government recording fees
- Home warranties if applicable
- Outstanding invoices if applicable
- Determine your budget. Consider monthly expenses such as your mortgage, utilities, and other bills.
- Get pre-approved for a mortgage, determine the type of mortgage, shop for best rates, and programs.
- Find a real estate agent who specializes in Kentuckiana real estate. We do!
- Determine your needs and prioritize your wants: style of home, size, location, lifestyle and amenities.
- Explore and determine which neighborhoods suit your needs.
- Remember to keep in mind the commute time to work in selected neighborhoods.
- Research schools and review school reports in selected neighborhoods.
- Before making an offer leave room to negotiate. The Bass Group will be able to advise based on how long the property has been on the market, condition of home, and how the asking price compares to recently sold similar properties.
- Let us prepare your offer. We will advise you of any final negotiating factors that may benefit you in the purchase.
- Once your offer is accepted gather materials for your mortgage.
- Before you move in, obtain homeowners insurance. Compare and secure an insurance policy with appropriate coverage. You can also bundle your cars or other property together to get a better rate.
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