The Process-Offers, Contracts, and Closing!


Offers, Contracts and Closing!

A buyer makes an offer by submitting a written and signed offer to purchase. This document becomes the sales contract when signed by all parties involved. The selling agent customarily notifies the listing associate of the offer, and the listing associate will then arrange an appointment with the seller to present the offer.

At this point, the seller has three options:

1.Accept the offer as written.

2.Reject the offer if it is totally unacceptable.

3.Counteroffer, changing any unacceptable conditions.

(When the counteroffer goes back to the buyer, the buyer has the option of withdrawing, accepting, or countering the counteroffer.)
When both buyer and seller agree to all terms (including changes made in any counteroffer), and indicate agreement by their signatures, the contract becomes “firm.” With signatures and notification to all parties, a sales contract now exists.

Closing Details

Several professionals may come into the home-selling process after the offer is accepted, including a housing inspector (if hired by the buyer), a termite inspector, and an appraiser.
If the buyer is financing the purchase of your home, the process will typically take 30 to 60 days. On the chance that a buyer’s financing will not be given final approval, you should keep the house in good “showing” condition.
As part of the contract process, you must prove to the buyer that you have a clear title on the house – that you own the property, and that there are no legal claims against it. The attorney representing the buyer and/or financial institution will do a title search and issue an opinion that the title is clear.
Some of the details you will need to handle include:
*Notifying your lender that you will be paying off the mortgage and asking for a statement of what you owe. Your outstanding balance will be subtracted from the amount you receive from the seller.

*Having any fix-up work completed according to the contract, so that final inspections may take place.

*Gathering all warranties and instruction books for your home’s appliances or major systems to give to the buyer.

*Once you have a closing date established, notifying the utility, telephone, water and other services to advise them on your final billing date.
A walk-through inspection prior to the closing allows the buyer to determine if conditions of the contract are satisfied. It is up to the buyer to perform the inspection, and if they should be accompanied by the selling and/or listing agent. The seller may or may not be present, but should make sure that utilities are on so that equipment can be operated.
At the settlement (closing), the home seller should bring all warranties on equipment (or leave them in an obvious place in the house) and instructions on equipment maintenance or operation. Be sure to bring all keys and electric door openers.

Typical costs for the seller include:

The closing attorney will explain the settlement sheets to you.

*State deed transfer tax

*Mortgage balance pay-off

*Interest on the mortgage up to the date the mortgage is paid off

*The real estate commission

*Pro-rated taxes and homeowner’s association dues, if applicable

*Homeowner’s warranty
If property or homeowner’s insurance has been in escrow with your lender, you will receive any money that is accumulated in that escrow account for bills not yet due. Funds will be disbursed at or after settlement.
The seller, the buyer, and the agents receive a copy of the settlement sheets.

Congratulations! Sold and Settled!
Information Provided by Semonin Realtors.


Finding The Right Home


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Finding the Right Home

The search for your dream home begins in your present home. By asking yourself key questions about what you like, you’ll save time in the house-hunting process.
* What style of home do you like – two story, ranch, split-level, something else?

* What size of home do you need – number of bedrooms, baths?

* What are your priorities in home features – garage, gourmet kitchen, fireplace, first-floor family room, formal dining room or other features?

* Does the home have additional space that could be finished such as an attic or basement?

* What natural features outside the home are most significant to you – woods, hills, streams, lakes, others?

Information provided by Semonin Realtors.


Questions To Ask A Home Inspector


Before you make your final buying or selling decision, you should have the home inspected by a professional. An inspection can alert you to potential problems with a property and allow you to make an informed decision. Ask these questions to prospective home inspectors:

1. Will your inspection meet recognized standards? Ask whether the inspection and the inspection report will meet all state requirements and comply with a well-recognized standard of practice and code of ethics, such as the one adopted by the American Society of Home Inspectors or the National Association of Home Inspectors. Customers can view each group’s standards of practice and code of ethics online at www.ashi.org or www.nahi.org .
2. Do you belong to a professional home inspector association? There are many state and national associations for home inspectors, including the two groups mentioned in No. 1. Unfortunately, some groups confer questionable credentials or certifications in return for nothing more than a fee. Insist on members of reputable, nonprofit trade organizations; request to see a membership ID.

3. How experienced are you? Ask how long inspectors have been in the profession and how many inspections they’ve completed. They should provide customer referrals on request. New inspectors also may be highly qualified, but they should describe their training and let you know whether they plan to work with a more experienced partner.
4. How do you keep your expertise up to date? Inspectors commitment to continuing education is a good measure of their professionalism and service. Advanced knowledge is especially important in cases in which a home is older or includes unique elements requiring additional or updated training.

5. Do you focus on residential inspection? Make sure the inspector has training and experience in the unique discipline of home inspection, which is very different from inspecting commercial buildings or a construction site. If your customers are buying a unique property, such as a historic home, they may want to ask whether the inspector has experience with that type of property in particular.

6. Will you offer to do repairs or improvements? Some state laws and trade associations allow the inspector to provide repair work on problems uncovered during the inspection. However, other states and associations forbid it as a conflict of interest. Contact your local ASHI chapter to learn about the rules in your state.
7. How long will the inspection take? On average, an inspector working alone inspects a typical single-family house in two to three hours; anything significantly less may not be thorough. If your customers are purchasing an especially large property, they may want to ask whether additional inspectors will be brought in.
8. What’s the cost? Costs can vary dramatically, depending on your region, the size and age of the house, and the scope of services. The national average for single-family homes is about $320, but customers with large homes can expect to pay more. Customers should be wary of deals that seem too good to be true.


9. What type of inspection report do you provide? Ask to see samples to determine whether you will understand the inspector’s reporting style. Also, most inspectors provide their full report within 24 hours of the inspection.
10. Will I be able to attend the inspection? The answer should be yes. A home inspection is a valuable educational opportunity for the buyer. An inspector’s refusal to let the buyer attend should raise a red flag.

Source: Rob Paterkiewicz, executive director, American Society of Home Inspectors, Des Plaines, Ill., http://www.ashi.org.

Open House


shebarrett | Semonin Realtors | shebarrett@msn.com | 502-876-7518
5504 Lois Ave-OPEN HOUSE, Louisville, KY
OPEN HOUSE- SUNDAY, AUGUST 9TH, 2-4 PM
3BR/1.5BA Single Family House
offered at $137,500
Year Built 1966
Sq Footage 1,386
Bedrooms 3
Bathrooms 1 full, 1 partial
Floors 1
Parking Unspecified
Lot Size Unspecified
HOA/Maint $0 per month

DESCRIPTION

OPEN HOUSE-SUNDAY, AUGUST 9TH, 2-4PM

The kitchen is ready with all the appliances included in this 1-story 3-bedroom/1.5-bath home in Cher Village. Great features include a modern kitchen with double ovens for big meals, work island, refrigerator, microwave, trash compactor, and dishwasher. Elegant living room and 3 bedrooms (one with a half bath adjoining) with plenty of closet space through out. Basement includes large living space for family room, possible 4th bedroom, or office- also includes large laundry area and storage. Large deck on the back of house perfect for evenings and a huge fenced in yard. Double driveways on each side of the home for off street parking.

see additional photos below
PROPERTY FEATURES

– Central A/C – Central heat – Dishwasher
– Refrigerator – Stove/Oven – Microwave
– Basement – Laundry area – inside

ADDITIONAL PHOTOS


Photo 1

Photo 2

Photo 3

Photo 4

Photo 5
Contact info:
shebarrett
Semonin Realtors
502-876-7518
For sale by agent/broker

powered by postlets Equal Opportunity Housing
Posted: Aug 7, 2009, 8:43am PDT

Online Sleuthing for Homebuyers


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A Monthly Newsletter from Sheila Barrett

The web has helped homebuyers find places to live for years, but a number of sites have emerged that provided a raft of information beyond price, location and photos.

Comparison Shopping

Trulia.com and Zillow.com will show you just about any type of information about a house. Users can enter a city, town or zip code and see a listing of every home for sale, sort by price, address, number of bedrooms or bathrooms, broker or type of home.

What the Neighbors Say

Other sites are designed to give users a look at neighborhoods through the eyes of the people who live there. On StreetAdvisor.com based in Melbourne, Australia, buyers can look for input from residents of a particular street, about their neighbors, local services and more.

Is It Green

Several sites cater to concerns about energy efficiency and the environment. Walkscore.com rates the walkability of a neighborhood by the proximity of stores, restaurants, schools, parks, libraries and more. At EnergyStar.gov users can find builders working with the EPA to build homes that meet the government’s Energy Star standards for energy efficiency.

Schools

GreatSchools.net and SchoolMatters.com give information for public and private schools, including test sores, student ethnicity, student-teacher ratios and spending per pupil. Parents can rate schools for principal leadership, teacher quality, extracurricular activities, parent involvement, safety and discipline.
Source: The Real Estate Journal

Interactive maps for Kentucky and Louisville Metro

Metro Mapper is an online news organization that provides interactive maps for the Louisville Metro area and Kentucky free of charge for residents and visitors. Interactive maps include sex offender, crime, restaurant, historic site, traffic cam, and real estate maps.


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