Buyer's Guide

If you plan to finance a home purchase, getting pre-approved for a mortgage is the first step of the home buying process. The process of getting pre-approved is generally a quick process and demonstrates that you are a serious buyer to both your Realtor and the person selling their home. A pre-approval letter from your lender is submitted along with your offer and in some instances, a seller will require it before approving a showing on their home. (This avoids the seller being inconvenienced with buyers that aren’t qualified to purchase their home.)

Knowing how much you are approved for when purchasing a home will narrow down your online home searching to homes you qualify for so time isn’t wasted considering homes that are not within your budget. Pre-approvals also help prevent disappointment caused by falling in love with homes out of your range.

Your Lender will help show you a clear picture of what is financially required to buy a home so you’ll know exactly how much money is required for the down payment, closing costs and pre-paids. They can also find out if you qualify for any grant down payment funds or down payment assistance programs. There are also loans that do not require a down payment. Gift funds are another option for down payments. If you have concerns about your credit, we have lenders that will put a personalized plan together to put you on a clear path to home ownership.

We have several preferred Lenders that are always willing to help walk you through this process.

Yes, absolutely! As a seller, you’re able to use the equity in your current home for the down payment on the purchase of your next home. The home you’re selling will need to be listed, show ready and priced correctly for most sellers to accept a contingent offer. One of our specialties is working with sellers who want to buy. However, the process is crucial to having all parties on their game. It’s important to have an experienced lender that will keep the loan process on track to avoid any unnecessary delays. Buyers and sellers must respond to lenders, title companies and their Realtor quickly. There must be constant communication between all parties and organization is a must.

Our team does “back to back” closings often, but all contingencies need to be completed in a timely fashion, and organization is a must. Your Realtor will help walk you through this process.

Oftentimes, it is more cost-efficient to buy a home rather than rent one. When you buy, you are investing in your own future. When you rent, you are helping your landlord to invest in his or her future. There also are financial perks like tax deductions and home equity that come along with owning a home. There are also low down payment and grant down payment options available.

Congratulations! This is an exciting time and we would be so honored for the opportunity to help you find your new home! We will set up a time to discuss your needs and learn more about what is important to you in your future home. We will then narrow down your criteria in your own personalized automatic e-alert. Our team also has access to off market opportunities that are not online. We pride ourselves in our quick response time and accessibility. The great homes sell fast and we understand how important it is to be accessible and available for you. We will work closely with you to set up showings around your schedule.

Once you have found the home that you want to make an offer on, timing is important. Our team uses the best technology to get your purchase agreement together quickly, utilizing digital signatures that you can sign from your phone or computer. We are accessible even after traditional business hours. We will take the time to run a detailed analysis to determine what the true market value is for the home you are interested in to ensure you are offering a fair price. We will use this data to put together an action plan for your offer price and terms. In this market homes can go fast and it is not uncommon to see multiple offers. We know how to help your offer stand out. There is a lot that goes into the offer process and having an experienced Realtor on your side can help you get your dream home.

If you’re ready to make an offer on a particular home and also want to prove to the home seller that you’re earnest money comes into the picture. When a buyer and seller enter into a contract, the seller takes the home off the market while the transaction moves through the entire process to closing.

Earnest deposits are typically 1% of the purchase price however if your finances are tight you can offer a lower amount. The higher the deposit, the more serious you will look to the seller. As a buyer your deposit would be due within 48 hours of going under contract. This deposit is typically paid to the title company and is credited back to you at closing. If the deal falls through due to a failed home inspection or any other contingencies listed in the contract the buyer typically gets their earnest money back.

Once your offer is accepted, most purchase agreements will give you a 10-14 day inspection Period, also known as the due diligence period. This timeframe begins as soon as the last signature is signed on the purchase contract. This is the amount of time a buyer has to complete all of their inspections. This includes hiring a home inspector and a termite inspector. Even though your excitement is at its highest, we do not recommend waving one of the most important aspects of the home buying process, the home inspection. The typical cost of a home inspection ranges between $450-$700 depending on the square footage and features of the home.

The findings from an appraisal determine the amount a mortgage lender will let you borrow for the property. Appraisals must be conducted by a licensed, third-party appraiser who has no connection to the buyer, seller or lender. That way, all parties can be sure the determined market value is fair, unbiased and free of any influence from any party that could benefit.The lender typically orders the appraisal, but the borrower is the one who pays for it.

Yes! Never visit the model homes without your Realtor or at least letting the listing agent know you are working with an agent. The Sales Consultants in the office represent and work for the builder AKA the seller. Builders typically require that you are with your Realtor upon your first visit to the model homes. If you go in alone it is risky and if you end up buying you may be unrepresented, meaning you will have no one on your side, reviewing the legal documents and looking out for your best interests.

Builders DO NOT give you a better deal if you do not have a Realtor, having an experienced Realtor on your side can actually help you save money. Our team has sold hundreds of new builds and we can walk you through each step. Please call us before visiting any model homes so your best interests are protected.

The purchase price is only one part of buying a home. Planning for additional expenses before closing helps you prepare financially and avoid unexpected costs. Depending on the property you're purchasing—and your loan type—you may also need to account for additional charges or fees. Knowing what expenses to expect and your options for getting them paid—seller contribution, gift finds, rolling into the loan, or waved—will give you peace of mind and a solid plan as you move through the process to closing.

Expenses to consider:
• Earnest money deposit
• Home inspection costs
• Appraisal fees, when applicable
• Closing costs
• Title Insurance
• Monthly maintenance or common charges
• Property taxes, where applicable
• Moving expenses
• Utility deposits

A complete budget helps you move through the buying process with greater confidence.

A local real estate professional can explain market trends, ownership structures, negotiation strategies, and transaction timelines while providing guidance that's specific to Central Kentucky’s real estate market. Knowing the top homebuyer questions in Central Kentucky can help you approach your purchase with greater confidence and a clearer understanding of what to expect. Whether you're buying your first property or adding to your real estate portfolio, asking the right questions early can help you make informed decisions from your home search through closing.

Reach out to us at Keller Williams Commonwealth and let us help you navigate Central Kentucky’s real estate market. We'll provide personalized guidance, answer your questions, and support you through every stage of your home-buying journey so you can move forward with confidence.

Entering into a Exclusive Buyer Agency Agreement outlines how your agent will work on your behalf, protects your representation throughout showings and negotiations, and details how compensation is handled in light of current industry guidelines.

These regulations require Real Estate Agents to disclose who they represent using an Agency Disclosure Form and a Buyer Representation Agreement that both Buyers and Agents are required to sign. It’s like Forming an alliance. We, the Agent, have a Fiduciary Responsibility, to legally and ethically protect a buyers best interest. It includes Duty of Loyalty, Duty of Care, Full Disclosure, Good Faith and Transparency. In return, a buyer agrees to work with the Agent exclusively and pay the agents fee or commission, at closing. The fee or commission an agent charges is completely negotiable. This fee is typically passed on to the seller when a buyer makes an offer on a property. The way it reads in our Purchase and Sale Contract is:

“Seller agrees to pay Buyer’s Broker, on behalf of Buyer, commission (compensation or fees) at closing as follows, and the same compensation that is written in the Buyer Representation Agreement is written into the Buyers offer."

Yes, Dual Agency (where one agent or brokerage represents both the buyer and seller in the same transaction) is legal in Kentucky, but it requires written, informed consent from both parties.

Finding a real estate professional is a crucial part of the home buyer process. Buying a home is a huge step, so you want to find someone who is accessible and available, someone who will understand your needs and look out for your best interest during this transaction.

Navigating a real estate purchase is tricky business. The internet has made it possible to do a lot of the legwork yourself, but there’s no substitute for an experienced professional. An expert negotiator who knows the market can save you time, money and heartache by helping you make the right offer, playing hardball when necessary and staying on top of the process.