Your Trusted Partner for Buying a Home in Louisville, KY
Searching for a home in the Louisville, KY area? Our team at Judah Real Estate Group is standing by to help you with your next real estate purchase. Our team has experience buying and selling homes, condos, and even commercial property. We even have an in-house team of builders for those seeking new construction.
Our local real estate agents have a wealth of experience and a passion for property. We are constantly compiling and updating our knowledge of city growth patterns. We know about schools, taxes, and many other bits and pieces of information that may have an impact on your choice of homes.
As our client, we’re here for you in every way. Contact us today to connect with one of our experienced and friendly agents. When you think real estate, think Judah Real Estate Group.
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Frequently Asked Home Buying Questions
The first step is to reach out to an agent. Many folks will say the first step is preapproval from a lender. However, if you are going to reach out to a trusted agent, that agent can put you in contact with the best, most reliable lenders in town. (And, of course, cash purchases do not need a preapproval. A great agent will have a lot of contacts to help make your purchase smooth.
The short answer is “it depends”. There are certain types of loans that do not include a down payment. But not everyone will qualify. The best way to figure out your down payment requirements is to reach out to an agent and speak with their preferred lenders. If you do not currently qualify, a great lender will give you an action plan for how to qualify as soon as possible.
This answer will also come from a lender (such as the preferred lenders Judah Real Estate Group partners with). A lender will look at your credit score, how much income you make, how much debt you have, and a few other factors. They will then give a budget that goes along with a preapproval.
In many cases, a home inspection is not required. However, Judah Real Estate Group recommends that every buyer purchase an inspection from a reputable company. We can point you in the right direction. A home inspection typically costs a few hundred dollars. But the inspection can, not only give you a great maintenance list for the future, but it can also uncover major problems with a home that would cost tens of thousands of dollars to fix.
This question is too specific and you will want to discuss this with your trusted agent. There are ways to do both at the same time. These situations are something to talk about when you reach out to an agent.
Earnest money is similar to a deposit when renting a place. It is made in good faith to demonstrate to the seller that the buyer’s offer is legitimate. The amount is usually 1-2% of the selling price and essentially takes the property off the market. These funds a credited to the buyer at closing so it is not “extra” but it needs to be available at the beginning of the process.
Closing costs are funds needed to get the transaction closed. For sellers, this is usually minimal and includes the seller’s portion of property taxes, transfer taxes, HOA fees, and the like. They usually pay a fee to the company that handles the closing. A buyer will have different closing costs depending on whether or not it is a cash purchase or there is financing. For a cash purchase, the buyer pays little more than their share of property taxes and fees to the closing company. “Closing costs” most frequently refer to the costs associated with closing a financed transaction. These fees include some fees to the lender, the title company, and funds to get the escrow account started (the account that holds the money that will pay taxes and insurance annually). There are certain situations in which a seller will pay some or all of a buyer’s closing costs. However, since they are the buyer’s closing costs, one should not assume the seller will do that.
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