We Have a Signed Contract...Now What?

After the accepted offer celebration dust settles, the question arrises...now what?

This time between the accepted contract and closing is referred to as the contract-to-close period of the transaction.

Buying Side

On the buying side, your good faith money will be deposited into the appropriate broker's escrow account (according to what was written in the contract), and I will forward the contract to your lender to begin the next part of their process.

It is best to schedule the inspection as soon as possible.  You are able to choose the inspector you wish to use, and they will work with your schedule, theirs, and the seller's (to make sure the seller is not present).  Payment for the inspection occurs on the front-end.  You can go for the entire inspection or for the last part to review what the inspector has found.  It is important for you to be present for at least some of the inspection, and in most instances, it's fine to go near the end.

Once the inspection report is received, I will review it with you, and we will write up the repair request.

After the repairs have been negotiated, the appraisal will be ordered by the lender.  The underwriting department at the lender will review your file and the appraisal report.  After the loan is approved by the lender, a clear-to-close will be issued, which means that everything is ready to go to the closing table.

Once a closing date has been confirmed, you can contact the utility companies to transfer services out of your name at your current residence and into your name at the new residence.  In addition, you will want to coordinate your mail.  Don't forget your change of address for credit cards, driver's license (if moving counties), new checks, and any emergency contact information.

For closing, you will need a form of identification (driver's license or ID card) and a hand ready to sign.

Selling Side

As a seller, you will want to make sure your house is ready for inspection by ensuring that the inspector has clear paths to the heating and air conditioning units, hot water heater, and attic.  You are not to be present during any part of the inspection.

Once the repair request is sent, we will work to negotiate accordingly.  After it is completed, you will work to schedule all of the appropriate repairs.

Similar to the buyer, you will want to contact the utility companies to coordinate the transfer of the utilities out of your name once you know the day of closing.

The buyer will do a final walk-through to make sure that all agreed-upon repairs have been completed, and there hasn't been a change in the property.  When the buyer takes possession of the property after closing, it must be in broom-swept condition, meaning that all belongings have to be removed.

For closing, you will want to bring your driver's license and all keys to the property (including garage door openers).


Please let me know of any real estate questions or needs you have.

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com

Help Me Understand Commissions

Then comes that pesky business of paying the real estate agents...they do like to eat...

There is a common misunderstanding with commissions in a real estate transaction--many buyers think that they have to pay for their agent's services.  This is not the case.  The sellers are the ones who actually pay all of the real estate commissions in the transaction.  What this means for you as a buyer is that you do not pay out of pocket for the services.  So, the bottom line is that using a real estate agent as a buyer is free of charge.

The typical commission in the Louisville real estate market is 6% total.  The percentage is split to be 3% to the listing agent (agent for the seller) and 3% to the selling agent (agent for the buyer).  This percentage is based on the sales price of the property.  So, for example, a $100,000 property would have $6,000 in commissions paid at closing.  The $6,000 is paid by the seller, and it shows on the seller's side of the closing statement.  $3,000 goes to the selling agent, and $3,000 goes to the buying agent.

Some may wonder why the commissions are set up solely on the selling side.  The concept is that you, as a seller, are paying your agent for his or her services to properly list and market the property and negotiate the contract.  The other part of the commission is paid for the buyer's agent to bring the qualified buyer to the transaction.

Please let me know of any real estate questions or needs you have.

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com

The Kentucky State Fair

'Tis the season for the Kentucky State Fair.  Starting Thursday, August 18th, you can get your corn dog with pineapple whip going...followed by a funnel cake, chased with a lemonade shakeup, with a side of corn on the cob, and finished off with a deep fried Twinkie.

The Kentucky State Fair has a great slogan:  "All that you expect from a fair, and so much more!"  That's exactly how I feel whenever I go to the fair.  I expect the [unhealthy] food, [dangerous] rides, [smelly] animals, [more unhealthy, overpriced] food, [the best] people watching, and Freddie.  For those who have never been to the fair before, you can meet Freddie in front of Freedom Hall--you won't be able to miss him.

Some of the highlights for me are the photography section and midway rides.  There are plenty of other fun things to do, like educational exhibits, the vendor hall, free concerts, horse shows, agricultural products, and cooking contests.

I feel I would be remiss if I did not focus on the fair food, which is really the most important part.  There are pork sandwiches from the Kentucky Pork Producers, hot dogs, potato creations, fried anything (you name what you never thought you'd see fried, and it is there), pizza, pretzels, homemade ice cream, and burgers.  Speaking of, how about the Krispy Kreme burger?  While it is a combination of two of my favorite things, I haven't mustered up the courage for it yet.

Legit--the fair is a lot of fun; however, I must say that my re-enjoyment of the fair came in more recent years.  I went through a dry spell filled with fair snobbery (and probably some cheapness), but my wife reintroduced me to its greatness.  Don't let yourself be like I was and miss out on some great end-of-summer fun.

The Kentucky State Fair runs August 18th through the 28th.  Admission is $10 for each person.  Admission is free for children five and under.  Advanced tickets can be purchased through August 17th at Kroger for $6 each.  Parking is $8 per car, but advanced tickets are available for $5.  Ride wristbands can also be purchased in advance.

Gates open at 7:00 am.  Exhibits are open from 9:00 am to 9:00 pm Sunday through Thursday and 9:00 am to 10:00 pm Friday and Saturday.  The Midway and tents close at midnight.

For any additional detailed information, the fair website is:  http://www.kystatefair.org/index.html

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com

Increasing Curb Appeal for Sellers

Selling a house can be like an interview, and making a good first impression for buyers is important.  A way to think about presenting your property is like being appropriately dressed for an interview.  I made the mistake once of not dressing up enough for an interview (I wore a sport coat with tie instead of a full suit).  Even though I was a great candidate for the job, not dressing the part affected me negatively.  It's the same with a house.  You can have a great location and features, but it's important to "dress" appropriately as well.

Exterior

If you own a house, it's good to put out fresh mulch and pull the weeds.  If you have stones around your landscape, line them up if they've gotten out of place.

If the exterior doors, especially the front, need painting, now is a good time to touch them up or give them a full fresh coat.

Giving the windows a cleaning is always positive.   While broken windows can be taken care of with a repair request, having them fixed makes a big difference to buyers.

In an ideal situation, it is great to pressure wash the house and driveway, or at least the sidewalks.

Make sure to keep the grass cut and trimmed.  If you can edge the sidewalks before the listing, that is even better.  Also, trimming down the bushes is important.

Try to straighten up a garage or shed as much as you can.

If you have a pet, do your best to clean up after it while the house is on the market.

Interior

The basics can sometimes get overlooked.  Make sure the floors are swept.  Don't leave dirty dishes in the sink or dirty cloths out in plain sight.  Replace any burned out light bulbs. Take out the trash if you just put something in it that stinks.

Buyers can look in your closets, cabinets, and refrigerator.  Try to declutter as much as possible.

If you have some noticeable areas on the walls that need to be cleaned or touched up with paint, go ahead and take care of those.

Ideally, you will not have anything out on your kitchen countertops.

Keep the temperature at a comfortable setting.


Some of this may sound like common sense, but these are things can make a property stand out more, which can make a difference when you have two close candidates in an interview.

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com

Pre-Approval Letter/Proof of Funding

A pesky part of the property purchase process is...you have to pay for it in some way.

A lender will help guide you through your financing options.  This is very helpful, as it will help you figure out your comfort level with monthly payment.  During this time, you can talk through how long of a mortgage note you would like, what the downpayment options are, any questions on the loan process, and how long it typically takes for them to close a loan.  You will also talk through approximate amounts for taxes and insurance to put into escrow.

After your discussion and the lender pulls appropriate credit information, you will receive a pre-approval letter.  This letter is sent to a seller when an offer to purchase real estate is submitted to them.  It shows the seller that you have the ability to purchase the property.

For cash buyers, you will use a proof of funding letter that will come from your bank or credit union, showing that you have the cash readily available for the purchase.

Please contact me with any of your real estate questions.

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com

How to Find Your Public School In Louisville, KY

The search for your child's school can be a task.  I have put together a list of the links and some explanation to help with the process.

The city seat of Louisville is in Jefferson County.  In addition, there are five primary adjacent counties where people look for schools:  Oldham, Shelby, Spencer, and Bullitt.

Jefferson

As you will hear (if you haven't already), the Jefferson County school system is the most difficult to figure out.  Whether you are new to the area or born here, you are often confused by which school is your residing, or home, school.

The Jefferson County Public School (JCPS) system has a handy search tool which can be found at:
https://apps.jefferson.kyschools.us/demographics/schoolfinder.aspx
Once you have input your address, the search results will show your cluster, which lists your reside (home) school and other schools you can attend with an application.  Transportation is provided by the school system for the schools in the cluster.  A common point of confusion for many people is that schools in a cluster are not necessarily the closest schools to your address geographically.  In addition to schools in your cluster, there are also Optional and Magnet schools assigned to your home address.  These schools have a particular area of focus (e.g. math, science, and technology program, performing arts, traditional program, etc.).  These schools require an application, and they may have limited enrollments.

For information on the schools and their performance ratings, please see the links below.

https://www.jefferson.kyschools.us/schools/school-profile-pages

https://www.jefferson.kyschools.us/departments/data-management-research/school-profiles

Oldham

The Oldham County schools are separated out into geographic divisions.  A map of the school locations is through the link below.  If you would like to confirm the assigned school, there is a download (Excel or PDF format) available to search by the street name.

https://www.oldham.kyschools.us/index.php/schools/school-locations


Shelby

Shelby County schools are also divided by street address.  This link shows which schools align with the appropriate street.

http://www.shelby.kyschools.us/userfiles/5/my%20files/student%20services/school%20attendance%20boundaries%20%202016-2017.pdf?id=6617

Spencer

In Spencer County, the only district difference is for elementary schools.

http://www.spencer.kyschools.us/Content2/32

Bullitt 

Bullitt County schools are divided by borders.  The link below has various links, showing the breakdown by map or by street address.

http://www.bullittschools.org/Content/84


If you have any real estate questions, please let me know.

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com

What Do I Need to Bring to Closing?

While the closing is an exciting time, it isn't uncommon for fear of the unknown to emerge.  

Depending on the how the contract to close process is going, a date and time will be penciled in for the closing early on.  Once there is a clear to close from the lender, the closing date and time are finalized.

For both buyers and sellers, it is important to either remove utilities or put utilities in your name prior to closing.  If possible, try to do this a week or more before the closing date.  The utilities to keep in mind include gas and electric, water, cable/Internet services, trash/recycling (as applicable), and alarm system (if there is one).  Also, remember to change your address associated with any bill payments you have.  Click here for the USPS Change of Address Form.

As a buyer, you will need to bring a form of identification (e.g. driver's license).  Some closing attorneys will request a second form of identification, like a debit/credit card.

As a seller, you will need to bring a form of identification, all keys to the property, and garage door openers.

You will receive a closing statement prior to the day of closing that will let you know how much money will you receive or need to bring.  The lending institution or closing attorney will let you know the form of payment that is required.

At the closing table, a closing attorney will facilitate the details of the transaction.  In Kentucky, the closing typically occurs in the same room.  The conversation usually involves an exchange of information about trash pick-up, neighbors, and any details regarding the neighborhood itself.

For closing day, it is best for buyers and sellers to be on time, or even a little early if possible.

Closing takes approximately an hour.

For any real estate needs, please give me a call.

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com

I'm Hungry...Where Is the Nearest Chick-Fil-A?

Something struck me while I've been showing property throughout town--there are more Chick-Fil-As around than I had realized (which is a huge bonus for a real estate agent on the go).

When I was growing up here in Louisville, Chick-Fil-A experiences were more rare, due to the fact that there were fewer locations in town.  It became a special occasion when Mom would take me to The J Mall (Jefferson Mall for non-natives).  An eight-count nugget meal with a lemonade was my go-to, and, just like today, it was on point every time.  I never had to question its quality (and sometimes the quantity was higher than eight--always a win).  There was great excitement when the Mall St. Matthews location returned after a hiatus.  This brought nuggets in closer proximity to my ol' stompin' grounds.  Nearness made the heart grow even fonder.  

While I'm on the go, I can still rely on quality food and service (giving me a ketchup packet is their pleasure) at a good price.  No, I'm not paid by Chick-Fil-A to say this.  I'm just telling it like it is.
So, when I've started to notice a location at every turn, I have felt a sense of relief in a world of turmoil.

Just where are all those locations, you may ask...well, let me tell you:
The locations in The J Mall and Mall St. Matthews still exist, but there are also free-standing locations close to both of these malls.
Westport Road, Shelbyville Road, and Bardstown Road have locations just by the Gene Synder.
The Dixie Highway location is near the Lowe's and Hobby Lobby stores (not far after Lower Hunters Trace heading south).
Near Hustbourne and Taylorsville is a location off of Shane Drive (in the Stony Brook area).
There is also a location on the University of Louisville's campus.

I feel it is important to note that I ended my Whole30 eating plan with a meal from Chick-Fil-A, and, of course, it was delicious.

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com