Monday, July 25, 2016

The Inspection Period


Inspections are available for buyers to review a property for issues and potentially submit a request for repairs.

The inspection is scheduled and paid for by the buyer.  Most inspections occur during weekdays; however, there are some exceptions.

The time an inspection takes is varied based upon the size of the property and inspector.  It is recommended that the buyer attend at least part of the inspection (this could be during the last hour to thirty minutes).  The inspection company can give more details regarding their process.  Sellers are not to attend the inspection.

Paragraph 17B of the Greater Louisville Association of REALTORS (GLAR) contract deals with the allowed time-frame for inspections agreed upon by buyers and sellers.  The time-frame can be different, but typical inspection periods are 10-14 calendar days in length.  During this time period, an inspection is scheduled and performed and a repair request is submitted.  As an example, if the inspection time period is 12 days, the inspection and repair request must be submitted before the end of the 12 calendar days.  It is best to schedule inspections as early as possible in order to make sure there is plenty of time.

Once the repair request is sent to the seller, the initial inspection time-frame ends.  The next part of the process involves the agreed upon time periods from the contract, outlying how much time the seller has to respond and how much time a buyer has to respond to the seller if there is a counter-offer.

As your agent, I will help you through the inspection process.  Please let me know if you have any real estate questions.

Matt Gatewood
Realtor®
Keller Williams Louisville East
502-594-6582

Tuesday, June 28, 2016

Different Status Types: Active, Active Under Contract, Pending, etc.


I want to help shed some light on the different types of property statuses, as this is a great question I receive.  The explanation below helps to explain what the rules of engagement are for viewing and purchasing real estate in the Louisville market.

Active:  An active status means that the property is available for sale.  There are no accepted contracts on the property.  Appointments can be set to view the property and make offers accordingly.  There may be time restrictions on viewing; however, it is wide open for purchase.

Active Under Contract:  This status is a new one in the Louisville market.  It is an optional status that some agents use.  It means that there is an accepted contract on the property; however, there are contingencies still in place.  This is most often a contingency on inspection, where the buyers are in a position to back out of the contract because of issues from the inspection.  The property can still be seen.  A back-up offer can be made in case the currently accepted contract falls through.

Active with 24/48 hour Right of Refusal:  This status will not show from an on-line search; however, I can see it as an agent.  What it means is that a property has an accepted contract; however, the closing of the deal is contingent upon the sale of the buyer's current property.  If a new buyer submits an offer, the current buyer with the accepted contract has either 24 or 48 hours (depending on what was agreed upon) to perform.  Performing means that the current buyer must find a way to buy the property without needing to sell the buyer's current property.  If that buyer cannot perform, it nullifies their current contract.

Pending:  This status means that the property has an accepted contract on it, and there are no more showings taking place.  This doesn't mean the property could not come back on market.  It means, though, that no further activity is occurring.

Closed:  A Closed status means that the property has been sold.  It is no longer on the market.

Temporarily Off Market:  This status means that the house has been taken off the market for typically a short period of time.  This could be the result of various reasons (e.g. the owner needs to finish some work to the property, a family situation, etc.).  No showings will take place during this time, but the property should come back on the market with the same real estate agent.

Expired:  This means that the listing contract has run out.  For example, if an agent had a listing contract with a seller that lasted six months an
d the house hasn't sold, the listing contract would expire after the six months.  The property would not be on the market for sale currently.

Cancelled:  This status means that the house was taken completely off the market for some reason.  The property must be completely re-listed in order to be for sale again.


Each situation is a little different.  I am happy to speak in detail regarding any status questions you may have.

Please contact me with any questions regarding real estate you may have.

Matt Gatewood
Realtor®
Keller Williams Louisville East
502-594-6582




Monday, June 27, 2016

Preparing Your Property for Home Inspection


A question that comes up often is:  what do I need to do to my house to be ready for the inspection?

After the buyer's offer has been accepted, a contract is now in place.  Most contracts have a provision in them for home inspections.  The time allowed for the buyer's inspection is typically between 10 and 14 days.  During this period, a buyer will hire an inspection company to come out to the property to review it for any issues.  The inspector will provide an inspection report to the buyer, and the buyer's agent will work with the buyer to write up an inspection request and submit to you as the seller.

Here are some things to keep in mind for inspections:

First, you will want to vacate the property during the inspection.  You are not supposed to be present.

For the inspection, you will want to make sure that the water and electricity are on.  You do not want to shut off or transfer any services until the closing date.

If you haven't already, clear a path to heating and air conditioning units and electrical panel.

Make sure that access is available to the attic and basement (or crawl space), as applicable.

Be mentally prepared.  The inspector's job is to find issues with your property.  When you receive the report, know that there will be items on it.  I've never seen or heard of a flawless inspection.

Matt Gatewood
Realtor®
Keller Williams Louisville East
502-594-6582


Thursday, June 23, 2016

Getting Started as a Home Buyer



The home buying experience is an exciting one, but there are a lot of logistics that have to be worked through before you purchase your new home.

The first step is getting a pre-approval letter.  In this part of the process, you talk to a loan officer who can help you see what kind of mortgage you can afford and gives you a payment breakdown.  If you have any questions in this area, I can help point you in the right direction.

Once you have the pre-approval letter, I will discuss your current wants and needs in order to set up an automated search through our local Multiple Listing Service (MLS) system.  This is the best, most reliable source for searches, as other real estate search sites feed from the MLS database.  This means that the information gets to the MLS first, and with an automated search, you will see properties as soon as they become available (as soon as the agent posts the listing to the MLS).

The next step is to see properties in person that you have chosen from your search.  During this time, we will work through what you do and do not like about the properties you view.  The process of narrowing down which property works best can actually be a lot of fun.

If needed, adjustments can be made to the search criteria.  If not, we will continue to view property until you make an offer on the place that best fits your needs and wants.

Once your offer is accepted, it will move from the contract-to-close phase (the details of which are a topic for another time).  For getting started, the steps are getting a pre-approval letter, viewing properties, narrowing down the search to what best fits your needs/wants, and getting a contract.

As a side note, a common misunderstanding is that there is a fee for a buyer's agent's service.  There is not.  A buyer does not pay his or her real estate agent any commission.  All of the commissions come from the seller.  At Gatewood Properties, we do not charge an administrative fee for any paperwork completed, so you can be confident that you will not be paying any realty fees as a buyer.

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

Matt Gatewood
Realtor®
Keller Williams Louisville East
502-594-6582

Thursday, June 9, 2016

Louisville Cultural Pass


I recently took a trip to the Crescent Hill library (and a walk around the Reservoir) with my wife and kids. While there, we learned about this year's Cultural Pass.

If you didn't hear about its debut last year, the Cultural Pass is a way to keep kids (and adults, by proxy) engaged in learning opportunities throughout the summer.  The pass allows for free admittance to fun and educational sites (those things do not have to be mutually exclusive) at the following participants:




Children who get at least eight locations stamped on the card will be eligible for prizes (no, I'm not sure what...it is being kept an enigma...probably a Ferrari).  

There are some rules with the program, you must have an eligible Library Card (pay your $0.30 in late fees, you criminal).  There are some restrictions on the days/times, and only one adult entry is included for free with the pass.  


Enough talk.  Go get some culture.  

--Note:  You cannot print off this pass from the blog, it has to be picked up at either the Louisville Free Public Library or a Metro Parks Community Center.  




Tuesday, May 24, 2016

How to Prepare Your House for Showings

A common question that comes up when listing a house is:  how do I make my home look the best as possible for showings?  In other words, what impresses buyers when looking through a house?
Here are some tips that can help a home look great for potential buyers.

Declutter
If you have a lot of furniture in a room, you will want to take the amount down to a minimum to make the rooms look as big as possible.  This will also help buyers make a mental picture of their own furniture in the rooms.
If you have a lot of personal pictures around the house, you will want to minimize how many there are throughout the house.
Also, buyers will go through your closets and kitchen cabinets (and many times the refrigerator if it is an item that they will want to keep).   De-clutter these areas as much as possible and keep the kitchen counter clear.
If you have an eclectic pet, remove it for a while.  Reptiles and spiders can alarm buyers.
In general, try to be as organized as possible.  Less is more in these situations.  People do not want to fight through the clutter.  They want to look at the house, not all of your stuff.  They want to see themselves in their new potential living space.

Clean Up
While this sounds simple, it can be challenging to do and maintain; however, it makes a difference.
Keep the floors swept (including the garage).
Wipe down furniture throughout the house.  If you have a furniture polish, do a quick run-through.
Do a cleaning of the windows.
Wipe up the stove.
Clean the ceiling fans (a way to do this is to put a pillowcase over each blade to catch all of the dust).
At the end of the day, you want to keep people focused on the house, not distracted by dust.

Maintenance
Curb appeal can make a big difference.  Pull the weeds, trim the bushes, put down some new mulch, and edge the sidewalk.  These extra few hours of your time can make your property really stand out when a buyer pulls up to your house.
There are many times that people ask me what are the important places to update in a home.  The big answers are kitchen and bathrooms first.  However, that is the broad answer, also assuming that those areas need an overhaul.  The "smaller" items to update would be making sure the front door is looking nice (paint, if necessary), update the faucets (especially in the kitchen), put new hardware for kitchen cabinets, and replace any torn or worn screens.

For Showings
If possible, you will want to turn all of the lights on and open any shades/curtains in the house before the potential buyers come to see the property.  There are two reasons for this:  it makes the house pop when the buyers first come in and this keeps the buyers and the agent from being distracted looking for light switches.
Try to keep the grass cut.
Also, if you have a programable thermostat that drops or raises the temperature during the day, you will want to change the setting to be consistent throughout the entire day.  Many buyers are able to view properties during the day due to more flexible work schedules, people who work second and third shifts, and some people taking lunch breaks to view homes.
Also, as a precaution, either lock up in a safe or remove any valuables or personal information.  While most agents try to pre-qualify and stay with their clients during the viewing of a home, there is an outside chance of an issue occurring.

If you are thinking about listing in the near-term or far, I would be happy to meet you to help answer any specific questions on your property and do a competitive market analysis to see how comparable properties are selling in your area.

Matt Gatewood
Realtor®
Keller Williams Louisville East
502-594-6582








Wednesday, April 6, 2016

God's Designs, Inc., Helping To Make a House a Home

One of the things I really enjoy about my job is learning about great opportunities in the community--and I'm not just talking about the return on investment of a particular property.  No, I'm talking about a great charity I learned about recently.
On a recent sale, the seller and I were discussing the closing date, and she mentioned that she needed to coordinate a pick-up of some furniture she was donating to a local organization.  That organization is God's Designs, a local non-profit group that takes a hands-on approach to helping people through the furnishing of houses and apartments with donated furniture, pictures, floral arrangements, and curtains.
The way it works is God's Designs receives referrals from known social agencies and churches around Louisville.  Their clients are people who have few essentials based on circumstances.  The situation could be someone coming out of a homelessness or a seminary student who has come from abroad with nothing but a suitcase.
They are very involved in the process with their clients.  There is a visit with the client a week or so before the actual set up of the house or apartment to determine the specific needs.  Then, the team for God's Designs does all of the set-up work while the client is not there.  A term deemed for the process is a "mini extreme makeover".  Once the work is completed, the family arrives to experience the joy of the newly furnished home, and the day ends with a house blessing.
God's Designs can be assisted through the donation of household items (except for clothing), monetary donations, time, or through Kroger's donation program.
Find out more detailed information at http://godsdesignsinc.com/index.html.



Matt Gatewood
Realtor®
Keller Williams Louisville East
502-594-6582