What is the Good Faith/Escrow Check?

The good faith check is money that is put forward to show that the buyer is serious about purchasing the property.

Once a contract is accepted, the good faith money is deposited into the listing or selling broker's escrow account, depending on what is agreed upon in the contract.  There is no interest accumulated on the money.

A good faith check can be a personal check from the buyer's checking account.

It is important to keep in mind that the money is actually deposited, meaning that it will be money coming directly from the checking account.  The money will be either returned at closing or applied to the costs associated with the closing.

If the contract falls through on inspection, the buyer receives the good faith money back after the release document is signed.  However, the good faith money would be forfeited to the seller if a buyer backs out past the inspection period (there can also be other legal ramifications).

The amount can vary, typically depending on the price of the property.  Some situations (e.g. new construction) require a good faith deposit that is 1% of the purchase price.  That means that a $250,000 property would need a good faith check of $2,500.  The 1% is not a hard and fast rule, but it is important to note that a seller can counter an offer, requesting a higher good faith amount if they so choose.

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

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com

Favorite BBQ Places in Louisville

Right off the bat, I'm going to put out the disclaimer that there is a lot of good BBQ in Louisville, and I know I'm missing some hot spots.  These are just some that I know and enjoy (in no particular order):


Feast BBQ
Feast is one of those places where I think, "This is what happens when kids-at-heart make a restaurant.  There are tater tots and bourbon slushies on the menu."  Check out Feast for some good eats (go for the mac 'n cheese or tots, both wins) in a hipster environment.


Hammerheads
While not a "traditional" BBQ joint, the owners know how to smoke up some good meats, whether the ribs or sandwiches.  Remember the truffle fries.  Or Grippo fries.  Or both.



Mark's Feed Store
Always a winner for me, no matter which location in town.  The pork is my favorite, but their brisket and BBQ burger are also delicious.  Don't forget some some honey wings, fried pickles, or onion straws appetizer.  In addition, they do some great catering.







Fire Fresh
Whenever I am downtown, I try to swing by Fire Fresh for lunch.  Great sauce options, good sides, and red cream soda on tap.

Momma's Mustard, Pickles and BBQ
Momma's is one of those local places that feels like it came out of nowhere--and I mean that in a good way.  Gotta try the wings--at least one, or a dozen.

Smoketown USA
Good BBQ in a cool atmosphere.  Nuff said.  Oh, make sure and talk to Eric, the owner.

If you have any real estate questions (or additional BBQ questions), please let me know.

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com

Why Not Just Sell It Myself?

A question may arise from the listing side:  is using a real estate agent worth it?

Statistically speaking, agents get closer to asking price due to the understanding of the market and other factors.  Even though I enjoy the numbers, I don't want to overwhelm with statistics that you may or not believe.  I want to focus on the other parts of the transaction.

Here are some things that I find to be some of the biggest advantages in hiring an agent:

Agents live in the ever-changing real estate world every day.
I see what is going on with real estate trends on the national level down to the neighborhood level.  I am not looking at one transaction but see the big picture of what is going on.

Representation
The chance that someone will buy your property without an agent is extremely low.  That means that you are going to be going up against an agent that is looking out for his or hers client's best interest only.

Not dealing with the hassle of coordinating showings or the public
You would not have to be present for showings to present the property, and I can screen out random people from coming in off the street.

Safety  
I use a Supra Lockbox system, which only licensed agents can open.  The Supra box also keeps a log of who has entered the property and when.

Help with staging tips
I help talk through the best ways to set up your property for showings.

Good Photography
Good photography is good marketing.  I use high quality equipment and look for the best angles to show the property.


Before I became an agent, I thought that I would always sell my house myself.  After becoming an agent (knowing what I know/have seen now), I would not.  If you would like to know more details as to why not, give me a call.

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com

Favorite Ice Cream Places

One of the many things I appreciate about this city is its plethora of ice cream places.

There are many flavors and places to obtain delicious frozen ice, milk, and sugar.  These are my favorite spots in town (in no particular order).

Comfy Cow

Comfy Cow, while not an old establishment, has set itself up quickly, gaining national recognition.  The creative flavors (and names) are always fun, like the Simply Southern--chunks of pecan pie and Old Forester bourbon mixed together.  That said, I'm always happy with a regular chocolate in a cake cone due to the high quality.


Graeter's

While Graeter's is not officially local, the great people of the city of Louisville have adopted it in, not just because Cincinnati is close by but because it is good.  I mean, a black raspberry chip or some straight up strawberry are both delicious.  In addition, I cannot forget a seasonal flavor like peach.
Not only are the flavor choices a touch decision, but there are also many great locations in town--including St. Matthews and Douglas Loop, where you can walk the ice cream off in a near-by park...or not.


Homemade Ice Cream and Pie Kitchen
Always a classic favorite.  Great flavors and great options beyond ice cream (I'm thinking about you, snickerdoodle cupcake) leave me with no disappointments here.  There are lots of great locations to choose from as well--from stopping by after a nice drive at the end of River Road in Prospect to enjoying a treat after a Putt-Putt game in Fern Creek with all points in between, I wouldn't think less of you for stopping at all the locations.





Dairy Kastle
Like a beacon in the night, the Dairy Kastle knows how to bring people in as they serve up tasty treats at low prices.  One of the most significant items for me, beyond the orange and vanilla swirl, is the fact that they have real Slush Puppies.  Yes, not an imitation version.  And a heads-up, it is cash only.

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com

Favorite Ice Cream Places

One of the many things I appreciate about this city is its plethora of ice cream places.

There are many flavors and places to obtain delicious frozen ice, milk, and sugar.  These are my favorite spots in town (in no particular order).

Comfy Cow

Comfy Cow, while not an old establishment, has set itself up quickly, gaining national recognition.  The creative flavors (and names) are always fun, like the Simply Southern--chunks of pecan pie and Old Forester bourbon mixed together.  That said, I'm always happy with a regular chocolate in a cake cone due to the high quality.


Graeter's

While Graeter's is not officially local, the great people of the city of Louisville have adopted it in, not just because Cincinnati is close by but because it is good.  I mean, a black raspberry chip or some straight up strawberry are both delicious.  In addition, I cannot forget a seasonal flavor like peach.
Not only are the flavor choices a touch decision, but there are also many great locations in town--including St. Matthews and Douglas Loop, where you can walk the ice cream off in a near-by park...or not.


Homemade Ice Cream and Pie Kitchen
Always a classic favorite.  Great flavors and great options beyond ice cream (I'm thinking about you, snickerdoodle cupcake) leave me with no disappointments here.  There are lots of great locations to choose from as well--from stopping by after a nice drive at the end of River Road in Prospect to enjoying a treat after a Putt-Putt game in Fern Creek with all points in between, I wouldn't think less of you for stopping at all the locations.





Dairy Kastle
Like a beacon in the night, the Dairy Kastle knows how to bring people in as they serve up tasty treats at low prices.  One of the most significant items for me, beyond the orange and vanilla swirl, is the fact that they have real Slush Puppies.  Yes, not an imitation version.  And a heads-up, it is cash only.

Matt Gatewood

Realtor®

Keller Williams Louisville East

502-594-6582

www.gatewoodproperties.com

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