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Buyer's Guide

BUY WITH CONFIDENCE WITH FIVE PILLARS TEAM

Please read our proven process below.

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STEP 1: MEET WITH US (YOUR GUIDES)

Buying a home can be intimidating, especially in today’s market. You might be thinking…

  • Is now a good time to buy?
  • How much can I afford?
  • What are the costs associated with buying?
  • How can I buy with as little out of pocket as possible?
  • What’re Red Flags I should be looking out for?
  • How do I know the homes in good condition & won’t cost me a fortune down the road?
  • How do I make sure the seller doesn’t take advantage of me?
  • I don’t even know what I don’t know!

Breath easy, we got you!

We’ve been around the block and back again when it comes to helping others (and ourselves) buy homes. We’re here to answer every single question and share the intel you need to make the best decisions possible. 

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STEP 2: IDENTIFY YOUR GOALS

Buying a home is a big decision — one we want you to be happy about now and well into the future. 

To make sure this happens, we’ll dig deep to truly understand what “success” looks like to you. We’ll hit on questions like:

  • Is this your forever home?
  • Do you plan on selling in a few years? How soon?
  • Is this a future rental property? 
  • What’s most important to you? Price, condition, location?
  • How quickly are you looking to move?
  • Any must-haves / non-negotiables?

And of course, all the fun stuff! Like beds, baths, square footage, garage, man cave, yard, acreage, pool, updates/upgrades, amenities, schools, etc, etc, etc.

All these factors are pieces of the puzzle as we create the perfect game plan for you, and will help us stay on track with decision making throughout the process. Clarity sets the stage for a freaking awesome experience.

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STEP 3: DECIDE ON A BUDGET

When discussing finances, we’re all about full transparency. No surprises, for you or for us! Your lender will also play a huge role in this piece — if you don’t have one, let us know. We’ve got stellar options for you.

Costs to expect when buying:
  • Earnest money
  • Inspections & Appraisal
  • Down payment
  • Closing costs
  • Agent commission
Costs to expect after buying:
  • Monthly mortgage payment (principal, interest, taxes, insurance)
  • Utilities (water, electric, gas, internet, etc)
  • Services (lawn care, pest control, home security, etc)
  • Maintenance
All of these costs vary, depending on your specific scenario but no sweat, we’re here to talk every penny through with you.
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STEP 4: SEE HOMES​

Now that we’ve set your budget, setup a listing alert for all the homes that meet your criteria, and narrowed down your favorites to 5 or less, we’re ready for the fun part — going to see some homes!

Our adventure begins before we get out of the car, as we drive the neighborhood: Can you imagine yourself here? Is it close to everything that’s important to you (fun, food, gym, work, schools, etc)? Is it thriving or dying?

When we arrive at the home, we do a thorough walk-through both inside & outside, scanning it from top to bottom to get a good idea of the condition, while asking you all the questions you might not know to consider. We balance the fun of imagining yourself in the home with the detective work of uncovering details and identifying any Red Flags up front.

It’s our job to help you see around corners. It’s your job to decide if you love it.

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STEP 5: MAKE AN OFFER

This is where strategy and years of experience really play a role… we advise you on how to make your offer as strong as possible, while keeping as much money in your pockets as possible.

Our strategy will also adjust based on the specific property. If it’s been on the market for months with several price drops, we hold the power and can come in aggressive. If it’s been on the market for 2 days with 10 offers already on the table, that’s a totally different story. When considering what to offer, we do our homework, connecting with the listing agent to identify what’s most important to the seller and researching market trends for the particular property type / neighborhood.

More things to consider are price (of course), earnest money, inspection & closing timelines, seller-paid concessions (closing costs, rate buy-down, repair allowances, agent commission), and any additional terms (early possession, personal property to convey, etc). We thrive in these situations… you’re in great hands.

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STEP 6: INSPECT THE HOME

Congratulations! Your offer has been accepted! Now it’s time to jump into action. We’ll submit paperwork to your lender to get the loan processing soonest, open your file with the closing attorney, send the earnest money, and schedule inspections.

We recommend the following inspections to all our clients:
  • General home inspection
  • Termite / pest inspection
  • Radon inspection
From there, we will decide if you’d like any speciality inspections, such as:
  • HVAC, plumbing, electric, roof, structural
  • Survey
  • Sewer scope / septic inspection
  • Mold
  • Chimney
  • Etc
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STEP 7: APPRAISAL

While we’re scheduling inspections, your lender is scheduling the appraisal. An appraisal is a 3rd party assessment of a property’s market value, conducted by a licensed appraiser and required by your lender. The appraiser evaluates the home’s condition, features, and location, then compares it to recent sales of similar properties in the area to determine its fair market value.

Why do you care? The appraisal protects you from overpaying for a property, as the lender will not lend more than what the property is worth. What does this actually mean?

If the appraisal comes back “at or above” the purchase price, we’re good to go! If the appraisal comes back “under” the purchase price, it’s time to weigh the options, which are:

  • Challenge the appraisal
  • Ask the seller for a price reduction
  • Bring the extra money to the closing table
  • Walk away
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STEP 8: NEGOTIATE

At this point, we have the results of all the inspections and the appraisal in hand and it’s time to make an informed negotiation request to the sellers.

Top priority = any issue that may have come up with the appraisal, as you cannot get your loan without those conditions fixed. 

Priorities after that = safety concerns and major/costly issues, such as HVAC, plumbing, electric, roof, structural, etc.

Our ability to negotiate will depend on:
  1. Negotiation experience & skill (we’re pros in this arena)
  2. The popularity of the home (are there backup offers on the table?)
  3. The sellers motivation (are they ok with putting it back on the market if we can’t come to terms?)

Note: This is not the time to ask for cosmetic fixes or anything minor. If you know you’ll be concerned about every tiny detail, no sweat! We’ll just look at New Construction homes instead, where it’s totally ok to be nitpicky.

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STEP 9: FINAL DETAILS

We’ve come to terms in our negotiations. YAY!!! With the big stuff behind us, it’s time to handle the final details. 

What’s that look like? We have a checklist for you (of course), but here are the basics:
  • Pack 
  • Schedule movers
  • Utilities (water, electric, gas, internet)
  • Services (lawn care, pest control, home security)
  • Forwarding address updated with Post Office
  • Mailing address updated with banks / credit cards
  • Consult with your CPA or legal advisor for tax planning purposes
  • Confirm whether you’ll be local for closing, or if you’ll need a “mail away”

Meanwhile, we’re behind-the-scenes, making it happen: ensuring all contractual agreements are fulfilled, that the lender & seller-side are on track, and Title is preparing the closing paperwork, title transfer, and deed transfer.

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STEP 10: CLOSING!

Within 48 hours of our scheduled closing, we will do a “final walkthrough,” for one last look prior to closing, and to verify the homes condition is as it should be. Around this same time, Title will provide the Settlement Statement for everyone review. This is the itemized document showing every penny in the transaction, along with wiring instructions so you can wire the funds. 

Up next, it’s closing time! All parties meet at the Title Company’s office to sign paperwork, exchange keys and big smiles because we made it! The attorney will provide you a copy of all documents for your files. Keep these for tax season.

Congratulations, and welcome home!

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Five Pillars Team is dedicated to helping you find your dream home and assisting with any selling needs you may have. Contact them today for a free consultation for buying, selling, renting, or investing in Kentucky.

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Contact Details

Five Pillars Team

Phone

(859) 659-7041

Email

[email protected]

Address

Lexington KY 40515

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