Parker & Klein Real Estate - Buyers & Sellers Guide

Buyer/Seller Guide

Buyer's 10-Steps for Success

Step 1. Ask questions
The first thing you need to ask yourself is, "Is now the time to buy or upgrade?" What are the pros and cons of buying another home vs. upgrading your current home? Questions you will ask yourself: How much can I afford? What location do I want to choose for my home? Should I save more money for a larger down payment? Is the monthly payment on my home less than renting?

At Parker & Klein we've developed an extensive list of pros and cons you will want to think about. Give us a call at 502-498-4514, if you're considering the purchase of a home. We're here to help.

Step 2. Choose the right realtor
Buying a home is one of the biggest investments you'll make, so a highly qualified realtor is a must. At Parker & Klein, we believe a realtor is a professional who will guide you through the entire buying process with 100% dedication. They will be with you every step of the way providing valuable advice and consultation.

The Realtor's fee is paid for by the seller therefore you should never use the listing realtor who may not be able to fairly represent both you and the seller without creating a conflict of interest. A professional realtor will provide you with the tools you need to make an informed decision about one of the largest investments in your life.

At Parker & Klein, we provide each of our clients with a customized buyer's packet to help them through the buying process. So give us a call. We're here for you.

Step 3. Find a lender
You will need to know your mortgage payments, taxes, insurance, closing costs, points and other loan fees. Your lender will help you explore your financing options and provide you with good faith estimates. Once you submit your loan application, along with other documents, your lender will provide you with a pre-approval letter. This letter will help you feel more prepared and give you the confidence to submit a stronger offer when you find a home.

Parker & Klein works with a variety of lenders and we'll happy to help you find the right one.

Step 4. View Properties
For many people, finding the right home is the most fun and exciting part of the home buying experience. We recommend you start by making a wish list of characteristics that are considered "must haves." Then make another list of "would like to haves." You will also want to decide what area of town you'd like to live in.

At Parker & Klein, we'll take this information and set up an automated email program to alert you when listings meet your criteria, in addition to scheduling appointments to see homes that best fit your needs and wants. To begin browsing on your own click criteria here.

Step 5. Make and offer and negotiate
An offer is the first step of negotiating the purchase of a home. At Parker & Klein we will help strengthen your negotiating position by researching and providing the critical data that will help you determine the market value. This will help you make an educated offer. We will then assist you in filling out the 4 forms that must be submitted; Offer to Purchase Contract, Seller's Disclosure of Property Condition, Lead Base Paint Form and Agency Disclosure. Once we have a response we are there to go over your options whether the seller rejects, accepts or counters your original offer.

Step 6. Inspect
Typically, inspections are conducted within 7-10 days of contract acceptance, and commonly include a full home inspection, a termite inspection, a radon test, and a survey. Parker & Klein will help recommend, find and schedule qualified inspectors to help identify any potential problems or preexisting issues with your new home.

Step 7. Appraise
Before the loan is granted, your lender will want an appraisal to ensure your home is worth what you offered. This is set in place to protect both you and the lender. The cost of the appraisal varies and will be included in your good faith estimate that your lender provides. (See step 3)

Step 8. Make a list. Check it twice.
Parker & Klein will provide you with a closing checklist that will cover:

All Inspections and appraisals
All repairs and documentation
Home Warranty
Homeowners insurance
Utility transfers
Change of address
Final walk through (champagne optional)
Final loan approval
HUD-1 statement review

Step 9. Close
The closing usually takes an hour and is held at a title company or an attorney's office. Some things you will need to bring include your driver's license, and a certified check made out to you (the last line of your HUD-1 statement will tell you how much money you'll need to bring). Once all the paperwork is done and the documents are signed, you'll be the owner of a brand new (to you anyway) home!

Step 10. Follow up
After the closing, Parker & Klein will stay in touch. We are there to attend to any needs that might pop up in the future. Our goal is to have your experience be of such caliber that you would not hesitate to go through the process with us again. We want you to feel confident in our abilities so you will recommend your family and friends to us. Remember, our philosophy is to be your "REALTOR for Life."

Seller's 10-Steps for Success

Step 1: Call Parker & Klein for a Pre-Listing Packet
Call us at 502-498-4514 when you're ready to sell your home and we'll start you out on the right foot with a delivered Pre-Listing Packet. This packet is full of information and answers to many of your questions about the selling process. The Pre-Listing Packet will also contain current market data and the vital role Parker & Klein will play in selling your home.

Step 2: Consult
At Parker & Klein, we believe this is one of the most critical steps in the selling process. This is where we will help you prioritize the needs involved in selling your home. Every client's needs are different, so we'll draw upon our experience to give you the professional guidance you need to achieve your primary goals in selling.

Step 3: Sign the listing documents
Once Parker & Klein has helped you determine an appropriate asking price, we'll have several documents for you to sign, including:

Listing agreement
Agency form
Seller's disclosure
Lead based paint form
Monthly utility charges, etc.
All of this information is needed for the closing.

Step 4: Market your home
After the documents are signed, Parker & Klein will enter your data into the MLS online home search. We'll choose just the right words and pictures to appeal to the people most likely to buy your home. This information will then be fed into every other real estate website to attain the broadest possible exposure. We will put in place a five-week marketing plan designed to market your home intelligently and creatively.
Since showings are an extremely important part of marketing, we'll work with you to determine the best and most convenient times to show your home. Communication is key so we will keep you apprised of our progress through weekly updates and emailed feedback from potential buyers.

Step 5: Negotiate
This is when the fun really begins! Once Parker & Klein receives an offer on your home, we will dutifully interview the buyer's agent to ascertain buyer's motivation and strength as it pertains to lending. We'll then meet with you to help format your response to the offer. The three responses to any counter are 1). Accept 2) Reject 3) Counter.

We will offer data to support market value, which will assist you in making an educated and leveraged response. Once the offer is accepted, we will be responsible for obtaining and holding in escrow, the good faith deposit.

Step 6. Inspect
Upon contract acceptance, buyers will normally have the home inspected. Usually this will occur during normal business hours, which is convenient because there is no need for you to be present. At this point, just about everyone gets nervous, but don't worry. We'll be there to coordinate everything for you, and if repairs are needed, we'll help you find appropriate contractors upon request.

Step 7: Inspection Negotiations
Most times after a home inspection, the buyer will come back with a "request for repair" list. This request contains a list of repairs the buyer wants you to make before closing, as a condition of purchasing your home. It is our job to advise you on which repairs seem reasonable and practical. Each situation is different, so we'll rely on our vast experience to negotiate the repair list to everyone's satisfaction. This is one of our greatest strengths at Parker & Klein.

Step 8: Get ready to close
Now the excitement begins! It is time to pack boxes and call the movers. You'll be pretty busy. Our escrow coordinator will be with you every step of the way, keeping you informed of timelines and deadlines. Constantly monitoring where you are and where you should be in the transaction. Of course, your Parker & Klein realtor will still be there for you, as well.

Step 9. Close
As the time to close approaches, it's almost time to celebrate. At least 24 hours prior to closing Parker & Klein will present you with a HUD-1 form. This two-page form will list all the costs and credits of both parties. The last line in the form will let you know what you'll be taking home (your net) from the closing. The closing usually lasts about an hour and you will be required to bring your driver's license (ID), your keys, and the garage door opener, if available.

Step 10. Follow up
Because we want to be your "Realtor for life," you have not seen the last of us. We'll be back in touch to ensure a successful sale and make sure you're comfortable calling us with any future needs. Our goal is to have your experience be of such caliber that you would not hesitate to go through the process with us again. We want you to feel confident in our abilities so you will recommend us to family and friends. Remember, our philosophy is to be your "Realtor for life."

Parker & Klein Real Estate
6013 Brownsboro Park Blvd. Suite H
Louisville, Kentucky 40207
Office: 502.498.4514 • Fax: 502.498.4131