A Guide to the Home Buying Process in Louisville

The home buying process, and buying a home in the state of Kentucky, is something that a person will experience as both an exciting as well as stressful experience. If you’ve never purchased a home before, you won’t know what to expect, so it is important to have a checklist of things to look out for so that your experience goes as smooth as possible. This guide should help make this experience considerably easier for anyone in search of a house in Louisville.

Getting pre approved for a Louisville home mortgage before you take off to look at homes is a necessity. It is one of the most important aspects of the entire home-buying process. A loan officer will go over all the necessary paperwork with you to ensure that your financial status is stable enough to justify the expense of purchasing a home.

After this, the fun begins. It sounds simple, but pre-approval is the beginning of the search for your new home. If you find a home you want to purchase that is outside your price range; the pre-approval loan officer can tell you if that particular home is priced too high for you.

Then comes inspections and appraisals, of course. Having a good home inspector is always a plus, as are home appraisers if the value of the home you want to buy is in a developing neighborhood.


An appraiser can assess the value of what the home & property is and then give you a good idea of how much the property should be priced at.

When making an offer, a contingency should be included that visits the homes built date, inspection, appraisal, & everything else relevant to your offer on the home. Without this; the offer may be rejected before it was fully made (though it may bring the sales price down).

As you search for homes; it is important to remember that these homes are being bought in Bulk REO sale.

This is because most REO homes have been owned by financially-impaired people who worked for a bank & had someone work for them but couldn’t pay them. Sell My House Fast Louisville KY!

Working With Realtors

The banks, working with realtors (both individual & large groups, the better), hoped to make money off of the homes when they were foreclosed on.

This can be a good thing, as bank representatives will let you do tours around the homes and look at the neighborhood. You will also find out what rate the bank is willing to work, and generally how long it will be in play. If you are looking at different homes than yourself, take the time and visit several homes beyond your initial choice just to make sure you like the neighborhood and feel good about your investment.

Once you’ve looked at several homes over several weeks, you’ll probably find something that you want to call home. Either before you see other houses to your liking or because you had experts help you analyze properties you had looked at already. Then it’s time to get an offer in writing. Of course, if the house is something you want to make an offer on, it should be pre approved.

Drawing up the contract for a home purchase involves a number of pages concerning necessary information, as well as the purchase price & requirements (payments due when, when the house will be delivered, etc.). It’s important to note that the bank isn’t going to let you pay for things you didn’t intend to pay for. Make sure that the lender outlines every necessary expense, such as termite inspections or additional insurance.

Closing Statement

The bank will then get to the closing table on your behalf, complete all the necessary paperwork, and ensure that the home is exactly what you wanted. Of course, once you’ve arrived at your new home, there are a number of things to make sure are all in order. Make sure that there are no liens or outstanding legal matters showing on the title, that all taxes are up to date, and that you’re received your keys & that you have a new property with a clear title. Hopefully you were able to learn something new in the process!

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