Resources
After 30 years of experience working in the St. Louis real estate market, our team has accumulated valuable insights to make your buying or selling process a breeze!
Tips From the KHS Team:
#1 - Assess Your Finances
Know your budget! Prepare ahead of time by checking your credit score, saving for a down payment and closing costs, and keeping other fees in mind like homeowners insurance, HOA fees, and maintenance costs.
#2 - Explore Mortgage Options
Get pre-approved and shop around for the best mortgage. For first-time buyers, consider government-backed loans.
#3 - Find the Right Property and Agent
Stay organized by creating a list of wants and needs. Work with and learn from a real estate agent (like us!). Be patient and open-minded throughout the process.
#4 - Complete Final Steps Post-Offer
Once the offer is accepted, continue with the formal mortgage process: get a home inspection, prepare for closing costs, and finally closing.
#5 - Avoid Common Mistakes
1) Don't spend more than you can afford. 2) Avoid changing jobs, taking on new debt, or depositing large sums of money. 3) Don't skip the home inspection--it can save you from costly repairs. 4) Don't drain your savings; make sure you have a financial reserve.
Frequently Asked Questions
How do I know what to offer?
It depends! First and foremost, you should feel comfortable with your offer both emotionally and financially. Something to consider, though, is if there are multiple others offers being placed, and if you should create yours strategically so that is it competitive while staying within your comfort zone. Making an offer can be tough--don't be afraid to ask for guidance!
What is earnest money? How much is it?
Earnest money is considered a "sign of good faith." It is a deposit that a buyer puts down to show the seller they are serious about buying a home and their commitment. Usually, it is about 1% of the purchase price, but providing more than that can make for a stronger offer.
What happens after the offer is accepted?
From the date of acceptance, a process begins that includes a few different tasks:
-Submitting the contract documents to the lender
-Submitting the buyer's earnest money to the title company (within five days)
-Title and survey work order
-Ordering the inspection
-Inspection notice if there are any concerns about the house
-Closing
Contact our team for further questions on these steps!
What is included in an inspection and how much is it?
Typically, it includes an inspection of the interior and exterior of the property, with an average cost of around $500. You can also expect additional inspections like gas, sewer, radon, termite, and chimney, which we suggest doing. These costs could add around $800 more.
What are closing costs? How much are they?
Closing costs are fees that buyers pay to finalize the real estate transaction. These are in addition to the purchase price, down payment, earnest money, and inspection fees. They include the following:
-Loan origination fees (fees charged by the lender)
-Appraisal fees (cost of professional appraisal)
-Title insurance (protects the buyer and lender against future claims on the property's title)
-Escrow fees (fees for the escrow company that handles the transfer of funds and documents)
-Recording fees (fees charged by local government to record the new property ownership and mortgage)
-Taxes and Insurance (prepaid taxes and homeowners insurance for a certain period of time)
-Credit report fee
What do I need to bring to a closing?
You will need to bring your driver's license and cashier's check for any balance due.
When do we get the keys?
Keys are provided once the transaction has been fully funded. This could take a couple of hours.