How To Buy A House in Kansas City

The Kansas City real estate market is competitive.  To be successful, buyers need to be ready to go the moment a good house comes on the market. 

 

The 3 components to submit an offer to purchase real estate in Kansas City are:

 

The Contract includes the terms of the purchase such as price, closing date, inspection period, contingencies, etc. Helping the client construct a viable offer is part of your Buyer's Agent's job. The Contract is just an Offer until it is signed by all parties. Once the Seller accepts the Offer, signified by written signature, the Offer becomes the legally binding Contract To Purchase. The Letter assures the Seller that the potential Buyer can perform. The EMD proves that the Buyer is making an offer in Good Faith. 

 

• Buyer's Legal Name
• Buyer's Legal Address
• Buyer's Marital Status
• Property Address
• Legal Description of Property
• Seller's Legal Name 

 Once the Seller accepts the Offer, we move forward into the Inspection Period as defined within the Contract. Your Buyer's Agent will coordinate Inspections and assure access is granted for Inspectors. The Buyer's Agent will go over the written Inspection Report with the Buyer and help draft the Resolution of Unacceptable Conditions. The Resolution is how the Buyer asks the Seller for needed repairs noted in the Inspection Report. 

The Resolution must be delivered prior to the end of the Inspection Period. It is presented with the Inspection Notice. Your Buyer's Agent keeps the Buyer informed of this and all deadlines per the contract. 

 

Once Notice & Resolution has been delivered, the Seller then has 5 days to respond. If the Seller does not respond by the end of the 5 days, the Contract is null and void. If the Seller accepts the Resolution as is, we move forward to closing. The Seller may also elect to counter the Resolution. 

 

Closing is when the Owner of Record is legally changed. Moving forward to Closing means that the Agent will copy the Contract to the Title Company and arrange a Closing Date & Time. If a Lender is involved, they will also be notified and provided with a copy of the Contract. Cash Closings can be accomplished in about a week. Closings involving a Lender will need 21 - 45 days. Your Agent will explain the details of the scenario that fits your financing choice.

 

Getting the keys and taking possession: Your Agent will make arrangements for keys to the property to be delivered to you after transfer of funds. Possession is defined in the Contract. Your Buyer Agent will maintain constant contact with the Title Company and Lender to assure everything is ready on the day of Closing. Your Agent will review the HUD-1 Final Settlement Statement once it is generated. The Buyer will receive a copy of this at Closing.

 

If you are buying an investment property, please ask your Agent to recommend a reputable Property Manager. If you will be an Owner-Occupant, your Agent can recommend reputable contractors for any work/remodeling you plan for the home. 

 

Once you select your Buyer's Agent, all communication should go through them so that your position is not inadvertently compromised during Negotiations. This is true even if the buyer elects to visit Open Houses without their agent. Just give the agent at the Open House your agent's card and refer all questions other than 'How are you?' to your own agent.

Negotiations begin when the Initial Offer is submitted and end once the Final Contract is in place. Buyers who elect to purchase real estate without their own Agent may be giving up some rights. Please refer to the old way of transacting real estate known as 'Caveat Emptor' - Buyer Beware. In the United States, Buyer's Agency for Real Estate Transactions was created in the 1990's at the behest of Consumer Advocacy Groups. 

 

Feel free to read more online at HomeBuyers' Guide I ... How Much Does A Real Estate Agent Cost?  ....  Pop-Up Agents ...  Do You Know Jack?  ...

 

This may be a longer answer than you had anticipated but I firmly believe that an educated buyer will make wiser decisions. Please call me if you have any questions.