Page 25 - How To Buy A Home In Louisville

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Answers to Other Questions

? Do I need the seller to pay my closing costs?

If the seller pays your closing costs, you need to add that to your offer price. You’ll pay more
each month on the loan than if you had paid your own closing costs and negotiated a lower
price, but at least you won’t be taking money out of your savings for the closing costs, and you
can spend that money on house repairs. Also, talk to your accountant about taxes on the sales
price and tax deductions on the mortgage interest.

? I’m paying cash, so should I do an appraisal?

You don’t have to have an appraisal, but if you should decide to do so, it costs around $350 or
more. We can do a market analysis for you to help determine a fair sales price, but it is not the
same an official appraisal.

? Can I move in before closing?

Yes, if the seller agrees to it. It is customary to pay the owner rent to cover their costs of owning
it during that period.

? Who pays for all the inspections?

You, the buyer, should pay for your inspections because the inspector should be working for
you, not the seller.

? What restrictions are there for the neighborhood? Can I have a six-foot
wooden fence?

You or your agent can find out neighborhood restrictions by going to the courthouse and ask-
ing for deed restrictions for a neighborhood. Or, ask the Homeowner’s Association for a list of
regulations and bylaws. The Homeowner’s Association will be able to tell you what you can
and cannot have.

HOUSING AND URBAN DEVELOPMENT
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LOUISVILLE, KY 40202

The River Valley Realty Group - How to Buy a Home in Louisville, Kentucky 23