Real Estate Sale/Purchase Timeline
Preliminary Title Insurance given to Buyer
Appraisal Performed
Shop for Insurance
Utilities switched to Buyer's Name
Title Search Performed
Title Commitment Issued
Title Company gathers info
Closing
Financing Prequalification Letter
Before visiting with a bank, have these documents ready to make the process as smooth as possible:
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Paycheck stubs for the most recent 30-day period
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All W-2s received for the past two tax years
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Federal Income Tax returns for the past two tax years, including all pages and schedules (include business returns if applicable)
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Account statements for the most recent two-month period for any liquid assets (checking/savings accounts, mutual funds, stocks, bonds, etc.)
Find a Home
Irvine Real Estate is a member of the Flint Hills Association of Realtors. We operate on a Multiple List System (MLS). This allows us to show and sell you any property that is listed for sale in the state of Kansas. To find your perfect home start by searching our listings here. Expand your search here.
Check on Utility Costs
Fallen in love with your dream home? It's always a good idea to know what you're getting into before you buy. Call to find out what your utility costs will be before purchasing.
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Kansas Gas Service: 1-800-794-4780
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Westar Energy: 1-800-383-1183
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City of Manhattan Water: 1-785-587-2480
Writing an Offer
You have found your perfect new home. You have checked that utility costs and taxes will be affordable. The next step is to work with your agent to make an offer. Your Buyer's Agent will help you through this process, but here are a few things to keep in mind:
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Price - This is obviously first in everyone's mind. Am I offering the right amount? We prepare Comparative Market Analyses for all of our buyers so that they know that what they are offering will be competitive and fair.
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Closing Date - 30 days +/- is usually enough time for the bank and title company to prepare for closing. Any more than 60 days and your lender will not be able to lock in your rate.
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Financing - By the time you make an offer, you should already be working with a lender. Your Buyer Agent will provide you with an estimation of closing costs and an estimated payment; however, the final numbers will come directly from your lender.
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Inspection Period - Per the contract used by the Flint Hills Association of Realtors, Buyers are entitled to an inspection period where they can use professionals to look at the property and identify potential problems. We usually recommend a 10-15 day inspection period. This allows the buyer ample time to examine the property. We work with many local professionals from Home Inspectors to Electricians and provide you with a list of options so that you can choose who is right for you.
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Once you have your offer prepared it is time to send it to the Seller's Agent. At this point the Sellers can either accept your offer (whew!) or they can send a Counter Offer. In the latter case the CMA that your Buyer's Agent prepared for you is useful again, because you can reassess what you are willing and able to offer.
Inspections Scheduled and Performed
Inspections are crucial before buying a home. While the home may look beautiful and shiny on the outside, it could actually be hiding some expensive secrets. We provide our Buyers with a comprehensive list of inspectors and professionals in the Manhattan area. Each property is unique; however we generally recommend a termite inspection and either a whole house inspection or separate structural, electrical, plumbing inspections. In Kansas it is usually a good idea to have a radon test performed also.
Financing Arranged
In addition to the documents needed for a pre-qualification:
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Paycheck stubs for the most recent 30-day period
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All W-2s received for the past two tax years
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Federal Income Tax returns for the past two tax years, including all pages and schedules (include business returns if applicable)
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Account statements for the most recent two-month period for any liquid assets (checking/savings accounts, mutual funds, stocks, bonds, etc.)
, the bank will also need:
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The signed purchase contract, including any amendments, addendums, etc.
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Cost estimates for home improvements if financing with a FHA loan.
Repairs Negotiated or Contract Voided
After the inspection period is completed, it is time to assess the findings. Four things can happen at this point:
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The home can be accepted "as-is". Maybe the findings in the inspection reports were satisfactory and no pre-closing repairs are needed.
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Repairs are requested. The inspection reports found items that need to be fixed prior to the Buyer purchasing the home.
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The purchase price is changed. Perhaps there are some items that need to be repaired, but rather than ask the Seller to fix them prior to closing, the Buyer can ask for a price adjustment.
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The contract can be cancelled. The inspections may have shown some serious problems that the Buyer is not prepared to accept at the price. If the two parties cannot compromise, the contract can be voided and the earnest money returned at this point.
Put Property on the Market
When putting your property on the market, you need an experienced agent on your side. Since you're visiting us, we hope you will consider working with Irvine Real Estate to market and sell your property. Before listing your property with us, we will provide you with a Comparative Market Analysis free of charge. This will compare your property to others in your area that have sold within the last year giving you the information you need to determine a listing price. We talk you through all of the information and guide you every step of the way. Ultimately the decision of price is yours and we strive to insure you have all of the information readily available to make this crucial decision. Click here to get started with your CMA
