Are you buying a home in North Kingstown? Greater R.I. Properties, LLC can help.
Purchasing a home can be stressful for most people. However, with a bit of planning ahead of time, it's not all that complicated.
I like to provide buyers with a road map of the entire deal so they'll understand exactly what to expect.
Here are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm glad to address any questions you have about this information.
Step 1 – Prepare to purchase a home
There are several things you'll want to take into account before you start searching for a home.
When you start your search, you'll want to put together a list of items you want to have, get a feeling for what school districts and neighborhoods you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment less than 1/3 of your net monthly income is a good rule of thumb to follow.
Step 2 – Connect with a real estate agent
That's where I come in.
We'll book a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the North Kingstown area, the mortgage and housing industries, and any additional economic factors that may potentially affect your purchase today or in the future.
I'll also help you start the loan process.
Greater R.I. Properties, LLC partners with some of the finest mortgage professionals in North Kingstown, so you'll be in great hands.
They can help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After our first meeting, I'll begin finding homes on the market that are a good fit for you.
I'll get a sneak peek of many of the houses and reject the bad ones, and then we'll book appointments to tour the homes at a time that's convenient for you.
As we view the homes, I'll call attention to good features, as well as bad ones. I'll also ask you to talk about things you like and don't like.
It's common for buyers to revise their wish list as we tour homes and some things become far more substantial than others.
If such is the case, I'll search all the listings once more and narrow it down to the home you've been dreaming about.
Step 4 – Know the housing market
My knowledge of the North Kingstown home market is a fundamental aspect in your home search. I am mindful of all the neighborhoods and school districts, and I'll communicate which areas are "hot" and warrant immediate action and the ones that are "cool" and allow for careful examination.
As we view houses, I'll make sure to communicate if the list price has room for bargaining or if I believe the home is "priced to sell."
Be on guard and be sure to ask plenty of questions, as any real estate agent in North Kingstown will convince you they know the home market.
If it seems like they don't know everything, just call me at 401-932-9005 or e-mail me at , and I'd be glad to answer any questions you have. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home you've been looking for
We'll find the house of your dreams in North Kingstown, and when that happens, I'll thoroughly develop your real estate purchase offer. The offer will be tailored to suit your needs and the home, including a lot of contingencies. A few examples are obtaining financing, completing the home inspection, and a clean title.
Upon turning in your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to buy the property, and it's often applied to the closing costs. If the offer is accepted, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the first offer, and it's extremely common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Secure a loan
Once the contract is finalized, you'll begin working with your lender to close the loan.
It shouldn't take much time at all if you're already pre-qualified, but you need to keep in close contact with your mortgage lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Loan Estimate (LE) detailing your closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of getting your application.
This estimate is formed from the loan amount. RESPA requirements require that it has to include all closing costs and be within a strict range of accuracy, and I'll analyze the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will probably take place at a title company or escrow office and is often a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, be sure to contact me at 401-932-9005 or e-mail me at .