Contemplating purchasing a home in North Kingstown? Greater R.I. Properties, LLC can help.
With a little up-front planning, buying a home isn't all that confusing, but the event is intimidating for many people.
So they'll understand exactly what they can expect, I like to provide buyers with an outline of the whole deal.
Here are my nine steps to purchasing a home.
If you have any questions about this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to buy
Prior to starting your home search, there are plenty of things you need to do.
It's likely that you'll want to create a checklist of features you need, get a plan of what school districts you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Contact a real estate agent
This is where I come in.
We'll set up 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 discuss everything from neighborhoods, school districts in the North Kingstown area, the mortgage and housing industries, to any other economic factors that could affect your purchase today or in the future.
I can also assist you with getting started on your loan.
Greater R.I. Properties, LLC works with some of the finest mortgage professionals in North Kingstown, so you're in great hands.
They will help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
After our initial meeting, I'll begin searching for available homes on the market that are a great fit for you.
I'll get a sneak peek of many of the houses and reject the bad ones, and then we'll schedule appointments to view the houses whenever it's convenient for you.
As we tour the homes, I'll call attention to good features, as well as bad ones. I'll even ask you to point out what things you like and don't like.
It's common for buyers to change their must-have list as we view homes and some features become far more necessary than others.
If that's the situation, I'll search all the listings one more time and narrow it down to the home you've been dreaming about.
Step 4 – Comprehend the housing market
An agent's awareness of the North Kingstown home market is an essential agent in your house search. And I assure you I'm familiar with all the neighborhoods and schools, and I will alert you to some neighborhoods are "hot" and require prompt action and the ones that are "cool" and allow for careful consideration.
As we tour homes, I'll be sure to tell you when the seller's asking price has room for bargaining and when I trust the home is "priced to sell."
Every real estate agent will claim to truly know the home market, but be on guard, and be sure to ask lots of questions.
If things don't add up, just call me at 401-932-9005 or e-mail me at , and I'd be happy to answer your questions. My market knowledge will help you stay a step above the rest through the entire process.
Step 5 – Find your dream house
I'm confident we'll find your dream house in North Kingstown. When we do, I'll precisely develop your purchase offer. The offer will be tailored exactly to your needs and the home, including some contingencies. A few examples are acquiring financing, finishing the home inspection, and a clean title.
When submitting your purchase offer, you'll want to present "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property. The amount is usually put towards the cost of closing. If the offer is accepted, we should close on the property within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the first offer – it's pretty common to receive a counter offer. But don't let it intimidate you. We'll talk over whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a vital role in how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Secure your loan
After we sign the final deal, you'll start working with your lender to close the loan.
If you're pre-approved, it shouldn't take very long at all. However, you'll need to keep in close contact with your lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of accepting your loan application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a narrow range of accuracy. I'll go over the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will probably occur at a title company or escrow office and will probably be a smooth and peaceful event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to contact me at 401-932-9005 or e-mail me at .