Looking to purchase a new home in North Kingstown? Greater R.I. Properties, LLC can help.
Purchasing a home can be stressful for a lot of people, but it's not very confusing with some up-front planning.
I like to supply buyers with an overview of the entire deal so they'll know exactly what they can expect.
Below are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to answer any questions you have about this information.
Step 1 – Prepare to purchase a home
There are many things you need to consider before commencing your home search.
You'll most likely want to make a check list of features you need to have, plan for what neighborhoods you'd like to live in, and start working on your budget.
Keeping your mortgage payment less than or close to a third of your net monthly income is a good guideline to follow.
Step 2 – Connect with a real estate agent in North Kingstown
That's where I can help.
I'd love to set up a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, schools in the North Kingstown area, the mortgage industry, to any other economic factors that could potentially affect your purchase today or in the future.
I'll also help you get started on your loan.
I partner with some of the best mortgage professionals in North Kingstown, so you'll be in great hands.
They will assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Start your home search
Following our initial meeting, I'll begin searching for available homes on the market that suit your needs.
I'll preview many of the houses and ignore the duds, and then we'll book appointments to tour the homes when it's most convenient for you.
As we view homes, I'll call attention to good features, as well as bad ones. I'll even ask you to tell us about things you like and don't like.
Usually, buyers amend their wish list as we tour homes and some items become far more substantial than others.
If that's the case, I'll look through all the listings another time and narrow it down to the home you've been waiting for.
Step 4 – Comprehend the housing market
An agent's knowledge of the North Kingstown housing market is a necessary component in your house search. And I assure you I'm mindful of all the schools and neighborhoods, and I will let you know certain neighborhoods are "hot" and demand immediate action and others that are "cold" and allow for more consideration.
When we tour homes, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Be on guard and make sure you ask plenty of questions, as every real estate agent will convince you they comprehend the housing market.
If things don't add up, just call me at 401-932-9005 or e-mail me at , and I'll be happy to answer your questions. My understanding of the market 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 we do, I'll meticulously develop your home purchase offer. The offer will be tailored to suit your needs and the home, including several contingencies. A few examples are obtaining financing, completing the home inspection, and a clean title.
When we present your offer, you'll want to submit "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property and is typically applied to the closing costs. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer – it's widely common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
The state of the market will play a part in how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll compose a contract that is best for you.
Step 7 – Obtain a loan
Once we sign the final deal, 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'll need to keep in close contact with your lender.
And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Loan Estimate (LE) outlining closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of getting your loan application.
The estimate rests on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a close range of accuracy. I'll study the estimate and let you know if it all looks good.
Then it's time to close on your house. This will most likely take place at a title company or escrow office and will most likely be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, simply call me at 401-932-9005 or e-mail me at .