Are you purchasing your new home in North Kingstown? Greater R.I. Properties, LLC can help.
Purchasing a home is intimidating for many people, but with some up-front planning, it isn't that hard.
So they know exactly what to expect, I'll provide buyers with an overview of the whole deal.
Here are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address any questions you have about this information.
Step 1 – Prepare to buy
There are plenty of things you should contemplate prior to starting your home search.
When you begin your search, you'll want to put together a check list of features you want to have, plan for what neighborhoods and school districts you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is around a third of your net monthly income is a good rule to adhere to.
Step 2 – Get in touch with a real estate agent in North Kingstown
That's where I come in.
I'd be more than happy to schedule a time to get together with you and communicate with you about your real estate needs and get an idea of your future 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 may affect your purchase today or in the future.
I can also help you get started on your loan.
I work with some of North Kingstown's best mortgage professionals, so you can rest assured that you're in great hands.
They can help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start house hunting
Following our first meeting, I'll start looking for available houses on the market that are great for you.
I'll research many of the houses and exclude the duds, and then we'll schedule appointments to view the houses whenever it's most convenient for you.
When we view the homes, I'll show you the good features and negative ones. I'll also ask you what things you like and don't like.
As a rule, buyers revise their wish list as we view homes and some features become more essential than others.
If that's the case, I'll go back through all the listings once again and narrow it down to the house of your dreams.
Step 4 – Get a grasp of the housing market
My knowledge of the North Kingstown home market is an essential agent in your home search. I am informed of all the schools and neighborhoods, and I can let you know what neighborhoods are "hot" and demand immediate action and others that are "cold" and allow for thoughtful analysis.
When we tour homes, I'll let you know when the list price has room for negotiation and also when I think the house is "priced to sell."
When working with an agent, be on guard and be sure to ask plenty of questions, as every REALTOR in North Kingstown will tell you they truly understand the housing market.
If things don't add up, contact me at 401-932-9005 or e-mail me at , and I'll be more than happy to answer any questions you have. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream house
We'll find your dream house in the North Kingstown area, and when that happens, I'll precisely create your purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as getting financing, completing the home inspection, and a clean title.
When sending in your offer, you'll need to present "earnest money." This is a cash deposit submitted to the home seller to secure an offer to purchase the property, and it's typically put towards the cost of closing. If the seller accepts your offer, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer. It's pretty common to receive a counter offer. Don't let this discourage you. We'll discuss whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a part in how aggressively we negotiate the contract.
We'll also work within your financing constraints. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Obtain a loan
Once we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, it won't take very long at all. But you'll want to stay in close contact with your lender.
And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) outlining your closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) of closing costs from your lender within three days of accepting your loan application.
The estimate is formed from the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a narrow range of accuracy. I'll examine the estimate and let you know if everything looks permissible.
Then we'll close on your house. This should take place at a title company or escrow office and will probably be a smooth and hassle-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, just call me at 401-932-9005 or e-mail me at .