Buying your new home in North Kingstown with Greater R.I. Properties, LLC
Buying a home is a stressful event for many people. However, with some planning ahead of time, it isn't too confusing.
I like to furnish buyers with an overview of the entire deal so they'll know exactly what they can expect.
Here are my nine steps to purchasing a home.
Should you have questions about any of this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to purchase
There are a lot of things you should do before commencing your home search.
When you begin your search, you'll want to put together a check list of must-have features, plan for what neighborhoods and school districts you want to live in, and start working on your budget.
A good guideline to adhere to is that your mortgage payment should be around a third of your monthly income.
Step 2 – Contact a real estate agent
This is where Greater R.I. Properties, LLC comes in.
I'd be more than happy to book a time to meet with you and communicate with you about why you want to buy a home and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the North Kingstown area.
I can also help you begin the loan process.
There are some great mortgage professionals in North Kingstown, and I work with a lot of them, so you can rest assured that you're in great hands.
They will assist you with figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
After our initial meeting, I'll begin looking for available houses on the market that meet your needs.
I'll preview most of the houses and ignore the duds, and then we'll set up appointments to view the homes when it's most convenient for you.
As we view the houses, I'll point out good features and negative ones. I'll also ask you to tell us about things you like and dislike.
Generally, buyers change their must-have list as we view homes and some things become more crucial than others.
If such is the case, I'll go back through the listings once more and trim it down to the house you've been wishing for.
Step 4 – Understand the housing market
My knowledge of the North Kingstown housing market is a leading element in your house search. I'm informed of all the school districts and neighborhoods, and I'll let you know some districts are "hot" and demand immediate action and some that are "cool" and allow for thoughtful consideration.
As we view houses, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and be sure to ask lots of questions. Any real estate agent in North Kingstown will tell you they comprehend the housing market.
If it doesn't seem like they know everything, call me at 401-932-9005 or e-mail me at , and I'd be glad to answer your questions. My understanding of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been waiting for
We'll find the house of your dreams in North Kingstown, and when we do, I'll thoroughly develop your home purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as getting financing, completing the home inspection, and a clear title.
When we send in your offer, you'll want to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property, and it's often applied to the cost of closing. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer – it's widely common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a part in how aggressively we negotiate the contract.
We'll also work within your budget. And when it's all said and done, we'll assemble a contract that works well for you.
Step 7 – Obtain a loan
After the contract is finished, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't be a long process at all, but you'll need to keep in close contact with your mortgage lender.
And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) detailing closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate depends on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a tight range of accuracy. I'll examine the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will most often take place at a title company or escrow office and will likely be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at 401-932-9005 or e-mail me at .