Contemplating buying your home in North Kingstown?
With some up-front planning, buying a home isn't too confusing, but the event can be stressful for a lot of people.
I like to provide buyers with an outline of the entire deal so they'll understand exactly what to expect.
These are my nine steps to buying a home.
When you're ready to get started, just contact me here or e-mail me at . I'm glad to answer any questions you have about this information.
Step 1 – Prepare to purchase a home
Before you start searching for a home, there are many things you'll want to take into account.
You'll want to make an index of items you need, plan for what school districts and neighborhoods you want to live in, and start planning around your budget.
Keeping your mortgage payment less than or close to a third of your monthly income is a good guideline to adhere to.
Step 2 – Speak with a real estate agent in North Kingstown
This is where I come in.
I'd like to arrange a time to get together with you and communicate with you about your real estate needs and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, school districts 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 start the loan process.
There are some very good mortgage professionals in North Kingstown, and I work with a lot of them, so you're in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
Following our first meeting, I'll start finding available homes on the market that best suit you.
I'll preview many of the houses and remove the bad ones, and then we'll set up appointments to tour the houses whenever it's most convenient for you.
When we view homes, I'll identify positive features, as well as bad ones. And I'll ask you about things you like and dislike.
It's widely common for buyers to update their must-have list as we view homes and some features become more crucial than others.
If such is the case, I'll go back through all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Know the housing market
My knowledge of the North Kingstown market is a fundamental component in your home search. I am acquainted with all the neighborhoods and schools, and I can let you know what districts are "hot" and warrant prompt action and some that are "cool" and allow for cautiousness.
When we tour houses, I'll make sure to communicate if the asking price has room for negotiation or if I believe the house is "priced to sell."
Be careful and be sure to ask your agent plenty of questions, as any real estate agent in North Kingstown will claim to truly know the housing market.
If it seems like they don't know everything, just call me at 401-932-9005 or e-mail me at , and I'll be glad to answer any questions you might have. My market knowledge will help you stay a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I'm sure we'll find your dream house in North Kingstown. When that happens, I'll carefully develop your purchase offer. The offer will be made to fit your needs and the home. We'll include several contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When we turn in your offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property, and it's most often applied to the closing costs. If the offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the beginning offer. It's pretty common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your financing budget. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Obtain a loan
Once the deal is complete, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, it won't take very long at all, but you should to stay in close contact with your mortgage lender.
And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of getting your loan application.
This estimate is based on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a precise range of accuracy. I'll review the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will likely happen at a title company or escrow office and will most likely be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, just contact me at 401-932-9005 or e-mail me at .