Buying or selling a home? Greater R.I. Properties, LLC can help.
With some planning ahead of time, buying a home isn't very complicated, but the event intimidates many people.
So they'll know exactly what to expect, I'll supply buyers with an outline of the whole deal.
Below are my nine steps to buying a home.
If you have questions about this information or if you're prepared to get started, just contact me here or e-mail me at .
Step 1 – Prepare to purchase a home
Before you start searching for a home, there are a lot of things you need to contemplate.
You'll most likely want to make an index of items you need, get a feel for what neighborhoods and school districts you want to live in, and start planning around your budget.
Ensuring your mortgage payment is less than 1/3 of your net monthly income is a good principle to adhere to.
Step 2 – Contact a real estate agent
That's where I come in.
I'd love to set up a time to meet with you and communicate with you about your real estate needs 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 may affect your purchase today or in the future.
I can also assist you in getting started on your loan.
There are some very good mortgage professionals in North Kingstown, and I partner with a lot of them, so you're in great hands.
They can assist you with choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin looking
After we meet for the first time, I'll begin finding houses on the market that meet your needs.
I'll get a sneak peek of many of the homes and eliminate the bad ones, and then we'll set up appointments to tour the houses when it's convenient for you.
As we tour homes, I'll point out good features, as well as negative ones. I'll also ask you about things you like and dislike.
It's widely common for buyers to change their list of must-haves as we view houses and some features become far more essential than others.
If that's the case, I'll look through the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Comprehend the market
My awareness of the North Kingstown housing market is an essential component in your home search. I'm informed of all the neighborhoods and schools, and I will communicate which areas are "hot" and call for immediate action and others that are "cool" and allow for more consideration.
As we tour houses, I'll let you know when the seller's list price has room for negotiation and also when I know the house is "priced to sell."
Any REALTOR will tell you they understand the housing market, but take note, and make sure you ask a lot of questions.
If it seems like they don't know everything, contact me at 401-932-9005 or e-mail me at , and I'd be glad to answer any questions you may have. My understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the house you've been waiting for
We'll find your dream house in North Kingstown, and when that happens, I'll carefully create your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including a lot of contingencies, such as getting financing, finishing the home inspection, and a clear title.
When turning in your offer, you'll likely want to submit "earnest money." This is a cash deposit given to a seller to secure an offer to purchase the property, and it's typically applied to the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the first offer – it's really common to receive a counter offer. Don't let this discourage you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
The state of the market will play a large role in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Obtain financing
Once the contract is complete, you'll begin working with your lender to close the loan.
It shouldn't take long at all if you've been pre-qualified, but you should to keep in close contact with your lender.
And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) detailing closing costs within three days of taking your application. You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of getting your loan application.
This estimate rests on the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a precise range of accuracy. I'll go over the estimate and let you know if it all looks okay.
Then it's time to close on your house. This should occur at a title company or escrow office and will most likely be a smooth and stress-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, make sure you call me at 401-932-9005 or e-mail me at .