Are you contemplating purchasing your new home in North Kingstown?
Buying a home intimidates a lot of people. However, with a little planning ahead of time, it isn't that difficult.
I like to provide buyers with an overview of the entire deal so they know exactly what they can expect.
These 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 answer any questions you have about this information.
Step 1 – Prepare to purchase a home
There are plenty of things you'll want to do prior to beginning your home search.
When you begin your search, you'll want to make a check list of features you need, get a feel for what school districts and neighborhoods you'd like to live in, and start planning around your budget.
Keeping your mortgage payment less than a third of your monthly income is a good rule to adhere to.
Step 2 – Talk to a real estate agent
This is where Greater R.I. Properties, LLC can help.
I'd be more than happy to arrange a time to get together with you and speak with you about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss neighborhoods, schools in the North Kingstown area, the mortgage industry, and any other economic factors that may affect your purchase today or in the future.
In addition, I'll assist you in getting started on your loan.
I partner with some of the best mortgage professionals in North Kingstown, so you'll be in great hands.
They can assist you in figuring out which type of loan is best for you and help you get approved.
Step 3 – Begin your search
Following our first meeting, I'll begin searching for houses on the market that are a good fit for you.
I'll preview many of the houses and exclude the duds, and then we'll schedule appointments to view the homes whenever it's convenient for you.
As we view homes, I'll point out positive features and negative ones. I'll also ask you to tell us about things you like and dislike.
For the most part, buyers amend their list of must-haves as we view houses and some things become more essential than others.
If that's the case, I'll go back through all the listings another time and trim it down to the house you've been wishing for.
Step 4 – Understand the housing market
Your agent's awareness of the North Kingstown home market is an imperative agent in your house search. And I assure you I'm informed of all the neighborhoods and school districts, and I'll let you know what districts are "hot" and call for immediate action and some that are "cold" and allow for more analysis.
As we view homes, I'll make sure to communicate when the list price has room for negotiation and also when I know the house is "priced to sell."
Every REALTOR will convince you they comprehend the home market, but take notice, and make sure you ask plenty of questions.
If things don't add up, call me at 401-932-9005 or e-mail me at , and I'd be more than happy to answer your questions. My market knowledge will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
I'm confident we'll find the home of your dreams in the North Kingstown area. When we do, I'll meticulously develop your home purchase offer. The offer will be tailored with your needs in mind and the home, including a lot of contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
Upon turning in your offer, you'll probably want to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property, and it's typically put towards the closing costs. If your offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer – it's pretty common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your financing limits. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Secure financing
Upon completion of the contract, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, this shouldn't take much time at all. But you'll want to stay in close contact with your lender.
And I'll care for all the property information your 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) detailing your closing costs from your lender within three days of taking your loan application.
The estimate rests on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a narrow range of accuracy. I'll study the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will likely occur at a title company or escrow office and should be a smooth and easygoing occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, simply contact me at 401-932-9005 or e-mail me at .