Are you purchasing your new home in North Kingstown?
Buying a home can be stressful for a lot of people, but it's not too complicated with some planning ahead of time.
So they understand exactly what they can expect, I like to supply buyers with a road map of the whole deal.
Below are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to address questions you have regarding this information.
Step 1 – Prepare to purchase a home
There are several things you'll want to take into account before you search for a home.
You'll want to put together a checklist of features you need, get a plan of what neighborhoods you'd like to live in, and begin planning your budget.
Keeping your mortgage payment less than or close to 1/3 of your net monthly income is a good principle to follow.
Step 2 – Get in touch with a real estate agent in North Kingstown
This is where I come in.
We'll plan a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the North Kingstown area, the mortgage and housing industries, to any other economic factors that could potentially affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
There are some excellent mortgage professionals in North Kingstown, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking
After our initial meeting, I'll start looking for homes on the market that are great for you.
I'll get a sneak peek of many of the houses and ignore the duds, and then we'll book appointments to tour the houses when it's most convenient for you.
As we tour homes, I'll identify positive features, as well as bad ones. I'll even ask you about things you like and dislike.
As a rule, buyers update their must-have list as we tour houses and some features become far more substantial than others.
If that's the case, I'll search all the listings another time and narrow it down to the house you've been waiting for.
Step 4 – Comprehend the market
An agent's understanding of the North Kingstown market is a fundamental component in your home search. And I can assure you I'm conscious of all the neighborhoods and schools, and I will communicate which areas are "hot" and warrant immediate action and others that are "cool" and allow for cautiousness.
As we view houses, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
Be mindful and make sure you ask your agent lots of questions, as any REALTOR will convince you they truly know the housing market.
If it appears they don't know everything, call me at 401-932-9005 or e-mail me at , and I'll be glad to answer any questions you have. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
I'm certain we'll find your dream home in North Kingstown. When we do, I'll thoroughly create your purchase offer. The offer will be tailored with your needs in mind and the home, including a lot of contingencies, such as obtaining financing, completing the inspection, and a clean title.
Upon submitting your offer, most likely you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property and is typically put towards the closing costs. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the initial offer. It's very common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your financing limits. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Secure your loan
After the deal is signed, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, this won't take long at all, but you'll want to keep in close contact with your mortgage 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 furnish you with a Loan Estimate (LE) detailing your closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is based on the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a tight range of accuracy, and I'll review the estimate and let you know if it all looks okay.
Then we'll close on your house. This will most often take place at a title company or escrow office and is often a smooth and easygoing affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you contact me at 401-932-9005 or e-mail me at .