Buying or selling a home in North Kingstown?
For many people, purchasing a home is a stressful event. But with some up-front planning, it's not that difficult.
I like to furnish buyers with an outline of the whole deal so they understand exactly what they can expect.
These are my nine steps to buying a home.
Should you have any questions regarding this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to buy
There are plenty of things you need to take into account before commencing your home search.
When you begin your search, you'll want to assemble a checklist of items you want, get a feeling for what neighborhoods you want to live in, and start planning around your budget.
Keeping your mortgage payment less than 30 percent of your monthly income is a good principle to go by.
Step 2 – Contact a real estate agent
This is where I can help.
I'd be happy to book a time to get together with you and speak with you regarding why you want to buy a home 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 might affect your purchase today or in the future.
In addition, I'll help you get started on your loan.
There are some excellent 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 choosing which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After we meet for the first time, I'll begin searching for houses on the market that are good for you.
I'll research many of the houses and eliminate the duds, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
As we tour houses, I'll point out good features and bad ones. And I'll ask you what things you like and don't like.
It's widely common for buyers to amend their list of must-haves as we view houses and some things become far more necessary than others.
If that happens, I'll look through the listings again and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the market
My understanding of the North Kingstown housing market is a leading aspect in your home search. I am conscious of all the school districts and neighborhoods, and I'll let you know certain areas are "hot" and warrant immediate action and the ones that are "cold" and allow for more examination.
As we view homes, I'll make sure to communicate if the list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask lots of questions, as every real estate agent in North Kingstown will tell you they truly understand the market.
If things don't add up, 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 expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
We'll find the home of your dreams in North Kingstown, and when we do, I'll precisely develop your home purchase offer. The offer will be made to fit your needs and the home. We'll include some contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When we submit your offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property. The amount is often applied to the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer. It's pretty common to receive a counter offer. Don't let it discourage you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and go on.
The state of the market will play a 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 create a deal that's best for you.
Step 7 – Obtain a loan
Once the contract is complete, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, it won't be a long process at all. But you'll want to keep in close contact with your lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate depends on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a precise range of accuracy, and I'll analyze the estimate and let you know if everything looks okay.
Then it's time to close on your home. This should happen at a title company or escrow office and should be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you call me at 401-932-9005 or e-mail me at .