Do you want to buy a house?
Buying a home is one of the most important decisions in your life. It’s also one of the biggest investments you will ever make. And it can be an overwhelming process, especially if this is your first time buying a home. That’s where a real estate professional comes in! They are there to help guide you through every step of the way and answer any questions along the way. Trust a real estate agent to take care of all those pesky details so that you don’t have to worry about anything but finding your dream home! As a home buyer you deserve someone who will work hard for you and get results – A buyer representative specializes in working with buyers because they know how much goes into purchasing a new property and will want to give you everything you need before making a decision on which property best suits you. When deciding to work with a buyers agent they will typically provide a buyers consultation where the agent will discuss the following with you.
1. Needs & Wants- They will help you determine your needs and wants. In buying a home you will have many things you will look for in your new home, it's important to be clear about what you must have and what you would like to have.
2. Financing- Before you start looking at homes you want to be pre-approved for a mortgage (unless your paying cash). Today there are many different financing programs available, identifying the right program is crucial before you start the home search. Some of the programs you will learn about is conventional loans, FHA loans, VA loans just to name a few. Your real estate agent will assist you in arranging and exploring all the different financing programs. A bit of advice, it's not about how much a lender will loan you, it's about what you are comfortable with in making a monthly mortgage payment.
3. Making an offer- When you find that dream home your agent will assist you in drafting an offer to purchase. The offer you make will consist of two major things. First, the price you are willing to pay and Second, the terms and conditions of the offer. Some of the common conditions and terms you will include in your offer;
- Financing contingency- This basically lets the seller know the purchase is subject to your ability to get a specific loan to buy the home.
- Home inspection contingency- You are making your offer to purchase subject to a satisfactory structural and mechanical inspection of the property. You agent can recommend a qualified inspector.
- Pest inspection- You want to make sure the home has not been compromised by wood destroying insects such as termites and carpenter post beetles. You also do not want to have other rodents occupying the property. (Note, most lenders require this type of inspection as a condition of getting a loan)
- Radon inspection- Radon is an odorless & tasteless gas that rises from below the ground and is known to cause health issues. Testing is simple and correcting radon problems is easy.
- Sale of old home- If you currently own a home and need to sell that first in order to buy your new home your offer will inform the seller of that. Basically you are letting them know you will go through with the purchase as long as you can sell your own home.
- Included in sale- It is not uncommon for a buyer to ask for the appliances to be included in the sale such as the stove, refrigerator, dishwasher and the wash & dryer.
- Closing cost assistance- If your tight on cash to buy a home you could ask for the seller to give you a credit to help you pay for many of the fee's a buyer will have in obtaining financing.
4. The transaction process- A buyer representative will provide you an overview of the complete transaction process, in other words from signing a contract to purchase to the day of the closing. Think of it like two goal posts on a football field, the goal is to get the ball from one end of the field (signing a contract) to the other end (the closing). This process typically can take on average 30-60 days and its important to know during this time many other professionals have a hand in the process such as loan officers, Inspectors, title attorneys, appraisers, insurance agents, title insurance companies and potentially others during this time there are many steps and things to be completed by both the buyer and seller. A good agent will help oversee this process to ensure everyone stays on track and the ball doesn't get dropped.
Today buying a home is a complex process and carries with it many legal considerations. A prudent buyer will want a real estate agent who is on their side watching out for their best interest.
If you need help in finding a qualified Rhode Island real estate agent to assist you in buying a home contact the
Real Estate Institute Of Rhode Island for a referral. As a Rhode Island real estate licensing and training school we can help you find the right agent for you.
