A Buyer’s Formula
Here are a buyer’s formula tips on how to begin the process of buying
your first home, condo or investment property in RI real estate:
- Preparation is everything and understanding home financing is a good place to start:
A) Buyers need to be pre-qualified or pre-approved and some of this is counter intuitive so lets start with some practical suggestions:
Your Goal: To get the loan and the advertised lowest rates may not be in your best interest. Let’s talk about mortgage rates, points, ability to fund the loan and closing time frames
B) Buyers and whoever is making the purchasing decision need to be available to see the property, have a check with them, and be mentally prepared to make an offer (coming back for 2-3 showings may result in a property being bought by another party)
Your Goal: To get the property, act decisively, build into your offer on the purchase and sales contract the ability for due diligence, examination and inspections (all in a timely manner) of the property you plan to buy.
C) Buyers need to be able to negotiate the Sale (understand the dynamics, emotions and nuances of a transaction) especially in the negotiation phase. Having a strong negotiator as a Realtor is critical to your success in purchasing a piece of property.
Your Goal: is to buy a property knowing the positives and negatives. As a buyer you need to be able to negotiate a transaction which is fair and equitable to all parties. There should be a minimum of surprises to you the Buyer when you have closed and moved into the ‘new’ property.
D) Buyers need to have a Team assembled. A Realtor who is available, knowledgeable and responsive, a Real Estate Attorney who focuses on Real Estate Law, a list of reputable vendors for inspections, an insurance company, movers, Lenders who are accessible, competent and from past experience (with your Realtor especially) that there will be no stumbling blocks (i.e. more money to bring to closing, higher points, inability to perform in a timely manner). I pride myself in associating with and recommending reputable professionals.
Your Goal: Buyers need to be assured that throughout the whole process (especially when there are bumps in the road and you need to be prepared for anything) that the Realtor you choose as your “Buyers Representative has the knowledge, experience and abilities to put the Buyers first. A successful Realtor builds their business by referrals, if after this experience you recommend my services to a seller to list their property or a potential buyer then I know I have done my job well.
Lastly, understand that with few exceptions most properties are going to have deferred maintenance. In some cases, such items as septic systems, roofs or furnaces are only going to last a few more years. As a buyer you need to either plan, budget or use tax refunds for these expenses. Other options are available with 203K loans and I can discuss those options with you too.
As you will have more questions as this process develops, please remember that I will be available to guide, direct and advise you through this process. It’s the largest purchase of your life so let’s make sure you do it right! A Buyer’s Formula.
Call me now – so I can start the home showing process for you! This is what I do everyday with RI home buyers to support and guide you to the home that fits your needs. Ginny L. Gorman – North Kingstown RI Realtor – 401-529-7849 – ginny@RIHouseHunt.com.
North Kingstown, South Kingstown, East Greenwich, Narragansett, Jamestown and Charlestown RI Homes for Sale – specializing in RI water front homes, ocean front homes, luxury, coastal and vacation homes…I service all of RI ‘One Property at at Time!”