#Ri real estate transactions how to
#Ri real estate transactions professional
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Find a buyer agent who will give you honest, straightforward advice, not just 'sell' you a home. Your buyer agent should also advise you about issues that could make resale difficult, such as busy streets, awkward floor plans, or neighborhood eyesores.

A careful and dedicated buyer agent looks for positives and negatives at a showing, highlighting apparent issues to the homebuyer, e.g., unsatisfactory grading or water drainage, and older components, such as the boiler, roof, electrical, plumbing, or windows. Step 3: The Home Search - Any licensed real estate agent should be able to provide access to property listings through the multiple listing service (MLS). You should have that letter in-hand before looking for homes. Either way, sellers will not consider an offer without a pre-approval or pre-qualification letter unless the buyer is paying cash. Most sellers and listing agents prefer a pre-approval letter over a pre-qualification letter. When submitting an offer on a property, the purpose of providing a pre-approval letter is to reassure the seller that the buyer is likely to qualify for the mortgage necessary to purchase the home. On the other hand, a pre-qualification letter is typically a letter given based on information the buyer provides without supporting documentation or a credit review. The review shows the homebuyer qualifies for a mortgage.

#Ri real estate transactions professional

Still, it makes sense to allow that mortgage professional to compete for your business once you are under contract.Ī pre-approval letter is a statement from a mortgage lender (bank or mortgage company) indicating they have reviewed the homebuyer's credit score and credit report, supporting documents, and the buyer's finances. You will not be obligated to obtain your loan from the lender that provided a pre-approval letter. The loan officer will also do a credit check.Īt this stage, there is not any need to shop around for the best mortgage interest rate because a lender isn't going to lock in an interest rate until you have a home under contract, and interest rates change daily. Prepare to provide your bank statements and pay stubs for the last 60 days and W2s and tax returns from the previous two years. Step 2: Mortgage Loan Pre Approval - A mortgage professional will collect some necessary financial information about your income, debts, and savings before providing a pre-approval letter. Later in the process, a buyer agent can suggest home inspectors (see below) and insurance agents. A buyer agent also can recommend a real estate lawyer to review the purchase and sale agreement, closing documents, and explain legal matters.

#Ri real estate transactions free

Prospective home buyers should consider setting up a meeting with at least one exclusive buyer agent before deciding on who will help you buy a home.Īn exclusive buyer agent can discuss loan programs, including first-time homebuyer programs, and recommend a mortgage professional to obtain a free pre-approval letter.

Only exclusive buyer agents are 100 percent loyal to home buyers, 100 percent of the time. Your buyer agent is not an exclusive buyer agent unless everyone at his or her real estate brokerage only represents homebuyers. You can choose an exclusive buyer agent, a real estate buyer agent who only represents homebuyers. other buyers).Īs a consumer, you should know that you have a third option not explicitly mentioned in Rhode Island's Mandatory Real Estate Disclosure. He or she gives other agents within the same company the opportunity to represent the opposite side (buyer v. A Designated Client Representative is an agent who works for one party, either the buyer or seller. Step 1: Assemble Your Team - The state of Rhode Island recognizes two specific forms of agent-client representation relationships:Ī Neutral Dual Facilitator is more commonly known as a dual agent, an agent representing both the seller and the buyer in the same transaction. The following is a brief eight-step summary of the home-buying process in the State of Rhode Island for first-time homebuyers and others moving to Rhode Island and buying in the Ocean State for the first time.

#Ri real estate transactions how to

How to Buy a Home in Rhode Island Learn the Steps to Buying a House or Condo in Rhode Island