100 Quaker Lane
Warwick, RI 02886
Real Estate Tips
Stockwell's Home Buying Tips in a Competitive Market
1. Get preapproved. While it should go without saying in today's market some homebuyers are still visiting homes without a mortgage approval letter from their lender. Get educated on the difference between a pre-qualification and preapproval. A pre-approval means that a lender has actually examined your credit and other expenses helped you determine how much mortgage you could afford given their underwriting guidelines.
2. Look for homes within your budget, in markets when it's a buyer's market you can look over your budget, but in a seller's market, you may want to stay under your max.
3. Make sure you have your down payment funds available Sellers do not want to wait in this type of market. if you are moving the funds from a 401K or 403B make sure that paperwork has been submitted to the administrator of the funds.
4. If you are planning on purchasing with more than one person, make sure the entire purchasing group sees the house at the same time, whenever possible. Do not put an offer in until all parties agree on the purchase.
5. Finally, have a list of wants and needs with you at all times. Which items are you willing to do without and which items are a must-have.
