Digital Buyers Consult
Educate yourself on the homebuying process.
Buying your first home can seem scary and intimidating, but it isn’t if you have the right professionals to guide you step-by-step through this process. We’re here to guide you every step of the way.
Starting The Process
Determine Your Budget
Talk to a qualified and trusted lender. We recommend someone local who you can meet with face to face to go over your options. There are a lot of words that you’ll discuss, don’t be afraid to ask questions! PMI, PITI, credit score, debt to income ratio, down payment, FHA loans, seasoned funds, gift letter, pre-qualification and pre-approval, tax returns, etc. Be sure to go over down payments and other anticipated expenses such as closing costs so you can prepare for what checks you’ll need to be able to write. Make sure to ask for a generic pre-qual letter. We’ll get a property specific letter once your ready to put in an offer as well.
Once you’ve determined what you can realistically afford, the fun part begins! Shopping for houses! As your buyer’s agents, we will send you properties on the market that fit your criteria: not only budget, but many other factors such as, size, locations, amenities, conditions, etc.
Tour houses: we’ll be on a schedule in most cases in order for you to see as many properties as possible. So try to be mindful of the schedule we’re on and remember if other agents are present, they work for the seller. Questions are fine, but keep feedback and interest for when we’ve left the property.
Let's Shop Homes
Submitting an Offer
Once you’ve found the perfect property it’s time to put in an offer. Offers are placed by submitting a purchase and sale agreement with a prequalification letter, copy of a $1,000 check made out to the listing agency, along with signing the seller’s disclosure.
Things to think about when submitting an offer are price, closing costs credits, mortgage contingency, and closing timeline. All of these factors will make your offer stronger or weaker; we will discuss each to make sure your offer or subsequent counteroffer get accepted. Once we’ve come to an agreement, a new contract will be signed and give to your lender. And then the real hard work begins.
Now that you’re under contract, there are a few deadlines to keep in mind: 10 business days to conduct and conclude the home inspection. This includes negotiating any credits and repairs, so be ready to set up a home inspection right away. And be prepared to spend a few hundred dollars on it. But it’s worth every penny if there are serious defects in the property. And you can walk away from the contract and get your deposit back at any point during this period.
Second deposit check will be due at some point in this beginning stage. Mortgage commitment. This is the date by which your lender commits to giving you the loan. Be prepared to turn over a lot of paperwork during this time: bank statements, check stubs, tax returns, etc. And be careful about making any large or unusual deposits or charges during this time. This includes applying for any other type of credit, even to buy furniture or appliances. Your credit will be run again just before the closing, so don’t make any changes that will affect it.
Working Towards Closing
Everyone is working toward three golden words: clear to close. Once we hear those words, we know the closing can be scheduled. In order to get to that step, you’ll need to pick an attorney to conduct the closing for you and prepare all of the documents you need to sign in collaboration with your lender. You will also need to get an insurance binder on the property, so speak to an insurance agent to ensure that is in place for the closing date.
Keep in mind, if you’re in a rental, giving your landlord notice, and at what point in the process this should be done so you don’t extra rent but aren’t left homeless if something falls through. The final step will be to get any final documentation to your lender so all of their conditions have been cleared.
The closing day is finally here! A few things to remember: Put the utilities into your name beginning on that day. We will schedule a final walk-thru of the property. You are here to make sure the property is in broom swept and clean condition, any repairs have been made (if you haven’t inspected those already), and that there is no damage since you last were in the home.
You’ll need to coordinate with the closing attorney if any funds are due, if so a bank or certified check is necessary. Bring your driver's license or other government-issued ID.
Finally, be prepared to sign a lot of documents, but when you’re done and the attorney has recorded the deed with the town hall, YOU ARE OFFICIALLY A HOMEOWNER!
After studying communications and public relations at Seton Hall in NJ, Patricia spent 8 years doing marketing and patient event management for different health and wellness centers across New England. In 2017 she decided she needed a change and the fast-paced, high-pressure nature of the market drove her towards real estate. She is constantly on-the-go and thrives under pressure; the busier she is, the happier she is! Patricia is not a fan of downtime or monotony. Every day in Real Estate gives her new experiences and opportunities to meet people and make connections.
After a lifetime of vacationing in Rhode Island, Patricia made Newport her home in 2019. In her spare time, she takes full advantage of all of the amazing benefits of living on the island. You can find her sailing, biking, kayaking, and enjoying the many fantastic local restaurants and vineyards. Patricia is always looking for new adventures for her and her little dog, Bumble; they love traveling and exploring new hiking trails and farmers' markets. Spending time in nature, whether it be on the ocean or in the forest is incredibly important to her work/life balance.
Patricia Nelson is a real estate professional who joined the Fitzpatrick Team in 2021. When it comes to your real estate needs Patricia understands the importance of your voice and wants to help you understand this unprecedented market we are in. She will do everything in her power to make your transaction go as smoothly as possible and handle all of the messy behind-the-scenes hiccups that might arise. She takes great pride in dedicating herself 100% to her clients and will work 24/7 guiding you through this milestone. It’s not a house, it’s a home; and there’s no place like home!