Address: 6 Cobblestone Hill Rd Exeter, RI
Year Built: 2003
This immaculate 4 bedroom Colonial is situated on 3.62 acres and has every possible amenity. First floor features a recently upgraded kitchen with open layout, a large family room with a pellet stove, formal dining room and a sitting room or office. Second floor features master bedroom suite with master bathroom and two over-sized walk in closets, fireplace, and sitting area; three additional bedrooms, plus a full bathroom with laundry. A finished basement w/ walkout leads to the fenced yard. A lovely deck off of the kitchen oversees the yard and wooded lot. This home also features a two car garage and is situated on a large private lot. Great location with easy access to highway and Wickford center. Exeter at its best! Contact me for a private showing today!
Check out this beautiful Bungalow that is currently for sale at $205,000. This property is move in ready---updates include new windows throughout, three year old roof, updated kitchen with granite counters & stainless steel appliances, refinished hardwood floors, & remodeled bathroom. Perfect for first time buyers utilizing FHA financing as well as RI Housing. Let me know if you would like to set up a showing at this property--it won't last long!
Have you ever dreamed of converting a barn into a home? This 1870"s banked barn (a style of barn noted for its accessibility, at ground level, on two separate levels) is located in Glocester, RI is available for sale & certainly offers tons of potential. From its soaring rafters to wide plank floors, it's easy to imagine what it could become. While not for the faint of heart, the barn is zoned for residential & commercial--a great idea would be to use the front of the barn as a gallery or antiques shop & buildout the back of the barn as residential. A three bedroom septic system was recently installed & a 600 ft artisan well. Buyer beware: unfortunately the property only includes a half acre & while the property behind the barn is currently owned by a single family the question of how the land will be used in the future is one that needs to be considered.
Closing fees generally average around 2% of the purchase price—on a $200,000 home, that’s $4,000—but they can go as high as 5%. But what are they? Here is an overview of the types of closing costs you may incur on your loan--some are one-time fees, while others reoccur over the life of the loan. When you apply for your loan, you will receive a Good Faith Estimate of Settlement Charges, it's important to work with a lender that will take the time to answer any questions that you have & take the time to make sure that you understand. I have several lenders that I have worked with over the years that have proved to be invaluable collaborators, I can match you with those that will best meet your particular needs.
Loan Origination Fee: This fee covers the lenders administrative costs in processing the loan. It is a one-time fee, often expressed as a percentage of the loan. The origination fee is typically 1% of the loan, but remember, you can obtain a loan with no origination fee and a slightly higher interest rate.
Loan Discount: Often called "points", a loan discount is a one-time charge used to adjust the yield on the loan to what market conditions demand. One point is equal to 1% of the loan amount. This fee is rare when interest rates are low.
Appraisal Fee: This is a one-time fee that pays for an appraisal, which is a statement of property value viewed by the lender. The appraisal is made by an independent fee appraiser and can cost a standard $300 to $450, or much more, depending on the home's size and location.
Credit Report Fee: This one-time fee covers the cost of the credit report that is run by an independent credit reporting agency and is usually about $60-$75.
Title Insurance Fee: There are two title policies: a lender's title policy (which protects the lender against loss due to defects on title) and a buyer's title policy (which protects you). These are both one-time charges, but the one you usually pay as a buyer is $200.
Miscellaneous Title Charges: The title company may charge fees for a title search, title examination, document preparation, notary fees, recording fees, and a settlement or closing fee. These are all one-time charges and can add up to about $200.
Document Prep Fee: There may be a separate, one-time fee that covers preparation of the final legal papers, including the note and deed of trust. These legal documents run about $150.
Lender Fees: Other lender fees include an underwriting fee, a flood certification fee, an amortization schedule fee, and other miscellaneous fees that should be disclosed by your mortgage lender at loan application. These fees vary dramatically from about $450 to $900.
Prepaid Interest: Depending on the time of month your loan closes, this charge may vary from a full month's interest to just a few days' interest. If your loan closes at the beginning of the month, you will probably have to pay the maximum amount. If your loan closes at the end of the month, you will only have to pay a few days' interest.
PMI (Private Mortgage Insurance) Premium: Depending on the amount of your down payment, you may have to pay an up-front fee for mortgage insurance (which protects the lender against loss due to foreclosure). You may also be required to put a certain amount into a special reserve account (an impound account) held by the lender for PMI.
Beginning of the Escrow Account: Your lender will typically have an account where your property taxes and property insurance will be held. This account will be started with taxes approximately equal to two months in excess of the number of months that have elapsed this year. (If 6 months have passed, they will collect 8 months of taxes.) Your property insurance will be collected one year in advance, plus two months will be kept in your escrow account.
Earnest Money Deposit: It is important to have an understanding of the earnest money deposit, so you will not be placed in an uncomfortable position when you purchase a property. At the time a written offer is initiated, you will be required by the seller to include a personal check, cashier's check, or cash. The amount is normally deposited (cashed) into the designated title company's escrow account upon the offer's acceptance, and will remain in escrow until the time of closing. This amount is credited to you as a partial down payment and represents your intent to purchase the property. If the offer is not accepted, this amount is returned to you promptly. Depending on the price of the property, you should anticipate a minimum of a $1,000 earnest money deposit. Also, in the event that you do not qualify with a lender for a new loan, the earnest money is refunded to you, provided the sellers are given written notice regarding the lender's disapproval, and provided you have supplied the lender with all documentation they have requested.
Title Insurance: When you purchase your home, both you and the lender need a preliminary title commitment that will indicate exactly what recorded liens, encumbrances and recorded easements are currently in effect on the property. The title commitment will also indicate the vested owner of record and any restrictions on the use of the property. Title insurance is, for all practical purposes, required on all property in most states and is normally a seller's expense. However, the buyer is required to furnish the lender with a lender's policy showing the lender as lien holder on that property. These charges will be incurred at the time of settlement as a part of your closing costs. When the purchase of the property is closed, and the title company has recorded the necessary documents, the title company will then issue a title insurance policy binder to you and the lender, showing clear title to the property.
Pro Tip: For the closing, you must bring a driver's license and a cashier's check for the remainder of your down payment, made out to the closing attorney or title company. No personal checks!
No matter how much time you spend researching and educating yourself about your home purchase, it’s hard to cover every detail. Here are a few tips to avoid rookie mistakes with your first home purchase.
Maybe you're thinking of selling, maybe you're thinking of refinancing, or maybe you're just curious about the market. But the question is, "What is your property worth?”
Such a simple question should be returned with a simple answer, right? Well unfortunately, determining the value of your home--or any property for that matter--can be a tricky process. Nowadays there are endless websites that will promise you a fast answer with fancy charts and graphs. Or sites like Zillow will give you a "Zestimate". As tempting as it may be to trust this information, be wary of letting an automated algorithm tell you what your largest investment is worth.
The trouble with these websites is that they have little to no local market information. In some locations property values can vary widely street to street, these websites do not take that into consideration. Nor do they compare similar properties--a renovated property does not compare to a distressed property. Additionally, these websites are not aware that a new park is being built, or that a four-lane highway is being re-routed, or that you've lovingly cared for and maintained your home.
The bottom line is this: if you're serious about getting an informative valuation for your home you should contact a local real estate professional--like me! I work with the actual people who will ultimately determine the value of your home--the home buyer themselves. This is my profession and I would be happy to take the time to sit with you and explain the current market conditions that affect your home value.