A reality of the Rhode Island real estate market is that even when it is not “hot” overall,

competition for a particular residence can be intense. In other words, you may have

found the home of your dreams but the residence may also be in play with other people

interested in the property and submitting offers. One of the most important tactics you

can employ to better your chances of a homeowner accepting your offer is to demonstrate

that you can close quickly on the home purchase contract. There are six tactics that you can employ in order to speed up the residential real estate closing process in Rhode Island.


Obtain Pre-approval for a Loan


Perhaps nothing speeds up the closing process more significantly, and will make your

offer more appealing to a Rhode Island home seller, than obtaining pre-approval for a

mortgage loan. Pre-approval lets a seller know that you have already been vetted by a

mortgage lender. In addition, having a mortgage pre-approval also underscores the fact that final loan approval can occur far more quickly than is the case when a lender has not already given broad approval to financing for you. Truthfully, no seller will take your offer seriously without a pre-approval in today’s Real Estate market.

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Have Necessary Documents Available and in Order


Each mortgage lender has requirements about the specific documents you'll need to

provide as part of the loan application process. Yet another important tactic to employ to

generally speed up the closing process and make your offer more appealing to a Rhode

Island seller is to have these documents in order and keep them updated as you house

hunt. These documents include:


  • tax returns for at least two years

  • W2 forms for at least two years

  • Recent paystubs

  • Recent bank account statements

  • Recent statements from other financial accounts


Use a Local Mortgage Lender


In this day and age, a considerable number of people looking to buy a home use a lender

they access online or a mortgage company that is a national operation without a physical

local presence in the community. You can speed up the closing process, and deal with

any potential issues associated with a loan, more easily when you engage the service of

a mortgage lender with a physical presence in Rhode Island. Rhode Island is geographically small enough that you can select a lender that is not necessarily physically present in the specific locale where you are house hunting. 


A home seller is likely to be more comfortable knowing that you have mortgage

preapproval from a Rhode Island lender a homeowner recognizes as opposed to an

unknown outfit out of state. In addition, a local mortgage lender has human beings close

at hand to resolve any potential issue that might crop up during the closing process.

Work with Seller to Create Mutually Agreeable Repair Schedule or Inspection


When you are at the point of making an offer on a residence, you should be generally

aware of items that need to be repaired or otherwise dealt with before closing. At a

minimum, you have determined a need for an independent inspection. Make sure that a

seller knows you will work with the homeowner to develop a schedule for repair of a

supplemental inspection that fits into the seller’s schedule.


Oftentimes, perhaps out of frustration, a prospective buyer starts unnecessary and

inadvisably making demands regarding the manner and timing of repairs. Maintaining

open, friendly communication is imperative to keep a possible home purchase on track,

even when some sort of issue arises that needs to be addressed.

Maintain Close Contact with the Lender


Finally, a crucial element of speeding up the real estate closing process, and making your

offer more enticing to a lender in the first instance, is maintaining close contact with the

lender. This is beneficially as you make an offer on a property. If a home seller has an

immediate question relating to financing, because you've been maintaining regular

contact with the lender, you may be able to provide that information immediately. If not,

solid contact with the lender will aid in you being able to garner any needed information



As an aside, maintaining close contact with your lender can be invaluable during the

closing process. If some issue comes up, because you’ve developed a connected

relationship with your lender, any potential problem has a better chance of being dealt

with quickly and in a manner that keeps the scheduled closing on track.

By following these tactics, you give yourself an edge when you make on of multiple offers

on a home. You also are taking valuable steps that work to make the final loan approval

process, and the closing process itself, smooth running propositions. In the end, you

heighten the odds that you will close on the home of your dreams in an efficient manner.



The Perrino Team Specializes in helping home buyers in Rhode Island find and buy homes they love. From first time buyers just thinking about where to begin, to seasoned investors buying and selling several houses a year, and all the homeowners ready to move up or downsize in between, The Perrino Team has the experience and expertise to help you find and buy a home you’ll love.


The Perrino Team Specializes in helping homeowners analyze their home value, marketability, and price strategy to sell their homes faster and for more money. We help sellers with homes in all conditions, locations, and price ranges throughout Rhode Island and Massachusetts reach their goals and protect their interest along the way. We have a list of thousands of buyers waiting to buy your home.

Call Us at 401-206-8907 or Email theperrinoteam@perrinoproperties.com

We’ll listen, it’s always confidential, and we’ll work with you!