Pick your Home Buying Team – Key Tips

Whether you’re buying or selling, real estate is a team sport. Both buyers and sellers need to assemble a team of experienced professionals to help guide them in some the most trying and emotional decisions.

Here’s who should be on your team:

Real Estate Agent

Consider your real estate agent as your team captain, putting together the right players to score you the right home at the right price. Your team captain — the agent — keeps all the players motivated and moving to the ultimate goal — the sale or purchase of your property.

Since 85 percent of sellers list their homes through an agent — but those agents are working for the seller, not you. Therefore, what you need is what’s known as a “buyer’s agent.” Sometimes buyer’s agents are paid by the commission that the seller’s agent gets upon a closed sale. A good real estate agent can help you make sound decisions and guide you through what might easily be the most expensive and emotionally charged transaction of your life.

On the selling side, sellers sign contracts with their listing agents, called a listing agreement, which outlines the list price, the listing duration, the commissions paid and other legally binding issues. Buyers who don’t work with a specific agent sometimes agree to “dual agency,” in which the seller’s broker also represents the buyer.

In the end, both buyers and sellers should have representatives.

Mortgage Broker

Next, start looking for a mortgage lender. You also want to check out current mortgage interest rates. Once you have an idea of the best rates from national lenders, get on the phone to your community banks and any other institutions with which you may have a relationship. Ask the local banks if they can beat the national rates. Often, the local lender can offer a better deal simply because he or she knows the local market and wants to keep your business.

You may want to consider using a mortgage broker, a middleman who keeps tabs on the mortgage industry from various lenders.

Home Inspector

Your home inspector helps prepare you for unexpected surprises that could derail your deal. Expensive repairs can be a game changer. Home inspectors are your best defense. Use them wisely and they can save you thousands of dollars in unseen surprises.

A home inspector thoroughly examines the property, including the foundation, roof, plumbing, electrical systems, heating, and cooling systems. They look for structural issues, code violations, and potential safety hazards. The inspector’s report provides a comprehensive overview of the property’s condition, highlighting any problems that need immediate attention or could become costly repairs in the future.

Home inspectors often find issues such as water damage, mold, faulty wiring, and outdated plumbing. They may also identify problems with the roof, HVAC system, or foundation. These findings can significantly impact the negotiation process, as buyers can request repairs or a price reduction based on the inspector’s report.

It’s crucial to select a qualified and experienced home inspector. Look for inspectors who are certified by reputable organizations such as the American Society of Home Inspectors (ASHI) or the International Association of Certified Home Inspectors (InterNACHI). Ask for references and read reviews to ensure you’re hiring someone reliable and thorough.

A home inspection is a critical step in the home-buying process. It provides peace of mind, helps you make an informed decision, and can prevent unexpected expenses. By understanding the property’s condition, you can negotiate better terms and avoid potential pitfalls.

Title Company

The title company plays an important role in making sure you are getting marketable title. They make sure no liens or unpaid taxes are levied against the property you or buying or selling.

The title company conducts a title search to verify the legal ownership of the property and uncover any claims or encumbrances that could affect the sale. This includes checking for liens, unpaid taxes, easements, and other legal issues. The title company’s goal is to ensure that the title is clear and marketable, giving the buyer peace of mind.

Title companies also provide title insurance, which protects the buyer and lender against any future claims or disputes over the property’s ownership. There are two types of title insurance: lender’s title insurance, which protects the lender, and owner’s title insurance, which protects the buyer. This insurance is a one-time purchase and remains in effect as long as the buyer owns the property.

Closing Process

The title company facilitates the closing process, ensuring all documents are correctly prepared and executed. They handle the transfer of funds, record the deed with the appropriate government office, and disburse payments to the seller, real estate agents, and other parties involved in the transaction. The title company acts as a neutral third party, ensuring that all aspects of the transaction are completed smoothly and legally.

Importance in the Real Estate Transaction

A title company’s involvement is crucial for a seamless and secure real estate transaction. They provide essential services that protect both the buyer and seller, ensuring that the transfer of ownership is legally sound and free from potential complications. Their expertise helps prevent future legal disputes and ensures a smooth transition of property ownership.

Finally, you play a key role in buying or selling real estate. Essentially, you are the team manage, ensuring that everyone is performing their role and working as a unit. Meet frequently with your team captain and communicate often