For first time buyers, purchasing a home initially looks like a mind boggling adventure. What to do and when to do it is extremely important. Here are the players buyers will need to make their dream of home ownership come true.
The Real Estate Agent
The agent is the buyer's guide through all the complex steps of finding and purchasing a home. An experienced realtor will help buyers understand the ins and outs of putting together a successful contract and how and when the transaction's steps take place. As a Buyer's Agent, this person will be an advocate and sounding board as individuals move through the various steps of the purchase process.
The Mortgage Lender
The first thing a good realtor will do is to advise the buyers to talk to a mortgage lender—even before they begin to look at homes. Talking to several lenders will help buyers understand the different kinds of loans that might work for them. Most importantly, the lender will look at buyers' credit reports for errors and suggest ways to improve their credit scores. Finally, the lender will offer specifics in terms of the price of the homes that can be afforded and provide the buyers with the all important pre-qualification letter their realtor will need to submit a contract on a home. For more information on what a lender can do check out this blog on the importance of choosing a mortgage loan professional. Going with a good mortgage loan professional is critical to a good outcome.
The Home Inspector
The Realtor can provide buyers with the names of well-qualified and insured inspectors. These individuals will give a clear critical look at the home and any problems it might have in terms of important structural and mechanical features. The buyers will get a detailed report to review immediately after the inspection. This document will be the basis for an inspection objection in which the buyers will request the sellers to repair or replace items of concern. A good resource for more information on inspections can be reviewed in this blog post.
This individual will be hired by the lender to assess the value of the home so the buyers can be sure that it is worth what they are offering for it. His report will protect the buyers and the lender to make sure the buyers are not overpaying for the home.
The Closing Agent
The closing agent can be either a title company or an attorney who works with the buyers, sellers, and lender to bring everything together for the sale of the property. It is the closing agent's responsibility to escrow funds and ensure the contract is being followed.
Find Your Team
Purchasing a home doesn't just involve legal protocols; it is also a very emotional experience. A good team will get buyers through the process of becoming home owners as efficiently and stress-free as possible.
If you would like to know more about the process of buying a home, please contact us.