Professionals In The Home Buying & Selling Process
Mortgage Brokers/Loan Officers/Lender
These are the first people potential home buyers should contact. Without cash to buy in full a mortgage is needed. The first step is the PRE-Approval. This lets buyers know how much of a loan they qualified for. No guessing just the facts. These are the licenced mortgage professionals and are up to date on the latest regulations and loan programs you may be eligible for. Only a licenced mortgage professional should be contacted about mortgages.
Realtors/Real Estate Agents
These professionals are the next step. But they can be the first step briefly. Once the Realtor has the PRE-Approval it is time to shop for the appropriate property. Realtors are the guides and line of defense in the home shopping experience for home buyers and sellers . When buying new homes the builders sales team has the best interest of the builder not the buyer. The buyers Realtor works for the buyer and is free, paid for by the builder.
Real Estate Attorneys
It’s a good idea to find a attorney that is right for you early on. Find out pricing and how and what the real estate attorneys process is for reviewing contracts. When it comes to legal questions about the buying and selling process only a licenced Real Estate Attorney should be used.
Title companies show up most of the time when a buyer places a down payment on a property. Although some title companies also do a title search on a property that is being put up for sale. This helps ensure the title is clear. It is common now for title companies to hold the down payment on a home. Brokers rarely hold down payment money anymore.
Play a big part in confirming the property is in ok shape to purchase. The home inspector should be selected prior to finding a home. The reason is when a home is found it may only be a maximum of 15 days to have the home inspected. It can be much less. Try and select 2 companies. That way if one is busy the other may be free to inspect the property. If you like a second opinion, having a second inspection is the way to go. As a home seller having a inspection done prior to sale will help ensure your home passes the buyers inspection. If the inspector finds issues this will give you time to repair them. A home inspection is a small cost for such a large Purchase or sale. Some things to keep in mind. A home inspection can not find everything. It is a visual on the surface inspections. Home inspectors unless the Inspector has additional licenses can not check for things like wood destroying organisms and mold.
The Appraiser plays a large role in the process. Mortgage companies always have the home appraised to make sure the amount they are lending is what the home is worth. If the appraisal comes back off the lender will not lend. Appraisers also can and should be used by a homeowner to get a more exact value of the property. Like a home inspection it is a small cost for a very large purchase or sale.
Tax Professional/Accountant CPA/Tax Attorney
This is the person who is licenced to give tax advice. If you have questions about how your purchase, investment property, 1031 exchange or other tax related questions will affect you. These are the professionals.
Notary Public/Loan Signing Agent
This is the last person you will see. The Notary will have all your loan documents. As a signing agent the Notary is generally trained in what each document means. Also where to sign and initial. The Signing agent may give you a brief explanation of each document. The Notary does not have the ability to answer questions about things like why the interest rate is a certain amount. For document terms the lender would need to be contacted.
Such as Roofing, Electrical, and Plumbing Contractors (Electricians/Plumbers/Roofers). Structural Engineers are also very important. You might be wondering why? Well your home inspector will be pointing out defects. The report will suggest these contractors as required. To get a price and professional opinion on the repair these home contractors should be selected early on. Again the inspection period may be a max of 15 days but don’t be surprised to see 7. Having to start hunting contractors with the clock ticking may be to late.
Stores like Lowes and Home Depot
As a buyer or seller that has had a inspection or just looking to make upgrades. These stores are essential. It could be as simple as getting a price on a new dryer, carpet, sink, front door or a full kitchen renovation. Be sure to use the resources they have online and in store if you have any questions about pricing. While home shopping I have found these stores were my regular stops after house hunting for the day.