Who's Who When Buying a Home
Unless you’re paying cash for a new home, there will be more than just you, your real estate agent, the seller and their agent involved in the process. Appraisers, lenders, inspectors are just a few of the professionals you’ll come across, and it will relieve some stress on your part if you know ahead of time who they are and what part they’ll play during your house hunt.
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Mortgage lenders in order to be adequately prepared to begin looking for a new house, you should be pre-approved. It’s best if you look at a few different lenders in order to find the best loan, so before you go, see what the balance recommends for finding the right mortgage for you.
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Real Estate Agents The agent you choose to assist you on your new home search is extremely important, as they will be your resource and constant contact throughout the home-buying process. In most transactions, there will be a listing agent representing the sellers, but it’s unlikely you’ll be meeting them.
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Appraiser Your lender wants to be certain that the house you want to buy is worth what the seller is asking and will have a home appraisal done by a qualified person. Learn more about what’s involved with the appraisal from realtor.com®.
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Home Inspector Once your offer has been accepted, it’s in your best interest to hire an inspector to go over your prospective new home. You don’t want any surprises with structural issues or mold or insect infestation after you have the keys in hand. Call a few before you decide who to hire, and ask these important questions when you contact them.
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Homeowners Insurance Agent This agent should be familiar to you, as you already have auto or even renter’s insurance. Most insurance companies offer a discount for having more than one policy with them, and it may be an easy fit to go with your current company. Don’t let that stop you from shopping around for better rates, however.
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Real Estate Attorney Many states require you to hire an attorney, as they will go over all the documents, handle funds, and perform the title search, to name a few of their jobs during the home sale process. Find out why it’s always a good idea to have a real estate attorney, whether it’s the law or an option.
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Title Insurer In case there are any questions about the sale of the home being legitimate (no liens, family feuds, etc.), you’ll need title insurance, and in most cases, the lender or attorney will already have that lined up.
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Mortgage Servicer Sometimes, a lender will sell your loan to a mortgage servicer, and you will be notified if that happens. Learn the difference between a lender and a servicer at Investopedia.
Not all of these will be involved in your situation, and you may come across another professional or service during your experience. Every one of them, however, is important for a smooth transaction, protecting you and your largest investment.
Courtesy of Chester County PA Realtor Scott Darling.
Photo credit: seacoastsolutions
