YOUR BUYING AND SELLING TEAM
Buying or selling a home is a monumental transaction,
and definitely not one in which you want to go it
alone. You cannot be an expert on all matters;
therefore, you must assemble an expert team.
The recommended team for the task includes the
following six professionals:
1.) Your Real Estate Attorney
Having a real estate lawyer on your side can help make
sure your interests are faithfully upheld. And the
earlier in the process you involve a real estate
lawyer (e.g., pre-contract signing), the more value
you gain. One of the greatest benefits of using an
attorney is that he or she has an ethical obligation
to work on behalf of your best interest.
Plus, your real estate attorney is versed in real
estate law and will either personally perform or make
sure all procedures are completed in a timely,
professional manner.
2.) Your Real Estate Agent
What an agent does for you:
* Helps you find a home that meets your needs in terms
of price range, areas of town you like, number of
bedrooms, etc.
* Negotiates price and terms for the home on your
behalf
* Goes on-site for property inspections
* Coordinates the closing
* Offers referrals for other experts, such as
inspectors and real estate attorneys
Keep in mind:
* A "buyer’s agent" is one that represents you and
your interests. A "seller’s agent" is not required, or
expected, to keep in confidence anything you tell them
about your willingness to pay a higher price. There
are also neutral transaction brokers who represent
neither party. Whomever you work with, it is important
to establish the terms of the relationship from the
get go!
3.)YOUR LOAN OFFICER OR LOAN AGENT
Selecting the right mortgage requires some shopping
around because getting the lowest interest rates can
save you thousands of dollars over the life of a loan.
Here are some places to start:
* Savings banks
* Commercial banks
* Savings and loan institutions
* Mortgage bankers/mortgage companies (in business
solely to originate mortgage loans)
* Mortgage brokers (search many different lenders to
match with borrowers)
* Credit unions
* A real estate attorney who specializes in mortgage
law
Keep in mind:
* Work with a lender who approves your loan locally,
not in some far-off city.
* Remember, everything’s negotiable. Don’t be afraid
to ask the lender you want to deal with to match the
interest rate of the lowest-price lender.
* Consult your real estate attorney or real estate
agent for good lenders that meet deadlines.
* Meet with your loan officer early in the process to
ensure that you know what your total monthly payments
will be, the cost of the lender fees and what
paperwork you’ll need to provide.
4.) Your HOME INSPECTOR
Consider your home inspector to be an objective
fault-finder. The home inspector essentially gives
your house a complete physical, reporting on the
condition of the structure and systems of the house,
such as:
* Plumbing
* Electrical
* Foundation
* Heating and air conditioning
* Termites and other pests
* Dry rot
* Boat docks
* Sea walls
* Pools
5.) Your APPRAISER
An appraiser is a certified or licensed expert who
states his or her opinion of the quality of the
property and its fair market valuea price range a
given property will bring, assuming neither buyer nor
seller is under any extreme pressure to buy or sell.
Lenders usually choose appraisers from a list of
individuals connected with organizations like
Appraisal Institute or National Association of
Independent Fee Appraisers. Because the appraisers
work for the lender, you may also wish to hire your
own appraiser for another opinion.
The appraiser evaluates a home by:
1. Comparing the typical selling price of a
comparable home, not (necessarily) the highest priced
home in the area
2. Interviewing real estate agents and the
appropriate government real estate tax personnel
3. Touring the property, taking into account the
square footage, floor plan, number of rooms and baths,
upgrades, overall condition of the home and the
neighborhood
6.) YOUR SURVEYOR
A surveyor locates and measures the exact lot lines to
make sure they match up with the description on the
deed. Surveying is always wise so that both the buyer
and seller know and agree on what is being
transferred, and to ensure that the lot lines are
unobstructed by things like fences or garages or
sheds.
Keep in mind:
* Surveyors are usually hired by the buyer, although
this is negotiable.
* If the survey turns up a property boundary problem,
it’s a good idea to speak with your real estate
attorney. A boundary problem might make title
insurance more expensive or even impossible to obtain,
which could affect your decision to buy.
