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.
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