Tips to assemble the perfect home-buying team.
By Laura Depta
CTW Features
Purchasing your first home represents a major life event, but you can’t do it alone. Home buying is a team sport, and you’ll only be successful with all the key players going to bat for you. Here are the pros you need on your side:
THE LENDER
First, you need to set your finances in order by selecting the right lender – this could be a mortgage broker, bank or credit union.
“The financing is the most important part of the whole transaction,” said Rhonda Duffy, owner of Duffy Realty of Atlanta.
Duffy recommends speaking to several lenders and then comparing their loan proposals.
“When you’re hunting the right kind of loan, you’ve got to know the questions to ask these lenders and then be able to compare what they tell you,” she said.
Once you’ve made a decision, the lender will help you determine what you can afford based on your application and credit history. Your lender will help you get pre-approved for a mortgage.
THE AGENT
The agent is there to guide you through all the complex steps of finding and purchasing a home.
“The agent’s role is to be a sounding board,” Duffy said. “To know what happens in the transaction next and to, with urgency, put those pieces into place.”
Referrals are key. Ask the home-owning friends and relatives in your town.
THE HOME INSPECTOR
Your real estate agent can generally recommend one, but it is also important to independently investigate the professionals on your team.
“For the inspector, the most important question to ask is, ‘Do you have general liability insurance?’” Duffy said.
Since the inspector works for the buyer, the buyer is ultimately liable for any damages that may occur during inspection.
THE APPRAISER
The appraiser is a member of your team, but not one that you recruit. The appraiser is hired by the lender to assess the home’s value to make sure it’s worth what they’re offering you. The goal is to protect both you and the lender to make sure you’re not overpaying for the home.
THE CLOSING AGENT
The closing agent is the final piece of the puzzle. This could be an escrow company or an attorney, depending on the state. Either way, the closing agent works for the buyer, seller and lender to tie up the loose ends of the transaction. The closing agent escrows funds and ensures that contracts are being followed.
“Homeownership is very valuable,” Duffy said. “I don’t want [buyers] to be afraid of it, like they can’t accomplish it. All they have to do is apply a little bit of rational logic to an emotional process.”
© CTW Features
