Buying a home, especially for first timers, is a daunting endeavor. Some of us might even consider this as their most significant purchase. Therefore, it just makes sense that you surround yourself with the top-notch professionals that you can count on and will put your best interests in mind always.
Although not all home buying transactions necessarily involve each of these professionals, it’s still important that we know which professionals should be in our team and what will be their basic responsibilities to you throughout the process.
Real estate agents. The main job of real estate agents is to look for the home you want based on what you want with as little problem as possible. Therefore, you have to discuss well with your agent what exactly you’re look for in a house and the amount you are willing to pay. In choosing an agent, you should interview them like you’re interviewing a potential employee. Check their background, their experience, get any referrals, and if possible, they know well the neighborhood where you want to live in and they’ve got an office in the area.
Mortgage lenders. There are different institutions that lend money for mortgages like banks, trust companies, insurance companies and finance companies. As a first time homebuyer, be sure to look around and speak with as many lenders as possible before you make your final choice. It’s a smart move that once you’ve determined how much you can afford, get a pre-approved mortgage as it conveys that you’re serious about your transaction.
Lawyers. The responsibilities of the lawyers usually come in once you submit your offer to purchase. Their usual tasks include review the offer to purchase, doing a title search on the property, ensuring no outstanding disputes regarding the property lines, checking that there are no liens, mortgages, or taxes owing on the property, and arranging the transfer of title, and payment of land transfer fees and taxes. Referrals from some family members or friends can absolutely help you choose a great lawyer to work with.
Home inspector. A professional home inspector is now a valuable addition to the home buying team and his/her duties include examining the home and assessing its overall structure (plumbing, insulation, roofing, etc.). The home inspector should also identify any repairs and provide you with estimates on how much it would cost you to repair them. In choosing inspectors, be sure they meet the professional standards in the area aside from checking their experience and getting feedbacks from past clients.
Appraiser. The responsibility of a home appraiser is to perform a value appraisal of the property you plan to purchase to get the fair market value of it. This professional will take into consideration the size, features, property’s condition, location, neighborhood, recent sales in the area similar to the home you plan to purchase, and other important details.