Important People You Should Have When Buying a Home
The process of buying a home involves a lot of people. There are many things to consider when buying a home because you want to be sure that your money is not misused and that the people you are working with have your best interests at heart. What makes investing in a home more complicated is figuring out who to select as your “team” that will aid you through the process.
When choosing the right group of people to assist you in a home-buying process, you have to know who will be in charge of each particular task and what the responsibilities of each member will be. Just like with a business team, each person is in charge of a key role and is responsible for making things happen. Without their full dedication, the home-building process can become longer and more complicated than necessary.
You must talk with different qualified lenders until you find one that can provide the financing you need, and then you must provide them with personal financial information, so you can determine the price range and loan amount that you can afford.
A real estate agent is often viewed as the captain of the ship and acts as the intermediary between you and the other party (seller or buyer). If you are a buyer, it is usually the seller who pays the agent at closing, not you. A real estate agent educates you on the properties you are viewing and oversees the offer and contract transactions.
Most buyers opt to have a real estate lawyer. They are responsible for checking and reviewing the contract before you invest in the property to be sure everything is properly disclosed and that there are no loopholes through which you can be taken advantage of. They check to be sure there are no items that could surprise you with unexpected financial liability later down the road. They also determine if there are any claims against the property that might need to be taken care of by the current owner before closing.
You should also have the property checked by a home inspector before buying it. They will evaluate the major systems in the home and explain to you the things that need to be repaired. This is especially important if there are major repairs that need to be done because you can often negotiate that the seller fix some of them before closing.
A property appraiser will ensure that the property is priced fairly and that you do not pay more for a property than what it is worth. This is very important to the financing process as well because banks and lenders will only finance properties based on their true value, not necessarily what you have offered to pay for the property.
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