Key Players In Your Real Estate Transaction Blog

Key Players In Your Real Estate Transaction

 

Buying or selling a home can be a daunting process that involves many moving parts. Enlisting the right people to help with your real estate journey can make things go much smoother and make your overall experience much less stressful.

 

Who are the key players in the process? We will break them down below.

 

Your Real Estate Agent

Finding the right real estate agent to help walk you through the process is the most important part of the home buying experience. They’re there to guide you through each step and act as a resource, advisor, and sounding board—and they will answer any questions and address any concerns you might have. This is the person that will help you find the right home, negotiate on your behalf, and walk you through the final steps to close on your home. You need to make sure that you find the right agent for you. Using sites such as LevelAgent will help match you with the perfect Agent.   

 

Selling Agent aka Listing Agent

The Selling Agent is the counterpart to your personal agent. They will work on behalf of the seller’s interest in the other side of negotiations. The seller’s agent will be presented with your offer and will work with your agent to negotiate a fair price for their client. They will be kept in the loop on all inspections, repairs and any other conditions related to the sale of the home.

 

Mortgage Broker

A mortgage broker is responsible for matching you with the best mortgage lender or product based on your personal financial profile. Once the mortgage broker receives your mortgage application, they will present you with various options before placing you with a financial institution that works best for you. Mortgage Brokers are not tied to any one financial institution and are able to offer you more flexibility with your mortgage options.

 

Mortgage Lender

Your mortgage lender is the person or financial institution that loans you the money you need to purchase your next home. There are many different types of lenders, including commercial banks, savings and loan institutions, and credit unions. The main goal of the lender is to earn money by charging interest on your loan. Once you begin the process of looking for a home it is important that you also start looking for the right lender to begin the pre-approval process.

 

Insurance Company or Broker

It is imperative that your home is completely covered by homeowners’ insurance before the title is transferred over to you.  It is important that you find the right insurance company or broker to meet your needs. Shop companies and ask for quotes in order compare each of them side by side to make sure you are getting exactly what you need.

 

Appraiser

Before you get final approval for your mortgage your lender will more than likely require an appraisal of the property. An appraisal is necessary to make sure the purchase price and the actual value are all aligned. The appraiser is the person who will do the site visit, view the home, and will prepare a valuation report for the property. In most cases the appraisal fee is paid for by the buyer.

 

Real Estate Attorney

A key participant in the closing process is a Real Estate Attorney and most notably the Closing Attorney. As a real estate specialist, they have the knowledge and experience to advise buyers, sellers, and lenders in all types of real estate transactions. They prepare and review documents and contracts related to the sale or purchase of the property. Closing Attorneys do not typically represent the buyer or seller, even if one of them pays for the service provided. They draw up the mortgage contract and set the terms of the mortgage. They also present closing documents for signing which include the following: mortgage, truth in lending statement, title, bill of sale, and the loan application.

 

Home Inspector

A home inspector is a licensed and trained professional who is hired to come into a home and surrounding property to inspect it. They look at a variety of things both inside and outside of the home and then compile an inspection report. This report will show any issues that the home has and may need to be addressed before it is sold. Your real estate agent will be able to recommend an inspector that they know perform a thorough job.