Anyone who is looking to buy a home has considered if they should consult with a buyer’s agent to assist in the process. However, there are several other people and partnerships that you and your family need to consider in the steps to becoming a new homeowner.
Buyer’s agents are an excellent resource to get the process of purchasing your future home started. A good buyer’s agent can help you find the right property, understand the offer process, recommend other professionals, and help overcome setbacks along your buying journey.
Mortgage Officers or loan officers are often the most crucial person on your home buying team because they help you work out the financing of your home. Your officer is generally someone who has extensive knowledge of the various types of loans that are available, as well as a working knowledge of the requirements or conditions that are necessary for your family to be successful at qualifying for each type of loan. Your loan officer will act as the liaison between you and the financial institution and will seek to find a loan arrangement that is in the best interests of both parties.
Many people confuse a home inspector with an appraiser. However, these are two different things. An appraiser is an independent representative who provides a valuation of the home for your loan. A certified home inspector typically provides an objective visual examination of the physical structure and systems of a house, from the roof to the foundation.
At the minimum, the standard inspection report should cover the condition of the home’s heating and central air conditioning system, interior plumbing, electrical systems, roof, attic and visible insulation, walls, ceilings, floors, windows and doors, foundation, basement and structural components. Many inspectors provide services that also include appliances and exterior evaluations.
Although you may not speak to the closing attorney’s office much prior to the closing day, this group of individuals does quite a bit of work for you before you enter their office. Closing attorneys provide 5 key steps in the home buying transaction: Title examination, title insurance, closing coordination, document review, and updated record disbursement.
Essentially, the closing attorney’s office makes sure that no hidden items are hiding in the background when you close on your purchase and that all public documents are updated to reflect that you are the new owner of the property. This office also handles making sure all the paperwork from both sides is ready to go and funds are secured before you sign the final line.
Having open communication with your insurance agent during the process of buying a home is always a good idea. Your insurance agent can provide you with insights on the cost of home owner’s insurance for different properties and make you aware of any items that might cause your rates to be higher each year. Having a pool on your property, living next to a lake, or having a large back deck could possibly increase the amount of money you pay out of pocket or through escrows each year.
Sometimes insurance company’s will also send an independent insurance inspector to review your home to make sure that they are accounting for the rebuild cost to provide you maximum value for your money. This happens more frequently on purchases of older homes that new construction where current construction cost is easier to attain.
Pick the Right Team
So from the day you start looking at properties to the day you get your keys at the closing table, make sure that you pick the best people to help you succeed at making your homeowner dreams a reality. Cook Residential can assist you in suggesting some of the best in the business that we work with frequently to make sure your home purchasing experience goes as smoothly as possible. Contact us today for referrals.