Who are all these people? Who does what? I’m confused! Its like a maze! Let us navigate you!
There are so many moving pieces involved in selling or buying a house. Below is a list of key players involved in the process explained. With so many people and organizations to work with, it can be hard to keep up with it all. Use this handy guide to as a quick introduction to the most common people a part of the transaction.
1) Mortgage Lender
Phase 1, mortgage lender, you can even start the process of the home buying process without first being approved for the loan through mortgage lender or bank. They are responsible for providing the funds for the purchase. Throughout the process they will be collecting tax documents, verifying income, confirming credit score information and debt to income ratio. All a part of the approval process.
Thats me 🙂 A trained professional licensed to kick butt! There are more than 167 parts to a buyer transaction, I help you navigate those. That includes finding the perfect home, negotiation price, closing costs, home warranty, repairs, walk through, appraiser coordination among many other moving pieces and ensuring documents are moving to the right people to get you to closing and finally to enjoy your beautiful new home. I am the conduit between all these wonderful folks listed here.
I make it easier for you to find your ideal home and successfully buy it.
3) Home Inspector
Once you choose your home, you will call a home inspector to check it from top to bottom. This person is trained to evaluate the safety of a house from the electrical wiring to the plumbing to the foundation. They will identify any risks that come with buying the house and any repairs costs that will likely come up in the future.
The purpose of a home inspector is to make sure the buyer doesn’t get tricked into buying a home that they think is in good condition that actually has several hidden problems.
4) Home Appraiser
A home appraiser is significantly different from a home inspector.
This person is meant to identify what the house is worth to make sure that it is sold at a fair price. They review the home itself and compare it to others of similar market value to determine the best price. You see, you cannot over pay for a home.
This process is meant to protect the buyer so they don’t overpay for space and know the appraised value. The seller also benefits from knowing they aren’t underselling their home.
5) Title Company
A title company is a neutral third party and will review the public records to make sure the home can legally be sold from one person to another. This ensures that the person selling your home is the true owner or legally allowed to sell it (in the event that it was passed down through a will or given away).
The escrow agent balances the financials to ensure all aligns with the negotiated contract. They are responsible for the closing process when you sign the final documents and transfer the deed to the home from one party to the next. Once all parties sign, the title company will disperse all the funds to the respective parties at which point, finalizes the sell.
6) Insurance Agent
Once you are in an executed contract, you will contact an insurance agent who can help protect your home in the event of damage, flood, or personal injury.
They will ask you questions about your home and look at its features to determine a fair insurance price. Talk with multiple insurance providers before you find one that meets your coverage and budget needs. You worked so hard to find and buy a house, the last thing you want is for something to happen to it without coverage.
There you have it. 6 of the key players involved in a real estate transaction. If you haven’t been through the process before or not in awhile, it’s good to get a sense of who will be involved throughout the transaction. Buying and selling real estate can often be a stressful process but when you know what to expect and with the right real estate team (that’s us!) it helps the deal run a bit more smoothly. We look forward to serving your real estate needs!