When It Comes To Real Estate, It Takes A Village
When you purchase a home, it takes a village of dedicated professionals to close on your dream home successfully. Many people on your team will be behind the scenes, while you’ll be in constant contact with some of your homebuying team. So, who is all apart of the average real estate transactions?
Mortgage Lending Team
We’ll start with your mortgage lending team. You’ll work directly with a mortgage loan officer who will help you apply, collect documentation, guide you through underwriting, and help prepare you for closing day.
Your mortgage loan officer will work closely with an in-house mortgage processor who is responsible for reviewing and submitting all paperwork, tracking your application, ensuring accuracy, notifying your loan officer of any updates regarding your application, and coordinating with the underwriting team to ensure a smooth closing.
A third-party underwriter will verify the income, credit score, debt, and assets listed on your mortgage application. This team assesses the risk associated with approving the loan and will determine if a loan gets approved or denied. They may request additional documentation or clarification throughout the underwriting process.
Real Estate Team
Your real estate agent will help you with house hunting, offer submission, negotiations, and closing. Your real estate agent will work for a brokerage. Brokers oversee all real estate transactions to ensure accuracy and legal compliance. Brokers will often determine fees and will have a minimum commission fee that agents must take. This percentage might vary slightly for each brokerage. While shopping for a real estate agent, it may be helpful to research the broker they work for.
Appraiser
A local appraiser will be on your team to determine the value of the home you intend to purchase. They determine the home's current value by considering the home’s features, size, upgrades, and by looking at the sale prices of comparable homes in the area. This information goes to the underwriter to help ensure that the buyer isn’t paying above what the home is worth.
Home Inspector
You will also hire a local home inspector to join your team. Home inspectors will reserve a time with the homeowners; the home will need to be vacant for about four hours while they conduct their inspection. Home inspectors will document the condition of the home's roof, drywall, plumbing, HVAC, basement, foundation, windows, attics, crawl spaces, and electric systems. After the inspection, you will receive a detailed report of their findings.
Based on their findings, your real estate agent might help you negotiate the terms of your agreement to include repairs of any significant safety concerns.
Title Company
The title company will research the title history of the home. They will conduct a property survey and provide title insurance for the transaction. Title companies will facilitate and host the closing at their offices. They will handle the paperwork for the transaction.
It Takes A Village
It’s common for buyers only to prioritize finding a great real estate agent. While finding an agent who feels like an excellent fit for you and your family is crucial, many other people will help you purchase your home. There are many fast-moving parts and roles in every real estate transaction, so finding professional, hard-working people to make up your team can help ensure a smooth closing process.
It can be helpful to ask friends, family, or established members of your team for referrals. Your real estate agent and mortgage loan officer will gladly give you a list of professionals who do incredible work. Your friends and family will be happy to share the names of people who have done a good job for them in the past.
Need a referral for a great local professional to help with your homebuying process? Contact us today!
If you’re ready to get pre-approved for a mortgage and make Imagine Home Lending a part of your “village,” apply today!