This is the most important role in your home buying journey. After all, the seller won’t hand you the keys unless we hand them a check. There are so many moving parts in a mortgage, you need the right loan officer in your corner navigating you through to the closing. You should get your pre-approval before you start looking for a home. Once your pre-approved, be sure not to take on any new debt and to keep your loan officer updated on any changes to your assets or income. The right loan officer will give you the guidance you need to make it to closing, and act as a communication hub between all parties involved.
Your Real Estate Agent, also referred to as a buyer’s agent, is the most important person you will interact with. The right real estate agent will be a source of knowledge who will help you find the right home at the best price, negotiate on your behalf, and hold your hand through your entire journey.
The nice thing about hiring a buyer’s agent is you do not pay them. That’s right! The seller pays the entire commission to their agent who splits it with a buyer’s agent.
This is the seller’s representative. Once you make an offer, your real estate agent will work with the listing agent to negotiate and hopefully come to an agreement on the price and terms. The listing agent will also be involved in any post-inspection or repair negotiations if that comes up.
You should start shopping insurance companies as soon as your offer is accepted. You can get the policy in place, but you don’t need to pay the premium just yet, have them bill it to the closing. If your new home is in a flood zone, be sure to add flood insurance to your policy.
Another key player in this journey is your title company. A title search will be completed to make sure there are no outstanding liens not being paid at closing. The title company will also issue both you and the lender a title insurance policy to protect you from any prior claims on your new home.
Although the lender will likely require an appraisal, you should also want this done to make sure you’re not overpaying for this home. Through your lender you will pay for the appraisal up front, however the appraiser does not and can not work for your lender. This is an independent 3rd party who is local to the area. The appraiser will inspect the home and review comparable homes that recently sold to come up with a value.
Don’t skip this part! Yes, the appraiser inspects the home as well, however a private inspector will uncover much more than the appraiser will. Make sure the company you select for this is insured and bonded as you can possibly hold them accountable if they miss anything they shouldn’t have. Your Buyer’s agent is usually a good person to ask to refer you to a good company.
Real Estate Attorney
A real estate attorney is not involved in every home purchase, but are required in several states including Delaware, Massachusetts, New York, Georgia, North Carolina and South Carolina.
The real estate attorney may handle the title search instead of the title company. A title company will still issue your title insurance policy.
Your real estate attorney will also represent you during the closing, explain all of the documents to you, and ensure that you have all of the information you need to close on your new home with confidence.
A notary signing agent is an impartial person who acts as a witness during the signing of your closing documents. This person’s main job is to ensure you’re completely aware of what you are signing and notarizes the documents by adding their signature, seal and notary commission (license) so your state will accept them for proper recording. The notary signing agent is responsible for mailing the completed documents for official recording.
That covers the main professionals you’ll work with when buying your new home. In some cases you may work with additional people. Remember, everyone is on YOUR team. Select the right team and this journey will be a quick and enjoyable one.
Your team at Sonic Loans prides ourselves on being the expert you need in your corner through this journey.
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