Key People You Work with During Your Home Buying Journey
When you buy a new house, there are many people that you meet along the way in your home buying journey. While many people think that all you need is a realtor in order to buy a new house, the reality is that there is a whole team involved beyond just real estate agents with each house purchase. From realtor and loan officer to appraiser and home inspector, we broke down the “who’s who” of a home purchase in this easy guide.
Real Estate Agent
Your real estate agent is one of the most important people you’ll work with when you buy a new house. Their job is to help you find the house that works with both your budget and your wants and needs and helps you negotiate the deal. There are two main types of realtors: the buyer’s agent and listing agent. Buyer’s agents are the ones who represent buyers in their journey to purchasing a home. Listing agents are realtors who work with sellers on getting their home on the market and sold. While some real estate agents specialize in only one of these areas, many of them do both. It’s important that you do your research before committing to work with a realtor so you can feel confident that they’re the right fit for you.
A loan officer (or lender) is another critical member of your real estate team. While your real estate agent will help you navigate the home buying process, your loan officer will help you facilitate the loan and will be the one working with you on the entire financial transaction. In order to even begin the home buying process, you’ll likely want to know what you’re able to buy and your loan officer will help you get a pre-approval. These are crucial when going home shopping so you know what you can afford before you even begin the process. Finding a loan officer that is experienced, has a great reputation, and has the expertise you need is crucial. For instance, if you’re looking to take advantage of the VA Home Loan, you’ll want to work with a lender like MHS Lending who specializes in working with veterans and members of the military.
After your offer on a house has been accepted and before paperwork and the transaction are finalized, it’s smart to have the house inspected. These inspections cost between $300-500 on average and are incredibly important as a new homeowner to understanding the condition of the house you’re purchasing. Since realtors and lenders are experts in the home buying process, many of them have home inspectors they can recommend, but it is ultimately up to you as the buyer to make the final choice and pay for the inspection. If the inspection uncovers and safety hazards and significant repairs needed, the buyer can use this as leverage to request the seller complete them before the closing is final. If the seller declines to meet the request, you as the buyer are able to withdraw your offer.
Towards the end of the home buying process and prior to closing, an appraiser will go out to the property to assess the current value of the home. They estimate how much the house is actually worth based on a few key factors like comparable properties in the area, market rates, and the state of the home. These home appraisals are essentially protective measures for lenders so they can ensure the amount of money they are giving you matches the value of the home. The cost for an appraisal averages between $300-$450 and the home buyer is the one to pay this fee.
Title Company Representative / Notary
Once you’ve finished all the necessary steps in the home buying journey, it’s time to head to the closing table and here’s where a few more people are introduced. The property title will need to be passed to you from the seller and title companies come in to help make sure this is done properly. Along with the title, there are dozens of documents that need to be signed at closing and then they keys are turned over to you. Consult your realtor and lender regarding who will be at your closing as it approaches to better understand the process. At MHS Lending we are experts on the VA Home Loan and our team of seasoned loan officers are here to help you every step of the way. It’s our duty to make veterans and military families purchase the home of their dreams. If you’re ready to take the next step in your home buying journey, give us a call today.