Let’s talk about the people involved and what are their roles in the home-buying process.

 

Of course, there is you – the buyer, ready to become a homeowner or ready to buy your next home.

 

The Seller

The seller is the legal owner of the subject property that is listed for sale. It could be an individual, or an entity—a home-buying company, financial institution, homebuilder, or even a housing development company. The home seller usually hires an agent to manage the home-selling process. At times, the homeowner may act alone, in which case, the property is advertised as “For Sale by the Owner.”

 

The Real Estate Agents

The buyer’s agent also known as a Selling agent – works for you and will help you find your dream home, set up showings, negotiate a fair price for the property on your behalf, and guide you through the legal requirements for completing your purchase.

The seller’s agent works for the seller, and you might not interact with them directly. Also known as the listing agent, their role is to list the property in the MLS and perform various marketing duties for the seller.

 

The Loan Officer

At Mortgage Resource Plus, your loan officer is first and foremost your advocate. Our goal is to empower you by sharing our knowledge on everything mortgage and homeownership related so you can make educated decisions. We will listen to your goals and dreams, review your financial situation and credit and determine the best financing scenario to achieve those goals and dreams. When you are ready to put an offer on the house, it will be backed up by the pre-approval letter and reassurances to the seller directly from your Loan officer. Our team will work with all the parties involved including the loan underwriter and lead the process of getting your loan approved and funded for a smooth closing.

 

Home Inspector

A home inspector is a professional hired by you, the buyer, to ensure the building is up to code. He or she will inspect the property with you from top to bottom and provide a comprehensive analysis of the state of the home’s major components and systems, including walls, roof, floors, electrical, and plumbing systems. In the event the home inspector identifies any structural defects, they’ll notify you, and you can use the home inspection report to negotiate a better price. This inspection can also give you insights into repair costs that you’re likely to incur in the future.

 

Home Appraiser

Before the underwriter can approve a home loan, they will require a home appraisal to confirm the value of the home prior to closing. An appraisal is an unbiased estimate of the true value of a property. A home appraiser, an independent licensed professional, will review the home and compare it with the prices of similar properties in the area to determine the home’s market value. The appraisal fee is part of standard closing costs.

 

Title Company

Another very important party in a real estate transaction is the title company.

A representative from the title company will work with you and your agent to ensure the title is clear of liens and encumbrances that may bar the transfer of title. This ensures the person selling the property is the true owner or has the legal rights to sell it, in case the property was inherited. In addition to insuring the title transfer, the title company manages the closing on your home- signing of all the required closing documents and the disbursement of funds.

 

Insurance Company

Your home will likely be your most valuable asset, so you would want to obtain homeowners insurance also called hazard insurance which helps to protect your home in the event of a fire, flood, and other natural disasters. It is also critical to avoid being hit by a major financial burden in the event of injuries. You choose the insurance company but the coverage has to meet certain lender’s requirements. The first-year premium must be paid prior to or at closing.