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Before you set out to buy the home of your dreams, you must assemble a team of four people to guide you. You may already have an entourage of friends and relatives freely offering unsolicited advice. Still, friends and relatives must gain background and training in law, real estate, mortgage financing, and home construction to protect their interests.
A real estate attorney, mortgage loan officer, real estate agent, and home inspector are the people with the knowledge and experience to ensure that your quest for a dream home does not become a nightmare. What follows is a look at each of the four members of your home-buying team, along with a summary of their essential role in protecting you from making potentially costly mistakes.
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Real estate attorney
Every state has laws governing real estate transactions and the transfer of title to real property. An experienced real estate attorney knows the laws in the state where you are searching for a home and will ensure that all legal issues are properly handled.
A consultation with a real estate attorney before you begin looking at homes allows you to learn about the legal issues that may arise during the transaction and how to address them. An attorney also provides the following services for buyers:
- Review purchase agreements and contracts before the buyers sign them.
- Negotiate mortgage contingency and other transaction terms to meet the buyers' needs and include them in the purchase agreement.
- Review a title search and ensure the buyers get a clear title to the property.
- Review and explain mortgage documents and other paperwork at closing on behalf of the buyers.
- Your attorney is there throughout the transaction to protect you and your investment.
Ready to find your dream home in Colorado?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents. Find out what your home is worth in today's market.
Real estate agent
Real estate agents have an unsurpassed insight into the local marketplace they can use to help you find the home that checks all the boxes on your dream house list. Some of the many services they offer buyers include the following:
- Share firsthand information about communities, schools, recreation areas, shopping, and other amenities.
- Knowledge of pricing and availability of homes in the local market.
- Ability to research information about available properties, including real estate taxes and prices of similar homes recently sold in the area.
- Present offers and negotiate on behalf of a buyer.
When an offer is accepted, the real estate agent may prepare the purchase agreement formalizing the sale.
Ready to find your dream home in Colorado?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents. Find out what your home is worth in today's market.
Mortgage loan officer or mortgage broker
If you go to a bank or mortgage lender to finance the purchase of a home, you will probably work with a mortgage loan officer employed by the lender. You also have the option to use a mortgage broker who tries to find the best interest rate and terms among several lenders.
You should meet with your loan officer or broker before searching for a new home to obtain a pre-approval letter. After you complete an application for a mortgage loan, the loan officer or broker submits it to the lender for pre-approval, which tells sellers that you have been approved for a certain amount of financing based on your employment and credit information.
A reputable mortgage professional can expedite the pre-approval and final approval process of financing the purchase of a home. Remember that changes in your employment status, the amount of income you earn, or your credit score can affect your ability to get final mortgage approval.
Ready to find your dream home in Colorado?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents. Find out what your home is worth in today's market.
Home inspector
When a seller accepts your offer to purchase, the purchase agreement should make it subject to a satisfactory home inspection. The typical home inspection report provides information about the condition of the structure and systems of the home.
The inspector checks the operation of the plumbing, heating, cooling, and electrical systems and also reports on the condition of the roof and foundation. Some home inspectors include an inspection for termites.
Ready to find your dream home in Colorado?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents. Find out what your home is worth in today's market.
Items revealed by the inspection may range from essential maintenance that you can do yourself, such as changing furnace filters. Suppose the inspection discloses the need for significant repairs. In that case, you can have your agent or attorney negotiate to have the seller make the repairs or give you a monetary credit at closing.
Conclusion
The expert services provided by a real estate attorney, real estate agent, mortgage loan officer, mortgage broker, and home inspector make the home-buying process less stressful, provided you follow their advice. If a home inspection requires extensive repairs or your attorney alerts you to serious title issues, feel free to leave. Listen to them, and you will eventually find that dream home to call your own.