Home Buyer College
I’m The One Buying A Home-- Just Who Are All These Other People?
Many people are involved in the home buying process. These professionals have based their careers on helping you find and purchase the home of your dreams. But do you really know just what do they do for you?
1. Real Estate Consultant
The first person that you'll probably become involved with when you begin your search for a home is the Real Estate Consultant. This term includes real estate agents, sales persons, brokers, Realtors, Listing agents, and Buyer's agents, all of whom must be licensed to serve you. The agents and sales persons work for a broker.
Those licensed to sell may represent either buyers or sellers. However, the listing agents typically represent only sellers and buyer's agents represent only the buyers--so as to avoid potential conflicts of interest. Only those that are members of the National Association of Realtors may use the designation "Realtor."
The person that you work with to get your loan is generally called a Lender. This person may also be a mortgage loan officer, bankers, or broker. The job of the lender is to take your application for a loan, and verify your income, employment and credit history.
There maybe several Attorneys involved in your purchase of a home, one for the seller, one for you the buyer, and one for the title insurance company. The role of YOUR attorney is to make sure that you avoid any pitfalls in your purchase contract.
The Title Company can act as the escrow agent (and hold your deposit), examines the title, insures the title, and issues a title report--verifying that you can become the rightful owner of the property.
The Appraiser, who is usually state-certified, is frequently involved in the pricing of the home, before you even begin your search. They examine the appearance, condition, size and quality of the home - then estimate the home's value based on other sales in the neighborhood or area.
The Surveyor checks the boundaries of the property to ensure that the home is ONLY on its property - and the ONLY home on its property.
7. Home Inspector
The Home Inspector checks the working condition of electrical, mechanical, structural, and plumbing systems in the home.
8. Pest Control Operator
Lenders require that you have the home checked for wood-destroying pests - termites and ants are the typical villains. These professionals poke around the attic, basement, walls, and grounds to ensure that these pests aren't squatters in your dream home.