Assembling Your Home Buying Team – Knowing The Players

Choosing a Home-buying Team

Buying a first home can be a complex process and there are a number of steps involved. The good news is that there are many professionals who can help and guide you through the mortgage approval process. These are the different professionals who will play a role in the home buying process. But it has to be understood all of them will not be involved in every stage. Your home buying team may include:

  • Real estate professional

  • Housing counselor

  • Attorney

  • Lender

  • Escrow officer

  • Housing inspector

  • Title insurance officer

  • Insurance agent

  • Surveyor

  • Appraiser

Important Functions

These are the different professionals you may have to deal with in the mortgage approval process. There will always be situations in which you will need and seek some impartial advice. This is where a housing counselor comes into the picture. These counselors work with nonprofit organizations and can provide one-on-one counseling sessions as required. They may also be able to provide you with information about the process involved in buying a home online.

Getting the Right Advice

There are so many different professionals that you will be hiring & working with right through the home-buying process that you will definitely want someone to support you and provide you with some sound and impartial advice. The real-estate agent plays a very crucial role in the entire process and he/she is trained to sell properties. The person will provide you complete information about the type of properties that are available and will look for something that falls within your budget.

Legal and Insurance Professionals

If you are getting a mortgage loan, you will go to a lender, complete the application form and give the lender all the information and paperwork they require. The lender will then check all the documentation and decide whether you are a good credit-risk. In certain states, it is a legal requirement that the real estate contract be written by a lawyer.

Attorneys will also review the terms of the documents that are being signed or help in settling disputes, if any. In addition to all these professionals, the escrow officer, the Title Insurance Officer, the housing inspector, Appraiser, Surveyor and the Insurance Agent will have a role to play at some point of the mortgage approval process. You should get all the information you can from them and understand the scope of their job while you are buying a first home. Call ResMac Home Loans for knowing more about how to get the best home buying team.


What You Need To Know About The Home Inspection Process

So you have finally identified the house you want to buy and you have but a few days left before the home inspection takes place. In most cases, when the real estate agent makes the offer, it is contingent upon a satisfactory home inspection & obtaining mortgage financing.

Home Inspection- What is it?

The home inspection process is a non-invasive and limited examination of the current condition of the home- in most cases; this is conducted when that home is being put up for sale. The home inspector handles the home inspection process and this person has the necessary training & certifications to conduct these inspections. Once the inspection has been completed, the inspector uses home inspection software to create a written report that is given to the home buyer.

The buyer then uses the information from this report to make an informed decision about buying that property. The report will make note of the condition of that property at the time of the inspection, however it does not guarantee its future efficiency and condition or even the expectancy of the components and systems in it. The home inspector’s sole job is to evaluate the condition of the house and if you need a market value estimate, an appraiser will handle that for you.

Home Inspection Checklist

The home inspection checklist should include:

  • Heating

  • Air conditioning

  • Plumbing

  • Electrical

  • Appliance systems

  • Basement

  • roof

  • Exterior & interior walls

  • Doors and windows

  • Chimney

In addition the basic components of the home inspection checklist, you can also request for some optional services such as wood destroying pests, asbestos septic etc.

Home Inspection- The Cost

Generally, the home buyer has to make an up-front payment for the inspection. At times the purchase contract may have an agreement which states that the seller will have to reimburse the home inspection cost at the time of closure. The home inspection cost varies from one state to the next but can be in the $250-$400 range based on the services that the home buyer has opted for and the location of the house.

As a buyer, it is important for you go through the purchase & sales contract very carefully to ensure that the agreement doesn’t state that the house may be sold-off in an “as-is” condition and that the seller takes care of the requested repairs before the sale is finalized. To learn more about the home inspection process, contact ResMac Home Loans.