Get to know the amazing members of your homebuying team
Buying a home is an exciting and, for many people, enjoyable process. But it’s not exactly a simple one. From the very first decision you make (“Are we ready to buy a home”) to the last one (“Where should we pop the corks to celebrate this purchase?”) you’ll encounter lots of questions that need to be answered. In the end, many you’ll answer yourself, but some you’ll need to consult with the experts.
That’s where your homebuying team comes into play. What, you weren’t aware that you have a homebuying team? You probably already know that you can work closely with a real estate agent as you look at homes and ultimately buy one. But along the way, many more professionals will join your team to help make the process smooth and successful for you, including:
- Loan officer
- Real estate lawyer
- Home inspector
Some of these experts will be with you throughout the homebuying journey, while others will simply come to perform a few limited tasks and be on their way.
Your homebuying team’s individual superpowers
The question for you then is how do you work with all of these experts? Knowing what areas of expertise each of them covers will help you get answers to your questions faster, save money if any of them charge by the hour and make sure you get the best information from the right expert.
Meet your homebuying team
Real estate agent
This is the most important role, as this person will likely be the one you spend the most time with, from looking at homes all the way through the closing process.
At the beginning, a real estate agent can help you figure out what you’re looking for and narrow down options. You’ll likely be doing that on your own with the help of your favorite online listing service, but an agent can really help you find a home in the real world. He or she can also assist in establishing a price range and find that dream property.
Once that happens, he or she brings a lot of value helping you negotiate the best offer. Your agent will likely attend the home inspection and be in touch with the seller’s agent throughout the process. This will help your agent know exactly what offer you should put forward that would be accepted.
Your real estate agent’s superpower is knowing the market and knowing the process.
Loan officer
This is the second most important person on your team, and the other one you should involve from the beginning. A loan officer can help you determine how much you can afford and will help you get preapproved before you start your home search.
A loan officer decides which borrowers are eligible to get a loan. They meet with customers to get to know their situation and are responsible for determining your creditworthiness. In order to do this, they collect financial documents from you and communicate with underwriters and others to make sure that you can afford to pay back the loan you’re seeking.
Your loan officer’s superpower is helping you find the best loan for you and getting you approved.
Real estate lawyer
Some states require a real estate lawyer to accompany a buyer through the closing process, but even in states that don’t, using one is a smart step to make sure you’re protecting yourself. A real estate attorney will represent your interests at closing.
They will review all paperwork in advance and notify you of any problems or omissions and figure out how to solve these issues. A real estate attorney will attend the closing with you and in the case of a dispute, such as chain of title, lot line problems or other issues involving contracts, will help resolve the problem.
A real estate attorney may charge by the hour, so keep that in mind when you choose which questions to ask this individual.
Your real estate lawyer’s superpower is contracts.
Home Inspector
You may love everything you can see about the home you want to buy, but what about the things you can’t see? That’s where a home inspector comes in. This is the expert who knows what sets a well-built and well-maintained home apart from the rest and can help you avoid a money pit.
The home inspector is hired to uncover any existing issues with the physical structure of the house before purchase. This is typically done once under contract but before final closing during the home inspection,when the inspector is given free rein to examine the home, paying special attention to these areas:
- Walls
- Windows
- Floorboards
- Plumbing
- Major appliances
- HVAC system
- Electrical systems and wiring
- Roof
This is in addition to assessing the rest of the home. The inspector will then file a report with you identifying any issues he or she found with the structure.
Your home inspector’s superpower is seeing your home’s weaknesses.
Who’s got the answer to these common questions
So now that we know who is on your team, let’s figure out who’s your go-to person for the common types of questions you’ll face on your homebuying journey, starting with the most important one:
How much can I afford?
While a loan officer won’t tell you how much you can afford (that’s truly a question you have to answer for yourself), they will tell you what kind of loan you could get. They can also help you understand how those payments would fit into your monthly budget.
Getting preapproved with a loan officer is the best way to start your home search. He or she will let you know what loan you can expect to be approved for. Proper Rate can help you get preapproved in as little as 15 minutes and offers customers a “real approval” with a preapproval backed by full underwriting in as few as four hours.* This can help your offer stand out in competitive markets.
Why is the home on the market?
Your real estate agent
One of your agent’s superpowers that we didn’t mention above is having a network of other agents, so it’s easy for them to find out why a certain house is on the market. It could be due to a legitimate life event, like a job move or the family needs more space, or it could be for a reason related to the home. It’s always a good idea to ask your agent to figure that out.
What’s included in the sale?
Your real estate agent
There may be exclusions on the property that the seller is not including in the sale of the home, and these can sometimes not be what you’d expect. For example, perhaps they just bought the washer and dryer and want to take those appliances with them to their new home. Your agent will be able to find out those surprises for you and help you price your offer accordingly.
Also, there may be some things on the property that the seller would be willing to include, or sell to you and save themselves the hassle of moving it. So if you like the idea of the backyard trampoline, for example, it doesn’t hurt to ask your agent if they’d be willing to include it.
Is the roof in good shape?
The home inspector
Roofs generally have a shelf life of about 25-30 years, depending on the material used, and replacing a roof is no small task or expense. To make things trickier, it’s hard for most people to tell what shape a roof is actually in. But your home inspector will figure it out and give you a heads up if you’d have a major project in your near future.
How are the appliances and major systems working?
The home inspector
Much like the roof, it’s important to know if you’ll have to shell out more money soon to replace a major appliance like an air conditioner, a hot water heater or something else. Your home inspector will include these watchouts on his or her report.
How long has the house been for sale?
Your real estate agent
A house that has sat for a long time on the market can be a good thing or a bad thing. It’s bad because there may be a reason that no one has pulled the trigger and purchased the house yet, like a major structural issue. It’s good because that means the seller hasn’t priced the home accordingly, and maybe more anxious to sell and accept a lower offer.
Your agent will not only know how long the home has been on the market, but may also be able to figure out why it has lingered on the shelf for so long. Then you can use that information to your advantage in negotiating the sale price.
Is the house being priced accurately?
Your real estate agent
In general, you can expect the price per square foot for homes in a given neighborhood to be similar. Certain amenities and features, as well as the quality of the home, can sway that price as well. Your agent will be able to pull comparable home sales in the area you are looking to give you an idea of what the home’s value should be, and if the seller is asking too much or too little.
What’s the neighborhood like?
Your real estate agent
Many real estate agents work in a specific area, so not only do they know the homes within that zone, but they know about what life is like. He or she will be able to give you an idea if it’s an area for singles, young families, retirees and more. Your agent should also have great knowledge of such things as restaurants in the area, the quality of the schools, access to public transportation and parks and lots more.
Are there any problems with the home?
The home inspector
As we mentioned above, the home inspector will issue to you a report detailing all of his or her findings. Generally, the issues are presented to show you how severe they are, from “the seller needs to take care of this now, otherwise don’t buy the home” to “you should take care of this as soon as you move in,” to “keep an eye on this, it could turn into a problem.”
Every home inspection will turn up some issues because there is no such thing as a perfect home. Make sure you talk with your inspector about what he or she finds to understand just how serious the issues are.
When will the sellers vacate the home?
Your real estate lawyer
This is very important to know as you figure out your moving schedule, and if you didn’t talk about it during the initial negotiation, it can be a contentious issue.
The power of your homebuying team
When you know who to go to with each specific question, your homebuying process becomes that much smoother. While none of these people are actual superheroes, working together, with you as the captain of the team, you all can accomplish something superhuman—getting you into your dream home.
Disclaimer:
PowerBid Approval (the “Approval”) is contingent upon receipt of executed sales contract, an acceptable appraisal supporting value, valid hazard insurance policy, and a re-review of your financial condition. Proper Rate. reserves the right to revoke this Approval at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation and/or if any information contained your application is untrue, incomplete or inaccurate. Receipt of an application does not represent an approval for financing or interest rate guarantee. Not all applicants will be approved for financing. Restrictions may apply, contact Proper Rate for current rates and for more information.