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Your home-buying team

Buying a home can be both exciting and overwhelming. One of the best things you can do is to surround yourself with professionals you trust. 

Key members of your team will likely include: a mortgage professional, a realtor, a home inspector, and a lawyer or notary. In some situations, you may also need an appraiser.

Professionals working in the real estate industry are often able to recommend highly qualified experts that they have worked with in the past.

You can search out members of your team by talking to friends and family about who they have worked with when purchasing their homes, and by doing your research online.

It is important that you feel comfortable with the members of your team. Working through the process can feel intimidating, so you need to be able to ask questions as you move forward.

Don’t ever be afraid to ask if you are unclear about something – it is far better to clearly understand than to guess and potentially make a decision you may regret later.

Here are the key members of your team:

MORTGAGE PROFESSIONAL

Also known as specialists, consultants, brokers or sub-brokers, a mortgage professional might work with only one financial institution or may have access to multiple financial institutions.

A significant advantage to working with an independent mortgage professional (not tied to one financial institution) is that they are able to shop for the best rates and features for you.

If for some reason a lender does not approve your application, independent mortgage professionals can then submit your application to other lenders who may have different criteria for assessing borrowers.

Many mortgage professionals work flexible hours and are available to meet with you evenings or weekends. For standard residential home purchases, there is usually no fee or cost to you for this service.

REALTOR

You will work closely with a realtor to find your home. Realtors are knowledgeable about the features and characteristics of your community.

They will help you identify your list of must haves and nice to haves to help narrow down your search for the right home.

Your realtor will arrange for you to view several homes, and once you have decided on a property will guide you through the process of making an offer.

Like the other professionals involved in your home buying journey, much of the work that realtors do happens behind the scenes. An amazing realtor can help a purchase come together by negotiating on your behalf.

From time to time, clients ask my opinion about listing their homes privately or making an offer on a private listing. Their feeling is they may save money by cutting out the realtor.

Last summer, I worked with a client buying a home that was a private listing. I suggested she hire a realtor to write up her offer and negotiate on her behalf. She didn’t want to pay any fees and rather had her lawyer draw up the contract.

There were multiple changes to the agreement, and by the time her purchase was finalized her legal bill was over $4,000. There was a fair bit of stress for both buyer and seller that (I feel) could have been reduced had they been working with a great realtor.

On the flip side, I’ve worked with clients who listed their homes privately. In one case, their home sat for months in a hot market while others around were selling like hotcakes.

Listing with a realtor helps your home get maximum exposure to potential home buyers.

Maybe most importantly, I’ve seen many situations where clients have been successful in multiple offer situations due to the expertise of their realtor.

Your realtor will support you until the keys have changed hands. Realtors work on a commission basis, and as a purchaser there is usually no charge for their service.

LEGAL SERVICES

A lawyer or notary (legal rep) will work on your behalf to ensure that your legal rights are protected. Your legal rep will take care of all the paperwork required to complete the sale and transfer ownership of your new home to you.

It is a good idea to connect with your legal rep as soon as you have an accepted offer. Ask for a written quote so that you are able to add this expense to your budget for closing costs.

Have your legal rep review your purchase contract before you remove your financing subjects. Some will provide a written report to help explain any potential issues with the title of the home, easements registered against the property, etc.

HOME INSPECTOR

Your home inspector will go through the home you are hoping to buy with a fine-tooth comb. He / she looks at everything from the life expectancy of your roof to any potential hidden issues like mould.

Most will prepare a written report for you, then go over it point by point to make you aware of any potential issues in the home. Ideally they will also make recommendations about upcoming maintenance that you need to be prepared for.

Even if you are buying a brand-new home, its important to have an inspection done.

WHERE TO START

Once you have decided on a mortgage professional to work with, call and set up an appointment.

Explain that you will be looking to purchase a home and would like to find out how much you are qualified to borrow https://www.okanaganmortgages.com/mortgage-pre-approval-know-what-you-can-afford/.

Sometimes, this conversation may be more of an education session so that you know what you need to do to be ready to purchase your own home.

Ideally, reach out to arrange your mortgage financing several months before you are wanting to start shopping.



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About the Author

Tracy Head and Laurie Baird help busy families find mortgage solutions. Together they have more than 45 years of experience in the mortgage industry.

With today’s increasingly complicated mortgage rules, Tracy and Laurie spend time getting to know the people they work with and help them to better understand the mortgage process. They support their clients before, during, and after their mortgage is in place.

Tracy and Laurie work closely with their clients, offering advice and options. With access to more than 40 different lenders, Tracy and Laurie are able to assist with residential, commercial, and reverse mortgages in order to match the needs of their clients with the right mortgage package.

They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit http://www.okanaganmortgages.com

Visit their blog at https://www.okanaganmortgages.com/blog

 



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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