Buying or selling a house isn't a solo effort. Throughout the process, you'll rely on many people for a successful sale. Here's a look at who can help you along the way.
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Buying a house isn't a solo effort. You'll need to rely on a community of people that you've selected to help get you into your new home. Let's meet your team.
First, it's best to get on the same page as the other person you're purchasing a home with. Agreeing early on about must-have and nice-to-have features, desired neighborhoods, architectural styles, size of the property, price range and timetable for the move will help you avoid future stress in the process.
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It's important to find a reputable real estate agent who knows the neighborhood and market values where you're looking for a home. A well-qualified real estate agent is duty-bound to act in your best interest. They’ll educate you on local market conditions, help search for and visit homes with your specifications, explain terminology, and help you navigate the buying process.
Once you move forward with financing options, you'll be working with a loan officer from your lender. They'll help you determine which type of loan best fits your needs. They also work with a team of experts like processors or underwriters who will help secure documents and other information from you and will review your loan to make sure it meets government guidelines and is the right thing for you and your family.
Before the deal closes, it’s recommended that a home inspector examines the home and prepare a comprehensive report on the condition of the structure and its systems. This will provide an opportunity for those conditions to be corrected first — or for a buyer to walk away, depending on contract contingencies.
An appraiser will also come out and assess the home's market value. This will help the lender be sure the amount of the loan matches the value of the home.
Once the deal is close to being finalized, the title company will legally provide the transaction of ownership rights from the seller to the buyer.
Don't forget, whoever is on the other side of the deal is human too. Don't look at them as adversaries but rather partners in a deal where everyone wins.
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This material is for information purposes. Consider your own financial circumstances carefully before making a decision and consult with your tax, legal or estate planning professional.] End of description.
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Your spouse or partner
If you're buying with another person, they are the first person on your team. Get on the same page with them. Determine how much home you can afford. Discuss the important points to consider in your home search together. Avoid future stress by creating a list of must-haves and nice-to-have features. Come to an agreement about the timeline for your move.
Real estate agent
The importance of finding the best real estate agent can't be overstated. Your agent is your navigator for the home buying process. Real estate agents are duty-bound to act in your best interest. They can help you avoid common pitfalls and seek out opportunities. Given that central role, your agent can make or break your experience. Be sure to ask for their advice along the way, especially about things that are unclear.
Our article, 14 questions for your real estate agent, can help you identify whether an agent has the knowledge to meet your needs.
Loan officer
A loan officer can help you determine which type of mortgage loan best fits your needs. Loan officers may have others on their team, such as processors or underwriters, who will request documents and other information from you. They'll review your loan to make sure it meets both their guidelines and your goals.
Attorney
An attorney can counsel you on how to structure your home purchase or sale, and help ensure your transaction complies with laws and regulations that can vary based on where you live. Specific duties may include examining contracts and other documentation for accuracy. They can also provide guidance on tricky situations, such as what to do if there's a renter living at the property you want to buy. You may have an attorney present for closing the transaction. In many states, the real estate agent is the only representation you need, while in others it is customary to have both an agent and attorney.
Home inspector
A home inspector examines the property and prepares a comprehensive report on its condition. Their inspection identifies problems before the deal closes so they can be corrected or, depending on contract contingencies, to allow the buyer to walk away and avoid future trouble. You can read more about home inspections in our article, 10 things to know before buying a first home.
Appraiser
An appraiser evaluates your home's market value. An appraisal is typically required before you can take out a mortgage on a property. The house serves as collateral, and the lender wants to be sure it's not lending you more money than the property's worth. Even if you're not financing the home, you may want to consider getting an appraisal to ensure you're not paying too much. You can find more reasons to have an appraisal in our advice article, What your home is worth — and why it matters.
Title company
A title company is responsible for making sure the seller is the true owner of the property and that there are no liens or claims against it. Title is a legal term referring to the ownership of a property and associated rights. Title companies also help to issue title insurance, which protects owners and lenders if there are future ownership disputes.
The other party
Finally, you will have to work with the person selling you the home. They have their own perspective on everything from how much time things take to what the property looks like at closing. If you differ on what the final price should be, remember the other party isn't your enemy. They are human, too.
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