How Many Professionals Are Involved In The Home Buying Process?
As a first time home buyer, you may know that you will work with a real estate agent to help you purchase your home. You may also know that you will need to work with a loan officer to help with getting a mortgage loan. But who else is involved in the process when it comes to buying for your first home? The typical transaction may include a total of at least 18 professionals consisting of but not limited to:
Your Real Estate Agent/broker - working on your behalf.
The seller’s agent working on their behalf
Buyer (you)
Builder/Home Seller - selling the home you are buying.
Construction Manager- if you are buying a brand new home
Loan Officer - process your mortgage application, run your credit and determine you approval amount.
Underwriter - has the final say on approve or deny the mortgage loan you applied for. You do not have direct contact with the underwriter. The underwriter will communicate with the processor and or the loan officer and the processor and or the loan officer will communicate to you.
Mortgage Lender - The company lending you the money to purchase the home.
Home Inspector - assess the condition of the home you’re buying.
Appraiser - confirm the value of the home you are buying.
Real Estate Attorney - you do have the right to hire an attorney should you choose to.
Insurance Agent - the company you choose to issue your home owner’s policy.
Title company - run the title search on the home your are buying to ensure there are no outstanding liens or mortgages against it.
Processor - your contact person between the underwriter.
Escrow Agent - a neutral third-party that holds the funds related to your real estate transaction until both parties have satisfied their contractual obligations and the sale can be closed.
Tax Advisor - answer your tax related questions.
Notary Closing Agent- ensure you’re completely aware of what you are signing and notarizes the documents by adding their signature, seal and notary commission (license)
Contractors - license individuals with the necessary skills to work on your home.
While each transaction is different, and here in Houston, most buyers and sellers does not use an attorney, most will work with at least 10 professionals from the list above. In addition. if you are purchasing a existing home and repairs are needed after the inspection, it may also be necessary to deal with various contractors such as plumbers, electricians, roofers, air condition and heating professionals, foundation, and painters.
So, while buying a home does involves many steps, it also involves many different professionals as well. But not to worry, as long as your are working with a Realtor that is looking out for your best interest and is well informed and very knowledgeable, you will be just fine. As always, thank you so much for stopping by. Until next time…Diana
Image Created by Diana for First Home Houston
