Do a final walk
through of the house. Final closing and settlement. Move to your new home and
begin enjoying it!! The Players Real Estate is never bought and sold on your own
The vast majority of home buyers enlist the services of a Real Estate Agent, a
Lender, a Professional Home Inspector, and a Closing Attorney or Escrow Agent.
Knowing what each is responsible for will help your understanding of the process
and eliminate confusion as you proceed. Sellers: Familiarize yourself with
seller motivations and psychology. Real Estate Agents: An Agent may or may not
be your representative. an Agent will arrange to show you houses that are
available through a Multiple Listing Service. Without the use of an Agent, you
will be limited only to those houses that are For Sale By Owner. The Agent will
coordinate the offer, negotiations and the contract of sale. Lenders: A broad
term that refers to the person originating the loan to familiarize yourself with
these lenders, whether they be banks, mortgage companies, or brokers. Home
Inspectors: Responsible for a whole house inspection of a prospective property.
Closing Attorney or Escrow Agents: Handles the details of the closing, when
everything is finalized and the buyer takes possession of the house. Will
coordinate with the lender, title insurance company, Real Estate Agents, buyer
and seller to make certain that everything is in order. Summary: Advantages of
Buying Real Estate On Your Own or With an Agent On Your Own With an Agent You
can try to find a For Sale by Owner who is willing to sell at a reduced price. A
much wider choice of properties--every home that is listed with any Real Estate
Agency.
You are completely in control of the pace of the process. If represented
by a Buyer's Agent, the availability of a Comparative Market Analysis to see how
the price of the house compares with the current market. For better or worse,
you are your own representative. An Agent has experience in negotiation. Can
offer choices and suggestions in Home Inspectors, Closing Agents, etc. The Agent
can follow up in all of the details related to the Closing Lenders When you
speak of Real Estate Lenders, it can encompass a lot of territory: Banks,
Savings and Loans, Credit Unions, exclusive Mortgage Companies, Mortgage Brokers
and others. Any of them may be a good source of financing, depending on your
personal situation. Banks, Savings and Loans, Credit Unions: Their primary
business is Full Service banking and offer mortgages as part of their product
line. This may be your small, local bank, a large national bank, or your Credit
Union. Note: Many Credit Unions do not offer mortgages. If you have a Credit
Union available to you, check to see what their policy is. Mortgage Companies:
Their primary or exclusive business is the servicing of mortgages. Mortgage
companies may be a separate entity, or they may be a subsidiary of a large bank.
Mortgage Brokers: Mortgage Brokers do not do the actual lending, but act as a
middleman between you and the lender. They can do the loan shopping for you,
since they will represent several--or many--different lenders. Attorneys and
Closing Agents One of the most important Players in a Real Estate transaction is
the person(s) who will be bringing everything together at the time of Closing:
