When deciding to buy or sell a home, there can be many questions about who’s who and what role they play.
If you are planning to buy a home, you know the process is Not something you will do alone. However, you may not realize exactly how many people are actually involved in a home sale until you get started. The number of individuals can be a bit overwhelming.
Here is a simple guide that explains the roles played by a couple of these professionals— the buyer’s and listing agent, so you know who is in your corner!
The Buyers Agent:
- Acts as an adviser during the entire home buying process.
- Educated buyers on current market conditions.
- Researches recent home sales in the are to determine whether a specific home is properly priced.
- Handles the ins and outs of the negotiation process.
- Counsels buyers on how to handle repairs needed on the property.
- Is present at closing to ensure that all the buyer’s interests are protected.
The Listing Agent:
- Helps homeowners sell their home at the highest price possible
- Negotiates with the Buyer’s Agent to come to a price agreed upon by both the buyers and the sellers.
The Loan Officer/ Mortgage Lender
- A financial professional who will determine approximately how much money you’ll be able to borrow for a mortgage loan.
- The business person or organization that brings together mortgage lenders and borrowers.
- The individual who provides a trained, professional opinion of the physical condition of a home.
- The individual who provides a trained, professional opinion of the Market Value of a home.
- A company that examines the public records to determine that rights to a property can legally be transferred from one owner to another.
Different business professionals are responsible for different aspects of a home sale. Be prepared to provide detailed personal information to your lender and ask detailed questions of your lender and agent.
Good Luck on your Home Buying Journey!!