From the outside looking in, it seems simple to purchase a home. You save up for a down payment, get approved by a mortgage company, hire a real estate agent, make an offer, and move in. Though these steps are part of the process, purchasing a property is a complex process that requires a lot of experts working together for your benefit. If you’re ready to become a homeowner, there are a few people you’ll need to reach out to if you want to make that dream a reality.
A Mortgage Company
Unless you have a large amount of money saved up to buy a house in full, you will need to borrow the money from a mortgage company. Providing all of your financial information including taxes, bank statements, pay stubs, and a list of assets and debts, the mortgage company will determine if you’re eligible for a loan and, if so, how much. There are lots of mortgage companies out there, each offering different programs and rates for homebuyers so be sure to review more than one to get the best offer.
Tip: If it is determined that your credit is less than satisfactory to the mortgage provider, it may be beneficial to know a credit repair company. They can help you remove old accounts, inaccuracies, and negative ratings that can lower your credit score. It can help boost your score faster and get you approved for a mortgage.
A Real Estate Agent
Though you could go house shopping on your own, it’a often a lot easier to get through with a real estate agent on your side. An agent not only has access to a plethora of platforms providing lists of properties for sale, they are also skilled in helping you find something within your budget and that fits your personal needs. Your real estate agent will act as a guide throughout the entire home shopping and buying process.
A Title Company
Once you’ve found a home the home you want, you’ll go through the closing process. This is where all parties involved sign legal documents that will transfer ownership of the property you. You will need a full-service company to conduct a title search to ensure the property is free and clear of any liens or other issues that could prevent you from owning the home.
A Home Inspector
A home inspection is needed to ensure you’re aware of the condition of the property. To the untrained eye, a residence can look like the perfect place to live and raise a family; however, to an expert like a home inspector, there could be issues you’re not aware of. An inspection will point out damage to the property. It will give you the chance to fix the matter or ask the sellers to fix it for you.
Home Improvement Contractors
You may need to know a few home improvement contractors if repairs are needed. Based on the findings from the home inspection, you may determine that you need to make improvements to things like the electrical system, plumbing, roofing, or other systems and structural parts of the home. Have a local electrician, plumber, and roofer in your list of contacts to tackle the job for you.
Though not all home buyers choose to go this route. But many would agree that they are a good expert to have on speed dial while you’re buying a property. A real estate attorney is there to help you through the sometimes complex layers or purchasing a home. They can help you to clearly understand your contract and responsibilities prior to signing. They are also instrumental in helping with liens and other property transfer issues. Lastly, an attorney can assist you with filing a deed within your state or county.
If buying a house were as easy as picking a place you like, making an offer, and moving in, chances are, more individuals would be homeowners. However, it is a lengthy and legal process that will require a lot of steps, paperwork, and contracts. It’s best to have the right team of experts ready to guide you every step of the way.