For those first time home buyers out there, the whole real estate process can seem a little daunting (especially for those new college grads). Contrary to a commonly held belief, you do not deal with just the real estate agent during the process. In fact, you’ll deal with a wide array of people, and talk to some very interesting characters on your journey. This week, join us as we outline all the different people that go into a transaction, so you’ll be better prepared when the time comes!
One of the first persons you will meet on your journey will be the mortgage broker. These guys will tell you how much you can afford, and what loans you could be approved for. Meeting with a mortgage broker before looking at houses is in your best interest, as now you have a realistic picture of what you can afford.
After you have met and talked to your mortgage broker, the next person who will accompany you on your journey is your American Dream Realty agent. This agent will help you find the right house for you, and will act as the liaison between you and the seller. Just as every ship needs a captain, ever real estate transaction needs a good real estate agent.
Once you have picked out a home of your liking, you are going to need to reach out to a home inspector. Their job is to go through and find any possible defects with the house, so you have a much clearer picture of what you will be facing after move-in day. Also, what the home inspector finds can be bargaining chips at the negotiation table, so it pays to have one.
After you make an offer and the other party accepts, the closing process takes place. Before the sale is closed, you’re going to meet two more people: an attorney and the title agent.
Closing documents are highly complex, so hiring an attorney to interpret and review them for you would be in your best interest. You should also have them present at the closing, so they can ask the title agent any questions on your behalf. The title agent will administer title insurance to you, which is required in the state of New Jersey. He will be the final hurdle before you can get the keys to your new home.
Finally, the last set of people you are going to meet are the movers, who will take everything over to your hard-earned new home.
For newbies, the real estate process can seem extremely foreign and complex. However, with the right information, and a willingness to learn, you can cut that confusion right down to size. If you have any more questions about the process, or if you’re ready to jump in, give us a call or come to one of our offices—we would be more than happy to help!