Home Buying 101 Part One- Choosing Your Team
"Coming together is a beginning. Keeping together is progress. Working together is success." -Henry Ford
The A-team, Magnificent Seven, the Mighty Ducks, what do they all have in common? They know how to assemble a great team that can work together. When you start searching for a home you’re the team captain. Let’s face it; the decision to buy a home is a huge step in anyone’s life! I know what you’re thinking: Where do I start? How do I know if I can get a loan? How do I pick a Real Estate Agent? Why do I need an attorney for this? The quest for your dream home is much easier and painless than you think! It all starts with assembling your team.
Buying a home can be compared to working on a giant group project in the fifth grade; except this time you get to choose your partners! You want to start out by choosing three key members on your team: Your Lender, Real Estate Agent, and Attorney.
When looking for a lender you want someone who is going to communicate clearly, has great response times, and is going to be accountable. Remember, this representative is going to responsible for handling one of the biggest financial transactions of your life, and you want to choose carefully! If you ask a lender for information on their mortgage products and they don’t get back to you until two weeks later, it’s time to move on to the next candidate. Additionally, when looking for lenders shop around see who can get you the best rate. Many times other members of your team such as your Real Estate Agent or Attorney may be able to refer you to some excellent lenders who can meet your needs. Lenders are everywhere, and like everything in the home buying process, it comes down to comfort. The team you are assembling is for you. You have the ability to hire, fire, and pick and choose who is on your team!
Open up any local Sunday newspaper and you will see pages full of Real Estate Agent business cards and ads. How do you know which one to pick? More importantly how do you know they have your best interest? The best advice I can give when choosing a Real Estate Agent is to look for someone who holds your own values and beliefs. My motto is that I don’t sell houses, houses sell themselves. There is no commission check that can triumph having someone trust you with one of the biggest investments of their life. When choosing an Agent, turn to someone who you get a good vibe from, would enjoy working with, and feel who has your best interest at heart and financially.
The last member of your team is your Attorney. Now you might be asking, why do I need an attorney to buy a home!? In my next blog I’ll discuss the home buying process in full detail. The bottom line is that buying a home involves a legal contract between buyer and seller. To the untrained eye a real estate contract looks like a lot of intimidating legal jargon. To an Attorney and Real Estate Agent it’s just another day at the office. Your attorney will go through your contract and make sure the contract is catered to your needs. This way when closing comes around you know that the washer and dryer and fridge are staying!
In closing, take your time when choosing your team; and most importantly be confident in them. These are the people who will be helping you, and your family, achieve the dream of owning your new home.