While real estate agents may think (or give you the impression) that they do it all, that is far from the case! Real estate agents rely on numerous community partners to help get their clients through the real estate process. Whether you’re in Wyoming or anywhere else, chances are you will run into these 6 key players while buying or selling property or home. As we have said before, every transaction and client’s situation is unique, but these partners are the ones that we work closely with most often.
At this point, you probably have a real estate agent that you are working with to buy or sell your property. While you have an agent that represents you, there will likely be an agent that represents the opposite party in the transaction. Each agent is responsible for putting his or her own client’s best interests first and often will negotiate on behalf of his or her client. If you’re looking to buy property, using an agent is pure to your benefit as the seller pays the agent fees on both sides of the transaction. If you’re selling property and are on the fence about hiring an agent, check out our prior blog post to learn more about our thoughts on that here.
If you are buying property, you are likely either paying cash or you are going through the mortgage process with a bank (or maybe even comparing rates at a few different banks). Mortgage lenders can take on many different forms from your local bank to the numerous online lending platforms that are now available. You will likely work closely with a mortgage banker who will guide you through the approval process, gather all of your information and appropriate documentation, and ultimately, help you get approved for the amount needed to buy your new home!
Looking for a little more information about available mortgages? We’ve written about that too – check it out here.
Closing with the title company, mortgage lender, and clients!
Contrary to what many people think, getting your home inspected is voluntary! It is, however, an important step in the process that we always recommend to our clients. Home inspectors typically examine the home’s structure, HVAC, electrical, plumbing, roof, and more before providing you with a thorough report of everything they find. Using a thorough home inspector can help you avoid any unexpected problems or expenses once you move in or know if the home is even worth purchasing in the first place.
A home appraisal is a typical qualification for the mortgage process. An appraiser reviews the home and property and compares them to other similar properties in the area to determine a fair market value. This is an important step to ensure you are not overpaying for your prospective property.
The title company is responsible for running a title search that reviews public records for your property. This is critical to make sure that nothing gets in the way of the home sale. Title company agents usually look for things like overdue taxes, zoning restrictions, or liens against the property that might result in you not getting a clean title. The title company is also where close on buying or selling your property! They keep track of all necessary documentation and filings so that the actual sale/purchase takes place smoothly.
307 Clients Closing at First American Title in October 2020
Another requirement that comes with getting a mortgage (and is usually a good idea with any purchase) is acquiring home insurance. Be sure to shop around to find out what different agencies offer and for how much because coverage can vary greatly from one agency to another. Home insurance will protect you from immense financial burdens should disaster strike!
At 307 Real Estate, we pride ourselves on making and maintaining great relationships with all of our community partners in the real estate process. We believe that in order to best serve our clients, we need to fully be immersed in every step of the process so that YOU as the client get the best possible outcome.
Still, have questions? Give us a call anytime – we would be happy to help.