Who Are The Buyer Team Members?

Buyers must depend on and work with their buyer team professionals they trust for a successful transaction. Team members are individual professional consultants who the buyer depends on for their expertise to not only complete the transaction but also reduce future risk.

What is a Successful Transaction?

Successful transaction for real estate is more than just plodding through the process and purchasing a house. Your first buyer team professional you need is a mortgage. This person should offer options that best suit you at the lowest cost. For example, if your credit score or payment history has a problem that will increase your interest rate, your consultant should show you how to repair the damage and suggest you reapply when corrected.

Roadblocks, as shown with the mortgage, will appear as you progress through the process. If you repair the problem then you will have a lower mortgage payment. This is good for your economic future and, even better, the professional was placing your welfare above his commission. When you complete this transaction your success is measured by your ability to live comfortably in your new house both physically and financially.

Team Members Evaluate Your Risks

Another section will discuss each member of your buyer team and how to evaluate their recommendations. Your Realtor may discuss possible problems with you. Your specific concerns can be answered only by that expert. For example, your Realtor is not house inspector but does have professional expertise to point out possible problems you may find when you view the house.

The house inspector will evaluate the problem during the inspection. The home inspector's expert evaluation may result in identifying the problem as an easy fix that is not a major problem or it could be the end of the transaction. You will always need to discuss these major problems with the Realtor for you to take appropriate action.

These are Your Buyer Team Members

Your team members are listed in the sequence of events for the transaction:

• Mortgage sales agent will explain the process, take your information, provide your pre-approval, furnish an accurate settlement cost estimate and WILL accompany you at settlement.
• Insurance agent provides homeowners policy for both your protection and the mortgage company’s requirements.
• Home inspector will explain the mechanical systems in the house, visible defects of the structure and exterior and answer your questions.
• Radon test may be a separate individual if the home inspector is not qualified to run the test.
• Wood destroying insect inspector commonly called the termite inspector.
• Mold inspector if you elect to have this test.
• Lead paint inspector if you elect to have this test.
• Water test if you have a well or elect to test the public water.
• Septic inspector if you elect to inspect the on-site septic system or the public sewer.
• Property survey if you elect to have this performed.
• Legal counsel if you desire.
• Appraiser to assure the mortgage company is not over funding the property.
• Township inspector to certify all items required for “Use & Occupancy” are correct and then issue the permit.
• Homeowner Association documents which include a final inspection of the property to notify the new owner all issues pending with the association rules and regulations concerning the property.
• Title Insurance Company to guarantee you will own the property without any unresolved claims.
• Title clerk will resolve all the charges for the buyer and seller on the HUD-1 settlement sheet prior to settlement and on the day of settlement notarize the document as correct with copies to all parties, notarizes the deed transfer, notarizes the mortgage documents and any other forms necessary to complete the property transfer to the buyers.

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