DEC 15, 2022
Any kind of successful real estate transaction typically takes around 5-6 people involved (not counting the buyers or sellers) on each side to ensure things go smoothly. Can you still transact without having your entire roster filled? Absolutely, but it's going to be more time consuming and likely lead to headaches down the line since you may be out of your area of expertise.
Having a strong team by your side can make the difference between a successful and failed transaction, both before and after the closing. Here are the people you need on your team:
A decent mortgage lender/broker is worth their weight in gold. Most people need a mortgage to purchase a house, and every scenario is different. For example, you might be purchasing in a high-cost metro area where a traditional big-brand bank may not understand how your local market works. A local lender will understand your needs and can help you decide on the right loan product for you after figuring out what your priorities are (monthly payment, down payment, etc.). If needed, a good loan officer can also provide you with the needed pre-approval documents to help strengthen your offer when house hunting.
Your choice of real estate attorney can either make or break the entire transaction, along with the others' side choice. Attorneys are not only responsible for ensuring that all of your contingencies, requirements, and stipulations are in order to protect your interests — they're also the ones ordering a title search to ensure there are no other ownership stakes/obligations in the property itself. A good sign of a decent real estate attorney is how responsive they are when you're interacting with them, as most attorneys that prioritize their clients are quick to answer any open questions that pop up.
The home inspector's job is to walkthrough the property with you, and point out any material defects in the home. Typically, an inspector will highlight any & all issues ranging from a loose lightbulb to a foundational crack. Their job is to find the wrong things, and a good inspector will be able to explain to a first time buyer what issues may arise from certain defects. In addition, a home inspector that works often with first time buyers will also explain the ins & outs of the important pieces of the home (boiler, hot water tank, roof, etc.) that first time buyers may not be familiar with.
Although the quality of real estate agents in the market varies wildly, having a good agent by your side can save you from a lot of late night anxiety. Your agent's responsibility is not just to help find a buyer or seller for your needs, but to also explain how every single step of the process works from start to finish. You may be involved in a real estate transaction only a couple of times in your life, whereas your agent does this for a living. Whoever you pick as your agent, the rule of thumb is to use someone that has either been in your shoes or is currently in the same position as you because that will help mitigate any conversations "lost in translation."
Note that this content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.