10 Jun All the Players in Real Estate
There are many relationships in buying and selling real estate, and these relationships are very important to the process. These relationships mean there will be a lot of people involved in the process. You want them involved so they can have your back and protect you.
- Realtor: The first person involved in the buying or selling of your home is a Realtor. A Realtor is a person who is a part of the National Association of Realtors and has agreed to abide by their code of ethics. All real estate agents must follow the law, but Realtors are set apart by their code of ethics. You can find it here. Also, when choosing a Realtor, strongly consider asking how long the person has been licensed. You can confirm their answer with the Department of Regulatory Agencies here and click on “Search Licenses.” It’s important to have confidence in your Realtor, and many years of experience can help provide that. If your Realtor is fairly new, they won’t have that same experience, so it’s important to know if they have a mentor who is experienced. Finally, remember to interview at least three Realtors. This way you can find one that you like.
- Title Company: A title company not only provides title insurance which ensures the title of deed transfers, but also provides all documents needed at closing and ensures the property is clear of leans. It’s important to remember that the seller is the one who chooses the title company and pays for it. If a buyer wants to dictate who will be used for the title company, then the buyer will be responsible for paying the company all of the fees associated with this part of the transaction.
- Mortgage Lender: Unless you’re using cash, the mortgage lender is an integral part of the buyer’s team. How do you choose one? Most people start with their bank. But there are some people who would rather go through a different lending institution. Your Realtor will have a list of lenders that they have worked with in the past. You can also perform a good search and get info from the web. It’s important to ask if they will be at the closing. Why is this important? Glitches happen. If the money doesn’t clear, then the contract cannot be met and the deal falls through. By having the mortgage lender at the table, they can be sure to get the glitch fixed in time to meet the contract.
- Buyer’s Inspector: Confirm that the inspector is qualified through ASHI or NACHI because the state of Colorado does not regulate this industry. Inspectors provide an integral part of the team because they are all about the structure and safety of the home you are buying.
Realtors are the first person on this list because they are your advocates to help make sure everything goes smoothly whether you are buying or selling. There are many other relationships in this process that are also beneficial. Give Deborah a call at (719) 641-1357 to find out who else you need, to ask any other questions you may have, or to find out if Deborah is the right Realtor for you!