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 Real Estate is never bought and sold on your own. Even if you handle the majority of the
transaction yourself by buying directly from an owner, you will still need to have interaction with others due
to legal and financial considerations. The vast majority of home buyers enlist the services of a Real Estate Agent,
a Lender,
a Professional Home Inspector, and a Closing Attorney or Escrow Agent. Knowing what each is responsible for will help your understanding
of the process and eliminate confusion as you proceed.
Sellers: This is the one "player"
that you will certainly have to deal with and the only one that you don't have an opportunity to choose. Familiarize
yourself with seller motivations and psychology.
Real Estate Agents: An Agent
may or may not be your representative. See the pages relating to Agents for a full discussion
of who represents who. In general, an Agent will arrange to show you houses that are available through a Multiple
Listing Service. Without the use of an Agent, you will be limited only to those houses that are For Sale By Owner.
The Agent will coordinate the offer, negotiations and the contract of sale. Depending on their level of representation,
the Agent may help arrange for the choosing of other "players:" a lender, a home inspector, and a closing
attorney or escrow agent. To find an Agent in the area in which you
are interested, click here. (You can compare a selection of top-performing Agents and remain anonymous throughout the search
process.) More information.
Lenders: A broad term that refers
to the person originating the loan (for example, a mortgage broker) as well as the actual lending institution.
If you are financing any portion of your real estate purchase, you will need to familiarize yourself with these
lenders, whether they be banks, mortgage companies, or brokers.
Home Inspectors: Responsible for a whole
house inspection of a prospective property. Will seek to determine whether there
are defects present in a home prior to final approval of the contract by the buyer and the seller.
Closing Attorney or Escrow Agents:
Handles the details of the closing, when everything is finalized and the buyer takes possession of the house. Will
coordinate with the lender, title insurance company, Real Estate Agents, buyer and seller to make certain that
everything is in order.
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