Assembling a team of competent professionals to guide you through your home-buying process is important. Having all of your ducks in a row and a team that works well together to get things done quickly and smoothly is key.
Real estate agent
If you’ve been thinking of making a purchase, have funds for a down payment and a stable income, you can kick things off by reaching out to a real estate agent. Since realtors are on the front-line of real estate, they can often be a connector between you and other professionals whose services you will require in the future.
How to ensure that you’re hiring the right agent? There are a few ways to do this. Ask your friends, family and coworkers who have purchased real estate in the past about their experience and whether they would recommend their realtor. I suggest interviewing three or four agents before committing to working with one exclusively.
Don’t be afraid to ask some tough questions, just as an employer would ask a potential employee at an interview.
Remember, you are hiring someone to assist you with a huge investment and life-decision. You owe it to yourself to ensure that you have complete trust and faith in your real estate representative.
Once you’ve found your realtor, ask them to connect you with a few mortgage brokers. A mortgage broker will be able to provide you with a mortgage pre-approval based on your credit score, down payment amount and income. Your agent will likely have a couple of mortgage brokers who they usually work with and will be happy to make the introduction.
A good mortgage broker is someone who’s quick to respond, willing to not only provide you with mortgage rates but to actually educate you on the various products offered by lenders, and be willing to answer your call on the weekends and outside of office hours. Real estate never stops!
Real estate lawyer
Same applies to a real estate lawyer – they play an essential role in the transaction. Hiring a lawyer who’s familiar with the local laws and regulations and has a reliable team of law clerks and associates is what I’ve found to be essential. As a real estate agent myself, I’ve watched many mortgage brokers and lawyers ‘kill the deal’ because they were either unavailable, inexperienced or just incompetent. Like many other real estate agents, I’ve narrowed down my pool of preferred professionals through those experiences.
Teamwork is everything
It’s really important to have a team working with you who have a good line of communication between each other and know how to work well together. This will provide you with the best chance to have a seamless transaction.