The Importance of having the right team for the First Time Home Buyer

To all potential home buyers:

This step in our continued series of helping to educate and assist you in your home buying process, suggests the team you should have working for you when getting seriously involved in the home buying process.

Every real estate transaction is like a journey. It starts from where you begin the destination of becoming a homeowner and stops when you have found your dream home and closed the deal and are finally in your own home enjoying the many, many pleasures and benefits that home ownership provides.

Why should you have a team?


It is the best way to ensure that you have covered all steps and have provided the maximum amount of protection for your home ownership investment process. You can certainly do all things yourself to acquire your home but it often adds more stress than is necessary and since the team is working for you at little or no cost it just doesn’t make sense to go it alone.


There are several members that should be on your home buying team. Certainly, you as the buyer is a given. Maybe, should the circumstances warrant, a Realtor will act as sort of a tour guide, the lender in a sense holds the map, and there are others who will represent landmarks along the way.


It is important that you know the basics of what your team should consist of and their duties and responsibilities along the road to home ownership.


Without question the team members should consist of people who are qualified to assist you and offer the proper leadership when necessary.


Here are the basic team members you should have…………….

A Buyer’s Agent - This person is a real estate agent who specializes in just representing buyers. This agent will be your guide toward each step in finding the kind of home that meets your predetermined guidelines for what you want in a home.

A buyer's agent concentrates on the needs of the buyer only and therefore should never be distracted with attempting to represent a buyer and a seller at the same time. Such team members loyalty and devotion is solely to you the buyer.

A lender/mortgage broker – The lender plays a key role in getting to the final destination of walking into the doorway of your home. There are many trails to choose from here as well. A good lender will shop your loan needs to find the very best financing for you, including making sure that you are not surprised later with uninformed increases in rates of interest and monthly payments. The bottom line is your lender or mortgage broker should only recommend a loan commitment that is right for your needs, not their own motivations for commissions or a sale.

Your Inspectors – A licensed inspector will help the team know what obstacles to overcome near the top. Choosing the right property inspector is very important and helps the rest of your team make good informed decisions to guide you along the way. For instance, if there are repairs that need to be done prior to closing your real estate transaction there may be a need for further negotiation with the seller to make concessions on the purchase price to pay for the repairs directly or other changes.

In some circumstances, an inspection may suggest that you not continue down the road to purchase at all and just not buy the property. Under these circumstances head in another direction and find another property that more aptly fits your needs. This is especially true in situations where the inspector has found things like mold or other serious problems with the prospective property.

Your Title Company- The Title Company plays a vital role in the home buying transaction. The Title Company’s responsibility is to be sure that you are getting what you bargained for – a home that will be free and clear of title problems and can be recorded in your name without any claim against it later from somebody else. The Title Company will run title searches to be sure that all is clear. If there are liens on the property such as IRS taxes, unpaid property taxes or judgments, this will be found by the title company. You need to know these things in order to make a decision whether to continue with the purchase.

Also without a title report clearing the way for you to purchase the property free from other claims, you cannot get clear title and the title company will not issue a title insurance policy to protect you. You never want to purchase real property without a title insurance policy covering your purchase.

Your Homeowner’s Insurance Company – All of your homeowner’s insurance needs must be planned prior to closing the real estate transaction. This policy should insure your home against fire and other hazards and be in place before the closing of escrow on the property.

Some other things that should be covered in the process…….

Home Warranty Policy – A home warranty should be part of the real estate purchase process. A warranty will generally provide coverage for at least the first year after purchasing a home and will cover such things as plumbing, electrical and major appliances such as dishwashers already installed in the home. These warranties are usually provided by the seller as part of the selling process.

Pest Control Inspection – The major pest that should be looked out for when buying a home is termites. Termites are generally present in every wood structure. The question is how bad are they? Always have a pest inspection by a licensed pest control person or company.


Buying your first home should be a joyful experience. However, without the right team on your side it can be a nightmare.


Take your time, get the facts and be sure you ask questions and get straight answers. Its too late after escrow has closed. If you'd like more information about the first time home buyer experience hop on over to our website at http://www.housingamericans.com/.

Check our blog regularly for all your home buying information needs.

Roy