The Team and Time Behind the Home Buying Experience
By: Susan S. Thompson | January 21, 2016
Purchasing a home – especially for the first-time homebuyer – can be an intimidating experience. But due diligence on behalf of the consumer, including choosing a credible support team, can save tremendous time, money and stress.
When buying a new property, home or commercial investment, consumers have an active role throughout the process – from selecting a reputable real estate agent to understanding their role in the closing process – and should be aware of the following four considerations to protect themselves and their interests:
- The Real Estate Agent: Your agent serves as your ambassador to the home buying process. Partner with a reputable realtor who knows all parts of the buying process, including closing and financing considerations. Avoid agents who overpromise, especially on expedited closing times. Due to current financing conditions, 45 days is considered the average industry standard for a closing.
- The Lender: Consumers should be savvy about the lender they choose, as lenders must comply with stringent regulatory timelines relative to completed paperwork. When choosing a lender, consumers can go to their local or regional chapter of the Mortgage Banking Association to research top producers: http://www.mbaot.org/membership-info/
- The Timetable: Stick to the deadlines provided to you. Have all inspections, underwriting and insurance requirements completed based on the deadlines provided to you in order to assist in keeping your closing on track. Lenders should take the opportunity to educate their consumers on the importance of deadlines and the consequences of delayed closings if they fail to adhere to them.
- The Closing Attorney: Who you close with is just as important as the agent you work with and the bank from which you secure financing. A great deal of research is necessary to ensure that, among other things, the title is free and clear of defects. A superior closing attorney will educate the consumer on any findings resulting from the title search and will discuss the resolution process and timeframe. Whether you’re buying or selling a home, a quality estate closing attorney is there to make sure that your interests are protected and that everything goes smoothly at your closing. Closing with an attorney costs no more than closing with a title company, and the value of using an attorney who is operating with your best interest as the consumer is invaluable. Your closing attorney will be there for both the purchase and future sale of your new home.