Assemble the Team

If you are a buyer, after you have your “Pre-Approval” in hand, the next step is to assemble your team. It is very important to hire your team in advance. Since there is a possibility that you may want to bid on a property that has multiple offers, your team should already be assembled in order to be certain you can move quickly and efficiently. If you need to search for a member of your team during the purchasing process, this will result in more time needed to put your deal together. Always remember; the longer it takes for the deal to be executed, the more at risk you are of losing the house to another buyer.

So who must you have on your team?

MANDATORY AND IMMEDIATE

·          Realtor® (Coordinator)

·          Home Inspector/Engineer

·          Mortgage Broker/Banker

·          Real Estate Attorney

·          Non-profit financial aid consultant for some first-time home buyers (if applicable)

OPTIONAL

·          Appraiser (typically supplied by the Mortgage Representative)

·          Accountant

·          Financial Planner

·          Decorator

·          Architect

·          General Contractor

AFTER THE CONTRACTS ARE SIGNED

·          Insurance Company

·          Surveyor

·          Title Company (typically supplied by the Real Estate Attorney)

If you already know and trust someone on any of these lists, start with that team member and ask them to give you recommendations or referrals for the others. If you don’t know anyone well enough from the list, then you can find any of these team members from many different sources, including – but certainly not limited to – your Realtor ®.

The Realtor® is the coordinator for your team. At every phase of the transaction, the Realtor® will ensure that the proper ‘team member’ completes his task appropriately and in a timely manner, until the final day of closing.

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