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We’ve all heard the phrase that ‘teamwork makes the dream work’.  Well there aren’t many much bigger dreams that the average person has than of one day owning their own home.  So when it comes to buying a home, will doing it all on your own (or just you and the internet) be enough to successfully purchase your own home? There are varying schools of thought on whether it’s necessary to have industry professionals on your team as opposed to going it alone.  However, this article will discuss the roles of various professionals that play a very important role in the home buying process.

THE REAL ESTATE AGENT

It goes without saying that the agent is perhaps one of the most important members of your dream team. With over 580 different MLS systems in existence in the U.S., the majority of properties for sale are on the MLS.  In order to see the interior of the home you’re interested in, you’ll usually need an agent to get you access. Add to that the complexities of the real estate transaction (negotiations, market analysis, municipal issues, marketing, etc) a real estate agent is usually the first and best resource for you in helping you purchase your home…not to mention that when purchasing a listed home, usually it’s at no cost to you, given that commission is paid by the seller and split cooperatively with your agent.  However, what a real estate agent is NOT, unless legally licensed as such, an attorney, home inspector or lender. And even if they are also any or all of these professionals, it’s usually best to have separate professionals for these areas of the transaction.  So let’s talk about them.

THE ATTORNEY

A real estate transaction usually involves a written, legally binding contract.  Even though your agent may understand the language of a contract, unless he is an attorney also, it is unlawful for him or her to interpret to you the language of the contract.  If they did, they are, in effect, practicing law. This could cost them their real estate license.  Beware of any agent providing any interpretation of the contract.  An agent’s involvement is limited to filling in the blanks and checking boxes on the contract.  Hire an attorney, particularly one that is well experienced and well referred.  You’ll be glad you did.

THE LENDER

Unless you’ve got that cold hard cash, most homebuyer’s need to be preapproved for a mortgage loan before even beginning the home buying process.  After all, why look at homes selling for $300K if you can only afford a home for $250K. A lender will examine your credit history, employment history and income to determine 1) if you qualify to buy a home and if so then 2) how much home you qualify for. Again, be sure to get a lender who is reputable and can shop your loan package to get you the very best options.

THE HOME INSPECTOR

So that you know to some degree what the condition is of the home your buying, a very valuable member of your team is your home inspector.  If your home inspector is up to date on the latest tools available, he will be able to help you determine the overall condition of the home, as well as detect things such as moisture, mold and pest infestations. He can give a fairly accurate assessment of the condition of the major appliances, the roof and other important components of your home. Your attorney will likely advise you on the vital importance of making sure you get a home inspection.

Of course, there are other key members of your home buying ‘dream team’. These are persons like your tax professional, financial advisor, your family and of course the most important member of the team…YOU.  The process of buying a home can be a tedious ‘game’, but if want to prevent going into overtime, unnecessary ‘game delays’ and stay on the road to a big win…make sure you hire your ‘dream team’ to help you win at buying your home!