Buying your first home can be an exciting time, but it can also feel overwhelming at times. The rule and regulations of the real estate industry are things you must eventually come to terms with. Making a mistake when buying property can be really expensive. Here are four real estate professionals that can help you on your journey towards home ownership. Each of these professionals plays a specialized important role in the property purchasing process. With their assistance, they’ll help you navigate the pitfalls and drastically reduce the likelihood of making any costly mistakes and lead you safely to successfully buying a property.
A mortgage broker plays an important role in the residential real estate market. In addition to acting as a connection between you and a potential lender, a broker’s job is to help you navigate the residential mortgage process from beginning to end, from initial application to getting approved for a mortgage. A mortgage broker also helps you with any technical or legal issues that may come up during the course of the process of acquiring a loan. A mortgage broker is responsible for much of the legwork required to secure your mortgage.
So what does a mortgage broker actually do? A mortgage broker has three primary tasks: first, to assist you in finding the best loan product for your specific property purchase and/or refinancing needs, and second, to assist you in the loan application process by handling the loan application and all of the documents necessary to send it to the lender for approval. Brokers also utilize their own arsenal of mortgage industry contacts and the wholesale rates that they receive for those contacts to shop around on your behalf, especially when it comes time to secure financing for your property purchase. Finally, brokers often act as a liaison with the actual lender for one to three business days following the loan application process to help the borrower and the lender reach an agreement on the terms of the loan. In essence, a mortgage broker is your go-between for the loan and the lender.
What does a buyer’s agent do? Well the answer is, he acts as an intermediary between the customer or buyer and the seller.
The roles of a buyers agent include tracking down the right home for the buyer. In this way, the agent assists the buyer to find a house that matches their budget and meets all their needs. In addition, an agent also facilitates communication between the buyers and the sellers as well as helping them to negotiate for the best possible deal. Moreover, he also facilitates the inspection of the property and even offers a home inspection report. Ultimately, A buyers agent’s role is to help their clients purchase a property at the best available price.
Using a buyer’s agent can be a huge advantage for you in your property search for many reasons. Firstly, buyer’s agents have access to expensive industry research software which helps them access information on all the local properties. Furthermore, they have a wealth of knowledge in the local real estate market which only comes from years of buying experience, which helps them to accurately know the value of a property, ensuring you don’t pay too much! Finally, they can secure off market properties through utilising their extensive professional network and cold outreach methods.
You might wonder what does a conveyancer do? And do you really need one? These are all important questions, and the answers might surprise you. They are professionals who have been trained to deal with different issues arising when buying and selling a property, and their services can be useful to you in the buying and selling process.
A conveyancing solicitor, or conveyancer for short, is a professional who deals with the purchase and sale of homes and other commercial properties. They can aid with the paperwork involved and help make sure that all your needs are met, from start to finish. Conveyancers are also involved in the preparation of contracts, such as those that effect the transfer of deeds and ownership of a property. For this reason, they are frequently called upon to give legal advice to customers, which is why you may find ads for solicitors in the yellow pages or through online directories of lawyers. They can assist with issues such as wills and mortgages but are not solely limited to them, and many conveyancers specialise in one particular field, such as commercial or residential property, therefore it’s worthwhile finding one who specialises in what you’re wanting to achieve.
Building and pest inspector
Typically, property purchases are subject to a building and pest inspection. This means that the buyer can walk away from the property deal if they find something on the building and pest inspection report which they are unhappy with. This clause provides peace of mind to the buyer that the home they’re purchasing is indeed in sound condition.
A building and pest inspection is performed by someone who is trained in the inspection and control of both residential and commercial structures. If you have been considering purchasing a new building or apartment, it may be worth your while to look into what a building inspection would include before you actually decide on purchasing any property.
When a building is inspected, a professional will check the roof, the walls, the floors, windows, doors, ceilings and other items considered as being part of a building. An inspection can also include inspecting a property for mould or vermin. An inspector will also inspect the wiring system and the plumbing of the building. The inspector will be looking to see if the system meets the required safety codes. It is important to find an inspector who is experienced in the type of building or home that you are interested in living in.
Upon completing the inspection, the inspector should provide you a written report detailing the condition of the building and any major issues which need attention. You can use the results of the inspection report to renegotiate the sale price with the vendor.
With the help of the above real estate professionals, you can leverage the experience and expertise of each professional to ensure that you do not make any costly mistakes in the purchasing process. With a team of experienced professionals, the stresses of buying property can be all but eliminated and buying property can become almost child’s play.
As a Mornington Peninsula buyers advocate I work closely with property buyers to help them find, analyse, negotiate and secure their desired property. I work with a variety of people from first home buyers to seasoned property investors and property developers and everything in between. Based in Frankston, “the gateway to the Mornington Peninsula”, I help my clients successfully acquire property across the Mornington Peninsula and Frankston region.