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Your Real Estate Starting Five

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Real Estate Agent with Windermere Real Estate/Professional Partners

Your Real Estate Starting Five

 

By Steve Sloboda · March 18, 2009 For the Suburban Times

In anticipation of College basketball's "March Madness" and the upcoming start of the NBA playoffs, it occurred to me that when buying a house your real estate team, like a basketball team, also has a starting five.

  1. The real estate agent is a very important part of your starting five. Much like a point guard in basketball they handle most of the vital parts of your transaction. It is their job to show you homes that match your criteria. The agent will write an offer and help negotiate a fair price. They will take into consideration neighborhood and features that maximize your buying power. After an agreement is made, your agent will coordinate with the team to ensure a smooth closing.
  2. Your mortgage person is like the center on a basketball team. They will provide you with options and programs allowing you flexible terms for your home loan. They also work with you to clean up credit and strengthen your financial picture. Once you have been approved they will handle the financial aspects of the transaction.
  3. Having a good inspector is key to making sure that any home that you plan on purchasing is in good working order. Your inspector does the dirty work for your team. He or she will go in and check the home's systems with a fine tooth comb and report back to you any deficiencies found. Use that report to renegotiate any arrangements that need to be taken care of to fix these problems.
  4. Title insurance companies are the underrated but valuable player on your starting five. They are there to make sure that your land is clear of issues that may cause problems with you taking ownership. Your title company will study the history of the property and identify any defects or liens that may affect the transaction. They also insure your property so it will be safe from false claims after you are in ownership. Although most people don't think about the title insurance aspect of a real estate transaction it is a vital part of your successful deal.
  5. Your Escrow Company is the defensive presence on your team. They are a neutral third party that handles the distribution of money and oversees the document signing. An escrow company is essential to make sure that all parties have the required paperwork in place and all finances are distributed correctly. Without them, small issues can sometimes get through the cracks and become bigger problems.

Buying Real Estate can be more complicated than first expected. Having members of your team working together can ease confusion and help make your transaction go smoothly.

steveslobodaSteve Sloboda is Associate Broker at Windermere Real Estate/Paragon Co. in the University Place office. Steve lives in the Oakbrook neighborhood of Lakewood with his wife Amity, and their two young children. For more information or to contact Steve direct please go to www.stevesloboda.com