Hire these 4 people before you buy a house.
Sure you can buy a house without using a Realtor but in North Carolina, hiring a real estate agent to represent you as a buyers agent costs you nothing and could save you thousands. The listing agent represents the person selling the house not YOU! Same with a builders agent in a new home community, they will show you around and give you all the information you require, but they work for the builder and their job is to get the most for the builder. Hiring a local buyers agent means they will do the background check on the house the neighborhood, the schools. They will show you what similar homes have sold for recently so you pay a fair price. If they are good they will know what is planned for the area, new roads, shopping centers, schools etc.
Show me the Money
If you are paying cash then skip this part, but if you need a loan to buy a house then you’ll need to hire a loan officer or mortgage broker. They will check your credit, your income all your debts and come up with a loan amount that will work for your budget, make sure you are comfortable with the monthly payment because in most cases you’ll be paying 360 of them. You will pay the mortgage company for getting you the loan but they will be paid at the closing table when the attorney does the disbursements. Like shopping for anything a mortgage can cost more with one company than another. Always talk to a local mortgage broker, there are loans available in certain areas that an out of state broker or online company may not know about.
How much is your piece of mind worth?
Does not matter whether you are buying a new home or a 50 year old home, you absolutely should hire a home inspector to inspect the house for any defects. The home inspector will charge between $300-$400 depending on where you are and who you hire and the size of the home you are buying. The home inspector will crawl in the crawl space, rummage in the attic, check the appliances, check for leaks, moisture, structural problems. I have seen some stuff that would make your head spin but the best ones are the ones where the inspector only finds minor issues. Don’t buy a house without a home inspection or you could end up with a huge problem that you’ll have to pay for and not the seller.
Can the seller actually sell the house?
In North Carolina we use Real Estate Attorneys to process real estate transactions. The buyer normally pays for the attorney and they should, they get paid at the closing table. Depending on what your closing costs are and who is paying for them you may have to bring a check to the closing, in some cases you may get a check back. The attorney will do a title search to make sure there are no liens on the property and issue title insurance. They will generate a HUD-1 Statement showing all the costs involved, who is paying what and they will record the deed with the county.
Of course there are many more people and services that you may or may not need when buying a new home, some are critical depending on the house you buy. so along with the 4 people you must hire when buying a house here are other trades or services associated with buying a house.
- Septic Inspector
- Well Inspector
- Termite Inspector
- Radon Inspector
- Insurance Agent
Call me at (919) 601-2268 before you start looking for a home and I will explain the steps to take first and hopefully save you some money, if you would prefer to send an email…firstname.lastname@example.org