Buying
a Home
Buying a Home
Buying a home
involves the services of many different parties to insure a timely closed
real estate transaction.
Who is involved in Buying a home
Learn about
different parties involved when buying a home.
 Real
Estate Agents
There are typically
two real estate agents involved when buying a home. One real estate agent
represents the home buyer and the other the home seller. Occasionally the
real estate agent will represent both the buyer and seller. If the home is
for sale by owner, there may be no real estate agents involved.
Buyers Agent
- this is the real estate agent who represent the interest of the home
buyer. This agent will negotiate the price and terms of the offer to buy a
home for the home buyer.
Sellers Agent
- this real estate agent represents the interest of the seller and usually
listed the home for sale on the local MLS listing service and negotiates the
price of the home with the real estate agent representing the buyers.
Mortgage
Lender
The mortgage lender
arranges the mortgage for home buyers to buy a home. There are different
types of mortgage lenders such as:
Mortgage Bankers
- A mortgage banker works for a mortgage lender who fund mortgage loans
using their own money exclusively for resale on the secondary market.
Mortgage Brokers
- A mortgage broker represents the home buyer as an intermediary a multiple
mortgage lenders for a fee. Mortgage brokers will usually have access to the
most types of mortgages for buying a home.
Credit Union /
Bank Employee - These are the individuals whom work for a bank or credit
union. These loan officers usually have limited access to different mortgage
loans.
Escrow
Company
The escrow company
is a neutral third party who prepares escrow instructions, holds good faith
deposits, obtains mortgage pay-offs, signs and notarizes closing documents
and handles all money transfers from lender to seller and other service
providers when buying a home.
Title
Insurance Company
When buying a home
the title insurance company specializes in examining and insuring the title
to real estate. Title insurance protects the lender or buyer against loss
arising from disputes over the ownership of real estate.
Other
Service Providers when Buying a Home
Buying a home in
Orange County will typically involve over 50 different individuals to
finalize the real estate transaction. The list above represent the four main
parties (each of those groups have multiple people working to complete their
job) while the providers below represent some of the other service providers
used when buying a home:
Appraiser -
California licensed real estate appraiser issues an appraisal report which
is an estimate of the market value of the property.
Termite Company
- If the home buying transaction was negotiated to include a clear termite
report (a requirement for all FHA and VA transactions) a termite company
will inspect the home for termite infestation. The termite company will also
do the require fumigation and repairs to certify the home is free of
termites.
Home Inspection
- These are companies that inspect the home on behalf of the home buyer.
This third party will issue a report stating any visual defects or possible
problems of the home to the home buyer that may be used in negotiations.
Mold Inspection
- A company specialized in inspecting a home for mold infestation. If buying
a home in Orange County we suggest the services of the top Orange County
Mold Inspection Company - call (714) 776-6222.
Home Owners
Insurance - Every home owner with a mortgage must have home owners
insurance. You should contact your insurance agent as soon as possible then
shop for the best rate by getting additional home owners insurance quotes
for these online site.
Buying a Home
As you can see
there are many different parties involved when buying a home. Any delays
from anyone party may cause a delay in the closing when buying a home. The
average escrow period for buying a home is 30 days which is only
approximately 20 business days for all 50 plus to coordinate a successful
home buying transaction.
Buying a Home
Resources
If you are buying a
home in Orange County, please feel free to contact us with any
questions regarding buying a home. We suggest that you begin with
getting pre-qualified from a mortgage lender.
► Get a Mortgage Pre-Qualification for
Buying a Home
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