Who’s on Your Team?

Last week the NFL had it’s draft and my Cowboys picked an offensive lineman for the 3rd time in the last 4 years. Johnny Manziel was still on the board and as much as I like Romo, it would have been alright by me if they had taken him. Even stranger was the trade with the Redskins to take another defensive end named Demarcus. What was Snyder thinking helping the enemy? As the rounds went along you heard about value picks and filling positional needs. It got me to thinking about the team required to complete a real estate transaction, which is a little different for buyers and sellers. Let’s take a look who buyers need and what they do:

1. A Realtor: Like the head coach, you need to find someone with the experience and  ability to communicate in the way you understand. He or she has to know your market, be able to negotiate effectively, and be organized enough to keep the process running smoothly. Sorta like us 😉
2. A Lender: The capologist. This decision is just as important as choosing an agent and should be someone more concerned with helping you make the right decisions than getting your loan closed at all costs. Don’t get me wrong, you want a bulldog that will make sure your appraiser and underwriter are on schedule but they should also be able to tell you now might not be the best time financially for you to buy. We’ve had lots of buyers who saved thousands on interest because their lender advised them to wait. Sometimes improving your credit score and debt to income ratio can resulting in a much lower interest rate and a lower mortgage payment.
3. Title Company: The general manager. Title companies coordinate with both sides to ensure the money is handled properly, paperwork is filed with the county, and that the deed is clear to transfer. There are a ton of choices here, many are partnered with specific real estate companies to ensure a smooth process.
4. Home Inspector: Offensive Quality control coach. (Did you know each NFL team has a coach whose job is to cut up the game film into plays for each position? Bet they don’t sleep Sunday nights.) Home Inspectors should be extremely thorough, understand mechanical systems, and be able identify structural issues. It’s been our experience the best take the time to explain what they see and provide you with an idea on how to operate and maintain your new systems.
5. Termite Inspector: Defensive Quality Control. Pretty straightforward here but necessary. Most lenders won’t approve a loan without a clean report.

Sellers don’t need to worry about the lender or the inspectors, but they may have to contend with any issues those inspectors find:

1. A Realtor: This role is a little different when selling a home. You still need someone who is organized, can communicate effectively, and is an excellent negotiator, but he or she must be able to market your home above all else. Finding the balance between your financial goals and what the market will dictate takes experience and a thorough knowledge of your area. It’s never a bad idea to consult with your Realtor a few months before you plan on selling to address any updates your home needs.
2. Contractors: Position coaches. Depending on the initial consultation or inspections, having a list of painters, handymen, flooring specialists, electricians, plumbers, roofers, maid services, landscapers, and pest companies can save time and money. This is something we have at the ready and you should expect from every Realtor.
3. Title Company: See above. For sellers, they also take care of paying off your mortgage and sending you the proceeds from the sale of your home.
4. Moving Company: We moved ourselves so many times in our 20’s it was ridiculous. Once we bought that bedroom suit my days of moving furniture were over (never mind back problems from thousands of swings with a golf club). Having someone to take care of it for you might be the best money you ever spend!

Just like the scouting departments for every NFL team you should thoroughly investigate all the potential members for your team. We have our recommendations for each and are happy to share them, but it’s important to understand there are lots of options. Best of luck and we hope this helps make your transaction go a little smoother.

Cheers,
Mike