When you buy or sell real estate, it is important to surround yourself with a team of trustworthy, knowledgeable, and respected professionals. Let’s discuss who some of these team members may be.
Buyer/Seller – This is you! Regardless of which side of the real estate transaction you are on, you are a vital part of your team. You will be the decision maker, and the one who lives with your decisions!
Real Estate Agent – Your real estate agent is the person you will work with the closest. It is important that you enjoy spending time with your agent, because you will likely spend a good deal of time with them, in the car, touring houses, and discussing deals. It is also important that you trust your agent, as you will be seeking their advise. A few good questions to ask of yourself and your agent: Is your agent a good listener? Am I able to contact them easily? Do they know the market I’m shopping in? What else are they working on? Do they have any referrals?
Mortgage Broker/Banker – In todays financing market, it is important to select a knowledgeable mortgage specialist; someone who is up to date on all of the latest changes and regulations. How you finance your real estate is almost as important as what real estate you choose; you will be living with both for a long time.
Title Agent – Your real estate agent will likely have more communication with the title agent than you will, however it is imporant that you have a knowledgeable agent who is able to explain all of the necessary documents.
Accountant – Whether it is a tax credit, mortgage interest, property taxes or an investment, your accountant should know your real estate decisions. Accountants most frequently get involved when buying investment properties.
Lawyer – If you’ve ever purchased or sold real estate through a trust, a lawyer was almost certainly involved in some way. Most real estate transactions do not require the assistance of a lawyer, however having a lawyer available to review documents is helpful with the more difficult transactions.
Insurance Agent – While this may seem simple and sometimes obvious, a good insurance agent is a vital member of your team. Paying too much for insurance, or not having enough can be a costly mistake; a good agent will make sure you and your real estate is properly covered.
Financial Advisor – It is possible to purchase real estate through a self directed IRA, and a financial advisor can help make this a smooth transaction. A financial advisor may also be helpful with investment properties, or vacation properties.
Who’s on your team?