Professionals Involved in your Home Buying Experience.

Being a first time home buyer can be a very confusing and stressful experience. Choosing the right team of people to help guide you through the homebuying process can make the experience worry free. Who makes up that team? Below is a list of six professionals you will work with during the purchase of your new home:

1) Housing Counselor: While a housing counselor is not required, they can be quite helpful. Freddie Mac provides a free HUD Certified Housing Counselor who can help you prepare for homeownership and ensure your financial readiness. The housing counselor can help by teaching you important financial skills, such as planning your budget and building your credit. A housing counselor can guide you on the steps to sustainable homeownership and can provide you with free educational workshops and one on one counseling sessions. They can also give you insight on various mortgage products that offer lower down payment options and can provide information on down payment and closing cost assistance programs in your area. Visit the Consumer Financial Protection Bureau website or the U. S Department of Housing and Urban Development website to find the name and contact information of a housing counselor in your area.

2) Real Estate Agent: Your real estate agent, also known as Buyer’s Agent, will help you navigate each step of the homebuying process. A buyer’s agent can help identify and show you homes that meet your requirements and are within your budget. An agent can help you determine the appropriate offer to make on a home by reviewing comparable homes in the area and the prices at which they sold. The real estate agent will also provide you with information on neighborhoods, schools, property taxes and more.

3) Loan Officer or Mortgage Broker: A loan officer works for a specific bank and will offer only the rates and programs available from that institution. A mortgage broker is not affiliated with any particular bank and will review the rates from various banks to find you the most competitive interest rate. The loan officer may receive a commission for successfully processing your application. However, a mortgage broker will charge both you and the bank commissions and fees. Your loan officer or broker is responsible for helping you secure the best financing option for your situation. They will also educate you on rates, points and general mortgage terms. Your loan officer or broker will help you understand all costs, such as origination fees, title fees and appraisal fees. It is highly recommended that you get a Loan Estimate from more than one lender to find the loan that is best for you. This allows you to compare the total loan costs offered by each lender.

4) Home inspector: A home inspector will visually inspect the structure and components of your future home and look for any immediate or potential problems. The areas that the inspector will evaluate include the plumbing, foundation, roof, HVAC system, electrical systems and appliances, along with a general look at the interior and exterior of the home. The home inspector will provide a written report to you with a description of problem areas including recommendations for further evaluation. This is an important step in the real estate transaction, because if defects are discovered, the buyer may rescind the offer, ask for a reduced purchase price or condition the sale on the seller making specific repairs.

5) Attorney: Your attorney will negotiate the contract of sale and make sure your rights are protected. After the contract is signed by all parties and the down payment is forwarded to the Seller’s attorney, your attorney will order a title report to see if there are any issues that the seller must resolve before a closing, such as liens or violations or missing Certificates of Occupancy. Your attorney will represent you at your real estate closing. They will review and advise you on the documents you will sign, such as the deed, transfer tax returns, and mortgage documents. Your attorney will also make sure that all payments are accurately made.

6) Title Closer: The title company runs searches on the property and provides the title report to the buyer’s attorney for review of any issues. At the closing, your title closer ensures that any mortgage, judgment, or liens are paid off and that any new mortgage will be recorded along with the deed. The buyer will leave with only a copy of the deed, as the original deed will be recorded by the title closer in the county clerk’s office. The title company provides the buyer with an owner’s title policy. This should always be kept in a safe place as it is the buyer’s guarantee that the title of the property is free and clear of any issues.

Choosing the right team of people is an important part of the home buying process. Be sure to select experienced, trusted professionals who will help you make the right decisions and steer you away from complications. Here at Mavros Panagos Law we can assist you with your home purchase. We provide quality, reliable and affordable service and protect our client’s rights, while giving them a complete and accurate explanation of the entire process. Our priority is to make the contract to closing process seamless while answering all your questions and concerns keeping you fully informed and confident throughout the entire process. As you search for the best attorney near you, please know that while our offices are located in Melville, New York we service all areas of Nassau County, Suffolk County and Queens County.

Please contact us to see how we can help make your home buying experience a good one at info@mavrospanagoslaw.com or call 516-447-0455.

Contact Us

Eleni Mavros Panagos, Esq.

Mavros Panagos Law

200 Broadhollow Rd., Ste. 207

Melville, NY 11747

(516) 447-0455

www.mavrospanagoslaw.com