It Takes a Village to Close on a Home
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From real estate agents to home inspectors, buyers need to trust the professionals who help them make critical decisions throughout the buying process.
There can be significant pressure to move quickly during the homebuying journey, so it’s best to establish that trust ahead of time. The Better Business Bureau recommends conducting thorough research before choosing a real estate agent, lender or home inspector.
New homeowners should also be alert to unsolicited messages. Lending companies can see if you’ve applied for a loan, and home sales are part of the public record—meaning you may receive solicitations for loan opportunities or even fraudulent mail during and after your home purchase.
Homebuyers face many risks, but careful research and the support of trusted businesses can reduce stress and guide you through the process.
What to Keep in Mind When Buying a Home
● Evaluate your finances. This may be one of the biggest purchases you’ll ever make. Start by analyzing your savings, income, debts and monthly expenses. Research current mortgage interest rates and local tax rates, and consider speaking with an insurance agent to estimate coverage costs. If you already own a home and plan to sell, factor in how much you expect to make from the sale. A financial planner may help navigate these considerations.
● Determine your needs and wants. Making a checklist can help you understand the average cost of a home that meets your criteria and narrow down properties to tour. Your priorities may shift during the search, but having a starting point helps.
● Get preapproved with a trusted lender. Preapproval clarifies your homebuying budget and strengthens your position when making offers. Work with a reputable mortgage lender. Check reviews, search at BBB.org, and compare multiple lenders or brokers before making a decision.
● Choose a trusted real estate agent. A reliable agent can guide you from touring homes to making an offer. Interview several candidates, look for BBB accreditation, and check whether they’re a REALTOR®—a member of the National Association of REALTORS® who adheres to a code of ethics. Due to recent legislation, remember that buyers now pay their agent’s fee directly.
● Get the home appraised and inspected. Most mortgage lenders require an appraisal. A home inspection, while not always mandatory, provides vital information about the property’s condition. Choose honest, transparent professionals. Find estate appraisers and inspectors at BBB.org.
● Select homeowners insurance. If your mortgage is paid through an escrow account, your homeowners insurance may be as well. Look for insurers with positive reviews and request multiple estimates.
● Close on the home—and leave reviews. Regardless of your experience, share feedback on your real estate agent, lender, inspector and other professionals. Your reviews at BBB.org and elsewhere help future buyers make informed decisions.
● Watch for unsolicited messages. Amid the many details to manage, stay alert for suspicious mail or emails. Some may be valid, unsolicited offers; others could be scams targeting new homeowners. Scrutinize unexpected messages and remain vigilant for signs of fraud.
Don O’Brien is the regional director for the Quincy Better Business Bureau. Contact him at [email protected] or 217-209-3972.
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