#16 Building the Rest of Your Team


By the time you are awarded your Pre-Approval for your home loan, your “team building” has already begun!    You now have a trusted Loan Officer -- and his or her support staff -- a complete and accurate financial portfolio, and possibly a spouse, partner or associate poised to participate in your home purchase.    That’s a good start!

It is important to acknowledge and remember that your Pre-Approved loan is for the real estate only!   All other Costs, Expenses, or Fees are at your, the Buyer’s, personal and separate expense – outside the loan.   It isn’t smart to make assumptions, so if you have questions about where the lines are drawn, it’s best to ask your Loan Officer before you begin your actual home search.

Probably the most important next step will be selecting your Residential Realtor.   That person (and their broker affiliation) is a critical choice.  It’s great to hire friends – when it’s a “right” match.   But be sure that you choose this important team player based on their experience with the home product you are searching for, that you can be frank and direct concerning your preferences, and that this choice will be a good fit with the overall team.

Right on the heels of Realtor comes the relevant Insurance representative who is knowledgeable concerning the house as well as all other features that may require special insurance considerations.  (Pool? Livestock?  etc.)

Remember that your trusted Loan Officer may know excellent references for this and other team choices.

As your core group begins to take shape, your Loan Officer and your Realtor are good conduits for referrals to other services that will be needed.   They can bring you up to speed on other mandatory Fees and Expenses that are part of the developmental process – such as future Home Owner Association (HOA) membership fees..  For example, your Realtor may be requesting you to provide Inspections; those expenses are yours to cover.  A few examples would be:  Pest and Septic. 

Other specialists come into the picture.   Your team may be working with a General Contractor, an Engineer or other specialty contractors.   At the appropriate time, your Lender will order your Appraisal through an Appraisal Management company.

Getting complicated?  Getting complex?  Lots of layers?  Right!   But when you build your Team conscientiously and you utilize the good guidance available – really! – it just adds to the excitement of finding and buying the right home for you!


Being aware of situations, circumstances or choices that could wind up as “deal breakers” is very important.   Concerning Insurance, for instance, you will want to watch out for premiums you can’t afford.   (A premium might escalate due to the distance -- of the property you want -- from the fire station!)   Your Loan Officer and your Realtor can furnish other examples and cautions.





Comments

Post a Comment

Popular posts from this blog

#56 About Insurance

Image
The decision to buy a home of your own, includes both the consideration of, the added expense of and the mandate to carry the appropriate insurance coverage for the property you are considering.  It’s a “given” that qualifying for your Mortgage Loan means your new property must be insured to protect the property you do not actually own until your Mortgage loan is fully paid. Many factors drive the amount and the kind of insurance you must carry for your specific property.   The recent factors of repeated (and repeated!) wildfires and floods have inspired many new insurance considerations and changes that directly relate to both of those “natural” disasters.    It is not that floods and fires did not exist in the past.   However, the more recent phenomenon, of wildfires originating miles away then sweeping across densely populated areas some distance from their point of origin, is seriously impacting fire insurance availability and limits.    Ne...
Read more

#58 Preserving an Interrupted Plan

Image
When making almost any kind of a serious plan, it’s probably smart to also consider the possibility of some kind of a glitch creating some kind of an interruption!   Interruptions to a plan for purchasing your own home can come in dozens of ways, from any number of directions.   But, understanding that reality, and accepting that “possibilities” may come up, shouldn’t be a reason to worry unnecessarily or become a bundle of nervous “what ifs.” Challenges, and many perfectly normal life situations, might arise and interrupt the original rhythms and timing you have developed for your master plan.    Most such things can be managed, and need not critically damage your plan.     An interruption to how you want things to proceed will probably just mean adjustments, modification and a little finagling! What’s most important, when the unexpected happens, is to keep your sights on your plan as a whole.   For instance, an employment status ...
Read more

#57 Windfalls and Nest Eggs

Image
They are definitely connected!  Understanding both – and their possible positive potential – can make measurable differences in your financial life! Having a formula, some disciplines and a plan for money to reserve may sound like an old fashioned homily, but savings don’t just happen – savings accumulate by determination and repetition.    When an unexpected “windfall” drops into your hands, it can be added to your existing reserves, or it can be a beginning to what you may have been intending but never quite got around to: some savings! Windfalls have several sources! A simple one might be an unexpected raise in pay, or an unexpected bonus!   The key determinator here is “unexpected.”   We all know how easily it can just disappear into the cash flow that’s already flowing! But, wait a minute.   Before it happened, you were probably making ends meet, one way or another, right?   Well, you now have an opportunity to treat a Windfall diffe...
Read more