 There is a huge amount of information about the property selling/buying process available today both in the printed literature and on the web. It means that you may try to buy the house even without much professional help. However, it should be remembered that each area has its own specific rules and customs concerning buying of the property, which you may not be familiar with. That is why finding a team of professionals may be an advantage for you.
If you choose to find such a team, start form finding a special agent who will represent your interests. It is not an easy task, since most of the agents specialize on representing sellers and their interests, consequently trying to make you pay more.
What you need is somebody who is called an “exclusive buyer agent”. This person may be paid directly by you or receive a part of the compensation the seller’s agent will receive once the deal is closed. The buyer’s agent has the same access to the homes as the seller’s agent; however, he takes care only of your direct interests.
There are agents that may perform both functions called either single-agency or dual-agency brokers. They represent buyer’s or seller’s interests, or both in the same transaction. In this case a situation called conflict of interests is not a rarity, so if there is no exclusive buyer agent available and you have to turn for help to dual-agency broker, inquire about potential conflicts of interests.
There are plenty of sites that help find buyer’s agents, for example, HomeGain.com, House.com, RealEstate.com and Reply.com.
Mortgage lender is another individual or company that will constitute your “team”. Be careful when choosing, for you may have to pay back up to 30-40 years. Sites such as LendingTree.com, E-loan.com or CNNMoney.com, Bankrate, or HSH Associates provide listings of mortgage interest rates and other related information. Don’t limit yourself to the usage of web only. Contact local banks or other related institutions to find out whether they can beat the national rate. Often these organizations are interested in providing you with a mortgage to keep the business in the area.
You may as well use the service of a mortgage broker – a mediator between you and the mortgage lender. The mortgage broker has the listings of the nationwide and local mortgage interest rates and may help you choose the right lender. This person is paid by the bank and not directly by you, but you may receive the cost of his services in the final value of your mortgage.
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