Defining the Players in a Real Estate Transaction (Part 1 of 2)
Buying and/or selling a home can be confusing and scary. There can be as many as 10-12 professionals included in the process. Knowing who they are and what they bring to the table can make you feel more informed and therefore, less stressed out!
As part of Lee’s Concierge Approach as your agent he is there every single step of the way for you. He also has a list of proven providers from lenders to appraisers to provide the highest level of service and assure for his clients.
Lee uses his communication skills to empower his clients with information. Hence this Living ATL Blog post on the sometimes as many as a dozen people you will likely encounter in their real estate transactions along with a brief description as to what they do.
Seller’s Attorney
The attorney for the Seller advocates for the Seller’s best interests. Attorneys are necessary as the sale of real estate is a legal transaction. Non Commission.
Buyer’s Attorney
The attorney for the Buyer advocates for the Buyer’s best interests, and likewise as it is a legal transaction, an attorney is necessary. Non Commission.
Listing Real Estate Agent
The Listing Real Estate Agent is a salesperson who lists the property. Their duties include listing the property on the MLS (Multiple Listing Service), completing a fair market analysis to help determine a property value and listing price. The listing agent also markets the property on behalf of the Seller. This can include holding open houses and a variety of other sales tactics in order to find a qualified buyer. Commission.
Selling Real Estate Agent
The Selling Real Estate Agent is a salesperson who represents the Buyer. The agent will present properties to the buyer that are possibilities. The agent will “show” the properties and then negotiate basic contract terms once the Buyer decides to put an offer on a certain property. Commission.
Buyer’s Mortgage Broker
A mortgage broker does not actually lend the money, but serves as a conduit between the buyer and the lender. The broker often has a relationship with a handful of lenders to whom they typically refer Buyers, and does not necessarily “shop around” providing the Buyer with the “best” loan on their behalf. Commission.
Buyer’s Lender
The lender is typically the “loan originator,” meaning that they are the entity who will actually be making the loan to the Buyer and sending the funds to the closing.
Seller’s Lender
The Seller already owns the home and may have a mortgage loan, equity loan or line of credit to pay off at the closing.
Please check back for Lee’s next Living ATL Blog post where we will define the remaining real estate professionals you are likely to encounter when you are buying and selling.