Professionals Guide Home Buyers through the Buying Process

BY ANGELA CUTRER

MMortgage, liability, terms, fixed rate - all terms most of us know little about. That’s why when it comes to buying, or even selling, a house, the professionalsespecially local ones - can show you how all the puzzle pieces fit.

Jake Ott of the Bank of England explains how having a “good lender” can help buyers and sellers sift through the jargon, paperwork and communication necessary in real estate transactions.

“Finding the ideal mortgage clients’ needs is my No. 1 goal,” he said. “I look for the very best for my clients - after all, it’s my reputation on the line.”

Reputation is everything in the real estate business because in towns and cities, all of the parties know each other and know the way the other does business.

“We have to communicate with all of them for our clients,” Ott said. “That involves the insurance people, the title people, the county tax assessor, the appraiser and the Realtors.”

Someone has to stay in contact with them all through the process and that’s why buying or selling using locals can be vital.

“We are all friends here in this business and we communicate often,” Ott said. “It makes the process so much easier. A lot of realtors will advise their clients not to use online offers because, frankly, the people working there don't care. They are not closely related to the other parties and want to do a good job for the clients. They want to make money, and since they don’t live here, have to deal with the local real estate professionals or the clients closely, they have no skin in the game.”

Ott said the professionals in the Oxford real estate market certainly do have skin in the game - they live here, work here and have reputations to maintain.

“My reputation is very important to me,” Ott said. “Without it, I’d be in trouble. People would not come to me if they couldn’t trust me. We have to stay on top of it all as our reputations are gained in drops and lost in buckets. I am invested in the game and that provides a lot of motivation.”

For example, many buyers have no idea what an apprasier actually does. A home appraisal provides an independent assessment of the value of the property.

Apprasier Brad Feltenstein of Appraisers Associated of Oxford, Inc., explains that the most common use for an appraisal is when purchasing a property. “It's critical for buyers and consumers to have an unbiased, experienced third party valuing your property to ensure you have an accurate value to protect your investment," he said.

"It's an important step in the mortgage process, but there are actually many reasons to get an appraisal done. Besides purchasing a home, other uses include estate planning, taxes, creating a financial statement, divorce documentation and other legal matter.”

However, most home buyers, especially those first-time buyers, have no idea who they must speak with, who they must document with and which activity goes first - if any go first.

Ott explained that “a good, local lender is a liaison between several parties.” Because they forge relationships with realtors, usually two per transaction; appraisers, who are involved in every transaction; insurance agents and companies; title attorneys and their paralegals; and sometimes accountants, financial advisors, they help guide a buyer through the maze that seems so confusing to lay people.

“We are debt advisers, essentially, which is about as important as managing assets,” Ott said. “We communicate and coordinate with all necessary parties seamlessly throughout every transaction. This is a massive value-add that only local lenders can do.”

When moving, buying a house, selling a house, working a job and dealing with their families, buyers and sellers find such help priceless to have someone manage the real estate communications for you, Ott added.

And Ott’s first suggestion for a new home buyer? Get pre-approved before going under contract. He said that’s what should come first because it lets everyone know what’s what, right from the start.

“This means we get all pertinent information before finding a house, which makes for as stress-free an experience as possible,” he said. “It’s very important not to have to have all that going on while gathering documents for me.”

Once that’s done, your “good lender” partner is ready to jump in the fray for you.