Whether you are buying a home or a business location, it is important to have sufficient money or consideration* to purchase property. A real estate contract includes a promise from the buyer to buy in exchange for a promise from a seller to sell. In order to be prepared to make that promise it is important to have your ability to back the promise lined out in advance..
So, who do you engage first when navigating the home buying process? A lender, a Realtor, or an attorney? A Realtor has specific knowledge and experience in the home buying process. This activity is what they do and have done on a consistent basis over a period of time. They have sold many properties and experienced the process over and over again. We have worked with many lenders and aware of which lenders are able to deliver on their promises. A lender will have specific understanding the products they offer, but may not be able to provide you with a complete solution for the home you want to buy. An attorney will understand the legality of the process (their specialty), but may not be the best at facilitating all of the moving pieces to coordinate a timely closing.
A Realtor can also conduct a mini pre-qualifying interview to guide you to a lender that best suites your situation. Self-employed home buyers have requirements unique from W-2 employed home buyers. Home buyers interested in buying land for future construction have different requirements than home buyers building a home through a builder. Business owners in searching for a home for their business, have a separate series of decisions to make.
While ensuring that you have the money (consideration) lined up to make an offer to purchase is the first step in buying a home, the person you turn to for guidance and direction while navigating the process from start to finish will be you real estate agent and REALTOR.
*consideration (legal) - Something bargained for and received by a promisor from a promisee; that which motivates a person to do something, especially to engage in a legal act.