T – E – A – M !

By Albert Unger, Esq.

$300,000? $500,000? $800,000? More???? A large percentage of buyers will spend this kind of money to buy a house or condo in Fairfield County, CT. Whether you have bought real estate before or not you want a group of professionals to help you turn your dreams into reality…right? The seller has a team protecting their interests and advancing their goal. Who is protecting you and helping you ‘win’ in this process? How do you maximize the chance that things will go smoothly? How do you gain leverage that may affect whether or not you get the property that you want? How do you attempt to control the emotional and financial cost? How do you spell relief?

T – E – A – M. Yes, team. YOUR team.

Most homebuyers do not realize that they are general managers in their home buying process who are drafting a team to assist them. You want a winning team that will carry your ball across the goal line for a score. Unfortunately many buyers view the real estate agent, mortgage broker, home inspector, and attorney as individual interchangeable parts of the machine. A buyer might think that each of the four parts plays a very specific individual role in the process……right?? Well…sort of…..

Reality: Like it or not you are assembling a team (or an engine, or a gourmet meal). Put together the wrong parts or ingredients and the whole thing falls apart…or at least does not come together without a little extra stress and strain on you. The four professionals you choose will work together most efficiently and effectively in their quest to carry out your goal when they communicate well together and work hand in hand. It is really that simple. However there is so much going on in the buying process….and sometimes so quickly…that the team concept can get lost on anyone. If that concept is missed you may inadvertently end up with firefighters…or worse yet Monday morning quarterbacks. You need team builders and professional players.

Start with a good real estate agent. They need to make you feel comfortable and they need to be educators, facilitators, and your quarterback on the field. At the point where they have successfully helped you negotiate a deal for your desired property, they may be cheering on the sidelines, but they are still communicating with your team members on the field. The agent also continues to orchestrate events and stands ready to get back on the field if necessary to keep things flowing. Money makes the deal go ‘round. So make sure you are picking a great mortgage professional who will work well with the rest of your team and communicate with them as needed. The best mortgage professionals are extremely service oriented relationship builders who do not rest on their laurels after they deliver a mortgage pre approval or commitment to you. They remain actively engaged in the process. That mortgage team member can make or break the deal based on how diligent they are in pushing the ball downfield and communicating with your other team members. The home inspector has a small but very vital role to play. They need to be diligent, flexible, efficient, and honest. They need to give you the straight scoop on the condition of the property without alarming you over defects that by most standards would be considered minor. Lastly, they must quickly and effectively provide your real estate agent and attorney with the relevant details of the inspection in a manner that will arm them with the facts necessary to smooth over any bumps in the road that may occur. This is a stage where you often still have a chance to cleanly back out of a bad deal. So do not overlook their importance as a team player. The last critical piece of the team is the attorney. Once a deal is in place the attorney is the person most responsible for protecting you, facilitating the execution of the transaction that your real estate agent put in place for you, and trouble shooting issues that may block your path to the goal line. A good attorney needs to communicate well with your other team members, as well as the seller’s representatives. A good attorney needs to keep track of dates and items to complete to make sure the deal stays on track. A good attorney is not afraid to pick up the phone and communicate in an effective manner with others that impact your home purchase. You don’t want to be left holding the ball with time running out. You want your team members running the ball for you based on your instructions intended to achieve your goals.

There is a lot more to the roles of the various players, but that is a topic for another day. Just remember that this is a team much like any team. The stakes are high and the stakes affect you directly in a very personal way. Great professionals carrying you across the goal line can even make a somewhat stressful process fun. Pick your team wisely! Questions? Email me: Albert@AttorneyUnger.com.

This article is ©Albert Unger, Esquire. All rights reserved. Do not duplicate without the permission of the author.

Attorney Albert Unger is a Connecticut Real Estate attorney, as well as a former practicing real estate agent. He has also been involved in home transactions as a buyer and as a seller.