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People You'll Meet In The Home Buying Process

Buyer’s Agent
– Represents the Buyer as real estate expert, guides the Buyer, and negotiate the lowest and best price for Buyer. The Buyer’s Agent has stringent requirements to act as the Buyer’s loyal, dependable, competent, confidential fiduciary. Your Buyer's Agent is paid a percentage (usually half) of the commission that the seller's agent gets paid by the seller at the end of the transaction. It is very important to note that you, the Buyer, do not pay your Buyer's agent's commission. The seller pays the total commission to the seller's agent. The seller's agent then pays the buyer's agent a percentage of that total commission that the two agents have previously agreed upon.

Seller’s Agent
– Has same duties toward the Seller. The Seller’s Agent’s job is to represent the Seller as real estate expert, guide the Seller, and obtain the highest and best price for the Seller. Buyers should always keep this in mind regarding the Seller and the Seller’s agent. Do not volunteer information to the Seller's agent. Let your Buyer's agent negotiate on your behalf. The Seller's Agent is paid a commission by the Seller. This total sales commission is negotiated between the Seller and the Seller's agent when the Seller's Agent initially gets the listing from the Seller. The Seller's Agent then splits that commission with the Buyer's Agent in a percentage that both agents have agreed upon. The Buyer does not pay any of the commissions of the two agents. All of the commission paid to both agents comes from the seller out of the proceeds of the sale.
The Loan Officer - Has a duty is assist the Buyer in obtaining the loan the best suits the Buyer’s needs. An honest loan officer works in the interests of the buyer by obtaining the best loan for the buyer, while being paid a fair price for the mortgage services and expertise being provided. The best loan for the Buyer is not necessary the loan that will pay the highest commission to the Loan Officer. This fact is forgotten by some loan officers. The Loan Officer's fee are covered in closing Costs that are paid when the loan is closed. The Loan Officer can also receive money from the lender depending on loan attributes that the borrower has selected through negotiation with the Loan Officer, such as interest rate, length of prepayment penalty, margin, length of fixed period, whether the loan is interest-only, and many other factors.
The Escrow Company - Is a neutral third party that handles all of the transfer of money and documents. The Escrow Company does much of the behind-the-scenes work that you won’t have to deal with. Escrow fees are covered as part of Closing Costs that are paid when the loan is closed.
The Title Company - Ensures that you are taking clean title of your property by investigating the title before you buy and by providing title insurance to insure clean title for you. Title fees are covered in Closing Costs that are paid when the loan is closed.
The Appraiser - Will determine the Appraised Value of your new home prior to the purchase. The Appraised Value may be different than the actual market value. The Appraiser is supposed to represent the bank’s interest, not the Buyer’s, the Buyer’s Agent, or the Loan Officer’s. A good Loan Officer and Buyer’s Agent will know well ahead of time if there is any danger that the home will not appraise for the price listed in the purchase contract. The bank will based the loan amount on the Appraiser’s determined value, not on the purchase contract’s sale price. If the Appraisal comes in less than the Purchase Price, the bank might lend less money than originally expected. The Buyer normally pays for the Appraisal when it is performed.
The Termite Inspector - Works on behalf of the Seller to ensure that the property is termite-free prior to sale. The Seller normally pays for the Termite Inspection and subsequent required termite repair work.

The Home Inspector -  Works on behalf of the Buyer. The Home Inspector is required to fully inform the Buyer of the condition of the property and particularly any defects that are material to the value of the property. The Buyer normally pays for the home inspection at the time of the inspection.

The Notary - Will be present during the signing of the loan documents and will guide you through this process. Normally it takes about an hour to sign all of the loan documents at the close of escrow. The Notary works on behalf of the Escrow Company. The notary normally gets paid as part of the Closing Costs that are paid when the loan is closed.

The Loan Officer’s Processor - Assists the Loan Officer in many aspects of the loan, such as document collection from the Buyer / Borrower. The Processor is normally paid through Closing Costs that are paid when the loan is closed..

The Buyer's Agent’s Transaction Coordinator - Will assist the Buyer’s Agent in many of the tasks performed on that end. The Buyer’s Agent’s Transaction Coordinator is normally paid directly by the Buyer’s Brokerage from the Buyer’s Share of the Sales Commission.




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Brought To You By
Mark Harmon, Realtor
CalHFA Preferred Loan Officer
USA Realty and Loans

Brokerage Main Office
3994 Carson St.
San Diego, CA 92117