Many people get a glazed look over their eyes when I try to explain all the people involved when it comes to purchasing an Albuquerque home. I can tell that many check out as soon as I get into explaining title and what escrow means.
I don't blame them. I would check out half-way through the conversation too, if I wasn't talking.
I try to explain it as 3 main cogs of a machine that is driven by several other cogs within, and the buyer is steering the machine and making all the decisions.
As the Realtor, my job is to give expert advice, negotiate and try to avoid as much drama as possible so my clients can have a transaction as smooth as possible. With me comes an assistant and office managers. These people make absolutely sure that my paperwork is in perfect order in case something comes up to where we need to refer to the original deal. Also, within the Realtor cog, are the inspectors. Times are scheduled and these fine men and women crawl all over the home to make sure that you are in the best position as possible before you move in.
The Realtor's team mainly consists of the Realtor, an assistant, the office staff, the home inspectors, and repair men... if anything needs repair.
Now, on to the lender. The lender and his/her team is responsible for making sure you are qualified up to the very last day of escrow. If you tell them you want to buy a home and you are qualified to do so, they will be watching you and your finances VERY closely. So, please, don't go out and buy a car or even a TV.
The lenders team mainly consists of the lender, an assistant, the processor, and the underwriter.
The title company is usually the most quiet unless they find something that is defective on the title itself (possibly a lien which comes in handy for Albuquerque foreclosures). They also make sure the monies go where they should, and that everybody who has worked hard on the transaction gets paid. Without the title company, we all would be lost under a mountain of paper and confusion, flopping around like fish out of water. At least I would be (no pun intend!)
The title company mainly consists of the escrow officer, a pre-closing assistant, a post-closing assistant, receptionist and lawyers on staff for "emergency" situations...which can flare up at anytime.
So, that's about 14 cogs total that are helping you buy Albuquerque Real Estate. That's before you even get in your home and begin to buy new furniture and decorate. (and that TV now, if you still want it!)
by Tim Fish