When it comes to a Pittsburgh real estate closing there are many different parties involved. Do you have any idea how many parties are involved? Let’s take a look.
- A seller who wants to sell their home.
- A buyer who can qualify to purchase a home.
- The lender will qualify the buyer and provide the funds to purchase.
- Usually, there are two real estate agents. One agent works on behalf of the seller helping them prepare their home and price it competitively. The second agent represents the buyer and helps them evaluate an offering price and terms once the right home has been found. The real estate agents work together bringing the buyer and seller to an agreement with the best terms possible.
- Once the home is under contract, the home inspector performs an inspection for the buyer to determine if there are any issues with the home. The purpose of the home inspection is to determine if there are any major ticket items or safety issues with the home that the seller may not have even been aware of.
- After the property has been inspected and the buyer and seller agree to any necessary corrections, the title company goes to work researching the home to determine there are no title issues that need to be resolved. They then issue Title Insurance that will protect the lender and owner against any lawsuits or claims that were undetected in their original title search. The Title Company will prepare the paperwork required for each party to sign at closing.
- The appraiser will visit the home to prepare an opinion of value for the Lender. This is not to be confused with a home inspection. The Appraiser will note any safety issues that are apparent to them, but they are not required to be as thorough as a home inspection.
- A dye test or occupancy inspection may be required by the municipality where the home is located. Normally, it is the responsibility of the seller to have these inspections performed. Each Municipality has its own requirements.
- Finally, the underwriter reviews the information collected from the buyer and the appraiser’s opinion of value to determine if the mortgage can be issued for the purchase price agreed upon. The underwriter may need to request additional information to clear up any uncertainties that arise to be sure lending the money to the buyer is a solid investment for the bank/lender. The last hurdle in the process is having the Underwriter issue the loan “Clear to Close”!
As you can see by this simple outline, many parties are involved in buying or selling a home in the Pittsburgh Real Estate market. This doesn’t include assistants and others within these companies who help. It really does take a team effort to pull all the pieces of buying or selling a home together.
That is why it is so important to hire the right Realtor® to work for you, whether you are buying or selling a home. Coordinating all these parties takes a thorough understanding of the sale process and experience in the local market.
The SAYHAY Team can help coordinate all the details of your closing. We are experienced in getting our clients to the closing table. Contact us for a free consultation at 412-755-3600.