Who Does What When You Buy or Sell a Home?

When you buy or sell home in Southwest Ohio, several professionals work behind the scenes to get you from contract to closing. But who is actually responsible for what?

Here’s the simple breakdown.

Realtor: Your Transaction Guide

Your Realtor helps you navigate the purchase or sale, negotiate terms, manage contract deadlines, and coordinate with the other professionals involved.

What They Do

• Help buyers find and evaluate homes
• Help sellers price and market their homes
• Prepare and negotiate offers
• Guide you through inspections and negotiations
• Monitor contract dates and contingencies
• Help coordinate the transaction through closing

What People Sometimes Think They Do, But Don’t

• Approve your mortgage
• Determine the appraised value
• Perform the home inspection
• Make underwriting decisions

Your Realtor helps coordinate the process, but doesn’t control every part of it.

Lender: Handles Your Financing

Your lender helps determine how much you may be able to borrow and manages the mortgage process.

What They Do

• Review your income, assets, credit, and debts
• Discuss loan options
• Provide preapproval when appropriate
• Explain financing requirements and estimated costs
• Submit your loan for underwriting
• Coordinate the financing through closing

What People Sometimes Think They Do, But Don’t

• Decide what you should offer for a house
• Negotiate with the seller
• Determine the home’s market value themselves
• Guarantee final approval just because you’re preapproved

Appraiser: Determines an Independent Opinion of Value

The appraiser evaluates the property and provides an independent opinion of its market value, typically for the lender.

What They Do

• Analyze comparable sales
• Evaluate the home’s characteristics and condition
• Consider location and market conditions
• Develop an opinion of value

What People Sometimes Think They Do, But Don’t

• Perform a full home inspection
• Represent the buyer or seller
• Negotiate the purchase price
• Automatically value the home at the contract price

Home Inspector: Evaluates the Home’s Condition

The inspector helps you better understand the physical condition of the property.

What They Do

• Inspect visible and accessible systems and components
• Identify potential defects or concerns
• Explain their findings
• Provide an inspection report

What People Sometimes Think They Do, But Don’t

• Determine the home’s market value
• Decide which repairs the seller must make
• Guarantee that nothing will go wrong after closing
• Provide an opinion on whether you should or should not purchase the home

Underwriter: Reviews the Loan for Approval

The underwriter works behind the scenes to determine whether your loan meets the lender’s requirements.

What They Do

• Review income, assets, debts, and credit
• Review the appraisal and loan documentation
• Verify lending guidelines are satisfied
• Request additional documentation when needed
• Approve, conditionally approve, suspend, or deny the loan

What People Sometimes Think They Do, But Don’t

• Negotiate your home purchase
• Inspect the property
• Set the home’s sale price
• Work as your personal financial advisor

Title Company: Handles Title and Closing

The title company helps make sure ownership can be properly transferred and handles important parts of the closing process.

What They Do

• Research the property’s title*
• Identify certain liens or title issues
• Coordinate closing documents and funds
• Facilitate signing and settlement
• Record appropriate documents
• Issue title insurance when applicable

What People Sometimes Think They Do, But Don’t

• Inspect the home’s physical condition
• Determine the home’s market value
• Approve your mortgage
• Negotiate the purchase agreement for you

*(A property’s title is the legal concept of who owns the property and what rights or claims are attached to that ownership. It is different from the deed. The deed is the legal document used to transfer ownership from one party to another. The title describes the ownership rights themselves.)

Who Keeps Everything Moving?

Each professional has a different responsibility, but your Realtor is often the person helping you understand how all the pieces fit together.

When you buy or sell home in Dayton, Centerville, Springboro, Kettering, Beavercreek, Miamisburg, or elsewhere in Southwest Ohio, the Cin-Day Group of Coldwell Banker Heritage can help you understand the process, stay ahead of important deadlines, and navigate your transaction from contract to closing.

Thinking about buying or selling? Contact the Cin-Day Group to get started.