Buying and selling homes and other properties in Amarillo, Texas involves many factors and various people working in different jobs. In order for a real estate transaction to go through smoothly, several different professionals in different fields are required. The necessary professionals include real estate agents, loan officers, appraisers, and escrow officers.
Real estate agent
The Amarillo real estate agent is the person people interact with the most when buying or selling a home. The real estate agent shows homes and lists them, as well as takes offers and draws up contracts. A professional agent is also the person that holds the transaction together and is the main contact between the rest of the required professionals.
Real estate loan officer
Once a contract is signed by both parties and considered binding, the loan officer can begin their portion of the process. The loan officer’s main function is to secure financing for the Amarillo real estate transaction. This portion of the transaction process begins with the purchaser submitting detailed financial and personal documentation necessary for the loan. The loan officer is also tasked with finding attractive interest rates and lender programs for the homebuyers.
Real estate appraiser
A professional real estate appraiser is an unbiased third party whose main job function is to determine the value of a property being sold or purchased. The appraiser will look at similar homes in the Amarillo area, called comparables, and use the data to determine the improved property value. The appraiser’s determination will decide how much the loan officer is able to loan the buyers.
Real estate escrow officer
The real estate agent has bound a contract for sale. The loan officer has researched the financial stability of the buyer. The appraiser has determined the value of the property. The escrow officer will perform the final job in the a real estate transaction. The escrow officer gathers all the necessary documents from the agent, loan officer, and appraiser, among others, and prepares the paperwork for closing. The escrow officer holds the funds from the completed transaction in a separate account. Once all the funds are available, the officer transfers the money due to all applicable parties.
There is a lot that goes into buying or selling homes. Let the Amarillo real estate specialists at Elite Real Estate Group help you with buying and selling your property. We cater to buyers and sellers in Amarillo, Bushland, the Colonies, Tradewinds, Canyon, Hillside Terrace, the Greenways, City View, Puckett, and more. You can call us at (806) 337-0883 or contact us by email by clicking on Lets Talk to learn more about our services. You can also view our current listings to see what properties we have available.