Expert: Jessica Bryan - 2/20/2005

Question
Taking from your long list of helpful questions.. this is what I would like to know.

What are the general questions from first time buyers and the answer that go with them?

What is a realtor and how do I find a REALTOR?  What are the different services that a realtor can perform?

Helpful tips when buying... what are they?

Finding a good mortgage loan.. how do I do that?

What is the difference between banks, mortgage bankers, and mortgage brokers?

When should I use a lawyer?

What is escrow and when should it be used?

What is the MLS and how does it work?

That about covers it for now.

Answer
Dear Kolece;
You have asked many important questions which, taken one at a time I could answer in depth but altogether would take a book to explain.  In fact, I have written a book on the most often asked questions in real estate.  You might be interested in reading it. You can visit my web-site at www.jessicabryanrealtor.com to order it.  

In short, I will say that first time buyers are concerned about what they should know before buying a house.  Because they have so many questions my first response is for them to find a good REALTOR who will walk them through the entire process.  What is a REALTOR?  A licensed agent with a professional membership in the Association of REALTORS.  A REALTOR must answer to a higher standard of professionalism and must abide by a professional and ethical code.  Always look for this designation when speaking to a licensed agent.  Finding one is easy--look for the trademark "R" by their name.  You can also look at the website www.realtor.com and find a REALTOR that way.  Your REALTOR will help you find a home by checking the Multiple Listing Service (MLS) which is available only to the agent--showing all of the property information, refer you to qualified professionals to appraise, lend, inspect, survey and close the home.  He or she will refer a lender or lenders if you choose who can assist you with the mortgage that best suits your needs.  You may find it at your own bank or with a broker who searches many banks and lending institutions for the best programs.  If you live on the west coast you use an escrow officer to close the deal but elsewhere you use a real estate attorney.

That's it in a nutshell (abbeviated!)

I hope that this helps.
Sincerely,
Jessica Bryan
Managing Broker
House to Home Realty Services