OVERVIEW of BUYING & SELLING PROCESS


BUYER Considers purchasing a home
Determines needs and wants
Selects a Real Estate professional
Discusses financial issues w/mortgage lender
Views and researches target homes
Selects a property
Makes an offer thru their Realtor

SELLER Prepares property for sale

REALTOR Agent markets the property

SELLER Accepts, rejects or counters offer
After successful negotiation
Offer Accepted

REALTOR Opens Escrow, deposits earnest money

BUYER Makes Loan Application

REALTOR Schedules Inspections. Customarily paid by buyer
Meets Appraiser

BUYER Final Loan Approval
Removal of Contingencies
Closing Papers Signed
Documents Recorded

Funds available for Seller. Keys available to Buyer
Seller moves out; Buyer moves in.

For your Value:
In a simple sales transaction and in a perfect world, the process above applies. In a normal transaction, there are various negotiations along the way. For example, concessions may need to be made by either or both of the parties to accommodate any inspection items. Your agent will make certain that all items occur within the required time frames or make certain to get necessary written extensions.

The title search may reveal items that need attention. Your agent will preview this with you. Sometimes there are clouds on the title which need to be removed prior to a successful close.

The appraiser may not have the most complete information to provide to the lender. This could create an issue with the loan. Your agent may be able to provide recent comparisons that that have not yet shown up on the appraisers source of information.

The closing agent will require all contingencies to be removed in writing prior to close. Your agent will assist in completing those documents and to assure that keys are available in a timely manner.