The Path to Buying & Selling a Home

Buying and selling a home is a multiphase process that has several checkpoints along the way. To fully understand the real estate transaction and the steps involved, we’ve broken each item down and given a description of what both parties are doing at each point.

1. CHOOSE A REALTOR
  The buyer begins the home buying process by preparing a wish list for their new home and selecting a real estate agent to help navigate the market.
  
  CHOOSE A REALTOR
  The seller starts the selling process similarly by selecting a realtor to help determine the value of their home by reviewing other properties in the neighborhood.Starting with a real estate professional cannot be stressed enough. He or she will save a lot of headache and heartache.
2. ASSESS FINANCES
  How much house can I afford? This is the first question a buyer should ask before starting the home search, and after looking through financials, set a realistic budget and obtain financing pre-approval from a bank or lender. In a competitive market, having funds pre-approved will allow them to act fast.
  
  LIST YOUR HOME
  The seller, with the help of a realtor, should set the price of the home and prepare, stage and begin marketing it for sale.
3. FIND A HOME
  Once the buyer finds the home of their dreams, it’s time to put in an offer and start negotiating.
  
  RECEIVE AN OFFER
  The seller receives the offer and begins negotiating back with the seller.
4. OFFER ACCEPTED
  The buyer and seller have come together and agreed on the terms of the sale of the property. Congratulations, both parties are now under contract!
5. CONTRACT PENDING
  The parties deliver the signed contract and earnest money to the title company. The title company then searches the real property records to confirm ownership and identifies any title defects or issues. If issues are found, the title company resolves the issues.
6. OPTION PERIOD
  During this time the buyer schedules inspections and can negotiate for repairs as well as arrange for an appraisal (if a lender is involved). The title company may request additional information from the parties to prepare for closing.
7. CLOSING
  Once all closing conditions are satisfied and the lender gives the clear to close, the title company facilitates the buyer and seller signing all closing documents, dispersal of funds and transfer of ownership and keys!