The Buying and Selling Process
- Decides that it is time to purchase a home.
- Discusses the financial issues with a lender, get the pre-qualification or pre-approval letter.
- Has a “Buyer Counseling” meeting.
- Signs a Buyer Agency Agreement.
- Decides on the wants and needs of the new home.
- Researches potential neighborhoods and goes to see houses that are on the market in those areas.
- Finds their “potential new” home, and meets their Real Estate Agent to write an offer.
- Decides that it is time to sell their home.
- Interviews Real Estate Agents.
- Signs a Listing Agreement.
- Makes the necessary updates and repairs to get top value for their home.
- The agent will market the home (internet, paper, magazines, Multi Listings).
- Home gets listed in the MLS and marketed by the listing agent.
- Reviews any offer(s) that they have received: decides to accept, reject or counter the offer(s).
After Contract Ratification
- Loan Application.
- Buyer makes inspections.
- Appraisal of the home.
- Title Search done by the settlement attorney.
- Loan Approval.
- Settlement/Closing Day (closing papers signed).
- Funds are available to the seller.
- Settlement attorney takes documents to be recorded.
Buyer Moves In
- Seller moves out before settlement (unless other arrangements have been made.)