The Sales Process
What happens, when and how?
BUYER |
SELLER |
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Finding a home |
Putting your home on the market |
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Determines new home needs and wants Selects areas and sets a budget Agent finds homes that fit the parameters Views properties and finds the magic home |
Determines market price of house Prepares house for showings, minimizes furniture and personal belongings, makes necessary improvements, cleans and adds to landscaping to improve the appeal Arranges for sign/lockbox to enable showings |
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Making an offer |
Accepting an offer |
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Analyses the price and amenities Makes an offer to the seller Negotiates terms and comes to an agreement |
Discusses received offer with agent Negotiates and signs earnest money contract which is delivered to the Title Company |
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Contract is delivered to the Title Company who will check the legal and financial status of the property | Provides Title Company with current mortgage information, survey and any other pertinent information relating to home ownership (will, divorce) | |
Inspections & Repairs |
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Arranges to have home inspected Discusses issues raised in inspection report with agent and agrees to repairs. Normally completed within first ten days after offer is accepted |
Makes agreed repairs to home following inspections |
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Financing and insurance |
Appraisal, survey, warrantees & keys |
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Applies for loan and gives Mortgage Company the necessary documentation for the purchase |
Arranges access for appraisal and survey if necessary |
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Once financing is obtained and the Title Company has completed its investigation and is willing to provide insurance to guarrantee good title a closing date is set |
Prepares a file for documents and warrantees specific to the home Collects keys and garage door openers to give to the Buyer at closing |
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Arranges for homeowners insurance | ||
At closing, reviews the balance sheet of costs, signs all legal documentation and exchanges funds and home keys | At closing, reviews the closing statement, signs deed to transfer property, gives Buyer the home paraphernalia and collects net proceeds |