Process of Buying and Selling Property
I recently received a resource guide in the mail from a local real estate group (Gladys Blum Group), and two of the pages in particular caught my eye. The entire process of buying or selling a home or property is very complicated and involved. One of my favorite quotes is from Roy Widing of Certified Reality, who says the entire process “takes time, kind of like jello in its various stages.”
The two handouts below outline the general processes involved for buying and selling a home. It is amazing when you look at the various steps one needs to walk through when buying a home, but then you look at selling your home there are even more hoops to jump through. If you look at each diagram, you might notice that both have three main loop cycles:
- The first involves the offer, negotiation, and contract accepted.
- The second involves the mortgage company, inspection/credit report (note: home buyers go through the credit report while home sellers go through the inspection process), appraisal, verification, and underwriting/rejection.
- The third involves the title, title search, and to assemble the papers.