Home Purchasing/Home Selling Steps

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Offer Presented

  • Buyer agent presents offer to seller’s agent

  • Negotiation starts and is communicated through Realtor’s

  • Once terms have been agreed upon, revisions to offer are made and initialed by buyers

  • Sellers then sign offer and now we have an "executed contract"

  • Earnest Money check is submitted and put into escrow account

Paperwork

  • Deal With Diamond team submits all paperwork to clients Attorney, Lender (if necessary) and other Realtor

Inspection

  • Per contract, inspection to be completed within 5 business days after seller has signed the offer

  • Buyer’s Realtor, Buyer and Inspector are usually at this appointment, plan on 2 hours

  • Once inspection is completed, buyer requests structural and/or safety issues to be repaired/replaced by seller. (Short Sale and Foreclosure properties are sold as-is)

Appraisal

  • Once inspection items have been resolved, Lender orders appraisal

  • Appraiser contacts listing agent to schedule appointment to view the property

  • Reports are then submitted back to buyer’s lender and buyer reviews. (The report typically takes about a week, after appointment date.)

  • Re-negotiation takes place if appraisal price comes in below negotiated purchase price.

One week prior to closing

  • Lender communicates if we have a "clear to close", meaning all the paperwork is ready for us to close on scheduled date

  • If lender needs more time, then an extension is requested (common practice)

Day before closing

  • Final walk through scheduled with Buyer’s Agent and buyer

  • Tour the home to make sure inspection items have been resolved and property is in same condition as it was during inspection

  • Buyer receives final figures from Lender or Attorney, on how much to bring to closing

Day of closing

  • Bring information requested by Lender or Attorney

  • Keys will be given to buyer once funding has taken place