Home Purchasing/Home Selling Steps
Offer Presented
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Buyer agent presents offer to seller’s agent
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Negotiation starts and is communicated through Realtor’s
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Once terms have been agreed upon, revisions to offer are made and initialed by buyers
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Sellers then sign offer and now we have an "executed contract"
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Earnest Money check is submitted and put into escrow account
Paperwork
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Deal With Diamond team submits all paperwork to clients Attorney, Lender (if necessary) and other Realtor
Inspection
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Per contract, inspection to be completed within 5 business days after seller has signed the offer
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Buyer’s Realtor, Buyer and Inspector are usually at this appointment, plan on 2 hours
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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
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Once inspection items have been resolved, Lender orders appraisal
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Appraiser contacts listing agent to schedule appointment to view the property
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Reports are then submitted back to buyer’s lender and buyer reviews. (The report typically takes about a week, after appointment date.)
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Re-negotiation takes place if appraisal price comes in below negotiated purchase price.
One week prior to closing
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Lender communicates if we have a "clear to close", meaning all the paperwork is ready for us to close on scheduled date
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If lender needs more time, then an extension is requested (common practice)
Day before closing
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Final walk through scheduled with Buyer’s Agent and buyer
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Tour the home to make sure inspection items have been resolved and property is in same condition as it was during inspection
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Buyer receives final figures from Lender or Attorney, on how much to bring to closing
Day of closing
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Bring information requested by Lender or Attorney
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Keys will be given to buyer once funding has taken place