THE BUYING PROCESS

Working with buyers are a huge part of our business model and we're finding that the average home buyer doesn't know the basic systems and processes for buying a home. I thought it would be helpful to list the HIGH LEVEL steps normally taken during the buying process:


1) The buyer holds an initial consultation with a Realtor.
2) Buyer meets with a lender for Loan Qualification. Buyer obtains a prequalification letter.
3) Buyer meets with his/her Realtor to shop for a home.
4) Buyer finds the "ideal home" and writes an offer.
5) The offer is presented and is negotiated.
6) An "escrow" is opened.
7) Buyer submits a loan application.
8) Buyer completes inspections and approves of disclosures.
9) The loan is underwritten and the home is appraised.
10) Contingencies are removed.
11) All title documents are searched and reviewed.
12) The loan is approved.
13) Buyer obtains homeowners insurance.
14) Documents are signed.
15) Down payment is submitted and the loan is funded.
16) Title transfers.


There are certainly additional, more granular steps when buying, but the above process will give you a high level idea for process and flow.