LOOKING TO SELL YOUR HOME OR INVESTMENT PROPERTY?
You can take great comfort in knowing that Partners Realty is 100% committed to making your Real Estate buying or selling experience completely stress-free!
We Listen, We Communicate, and Details Matter!
It is important to partner with an experienced real estate agent that has experience and knowledge in all of the specialized areas of your real estate transaction. Partners Realty works collaboratively with a team approach to make sure your real estate transaction goes smoothly. We network and build relationships with outside professionals to help in every aspect of buying or selling a home, building a home, the home inspection process, mortgage lenders, banks, insurance companies, title companies, attorneys, contractors and more…
Partnerships, Networking, and Marketing, The key to success in real estate. At Partners Realty we, not only partner with the client and other agents at the agency. We partner, network, and market with other agents in the community, service providers, and media outlets to either help find you the perfect home, or to get your home sold.
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10 Steps of the Home Buying & Selling Process - Contract to closing.
The steps below are typical of those you'll follow from your initial contract to your closing:
1. LOAN APPLICATION: Immediately after you negotiate the contract, buyers should apply for any financing necessary to complete the purchase. The agent's advice can help them select a reputable lender whose products and service best meet their needs.
Notification of loan application is passed to the listing agent, who keeps the seller informed as the process progresses. During this process, buyers must furnish the lender pertinent information regarding their assets, income, debts and credit history.
2. HOME INSPECTION AND REPAIR RESOLUTION: The rise in the importance placed on home inspections is probably the most significant change that has occurred in the home selling process in recent years. Typically, the process involves a top-to-bottom inspection of the property, performed by an inspector who is chosen and paid by the buyers. After the buyers review the report, they have the right to ask the sellers to address any concerns they have about the property. This is done during the Due Diligence Period which is part of the Purchase & Sale Agreement.
3. DUE DILIGENCE: During this period, seller grants the buyer the option of terminating the agreement for any reason. Buyer may arrange financing, conduct evaluations, inspection, appraisals, examinations, surveys & testing.
This process can easily amount to a complete renegotiation of the contract. The role of the listing and selling salespeople is critically important to successfully negotiate this often difficult process.
4. APPRAISAL: As a part of the loan approval process, the lender will require that the property be appraised to ensure that the value of the property is adequate to justify the loan. Although the buyer and seller have already agreed on a price, the appraiser's evaluation must support that price.
5. LOAN APPROVAL: When the appraisal has been satisfactorily completed and the lender has verified the buyer's income, credit, etc., the lender can then make a decision on loan approval. Both listing and selling agents will work to ensure that all necessary steps are taken to reach this point. Loan Approval is typically not until close to the closing date, as a lot of things can change.
6. CLOSING ATTORNEY/TITLE COMPANY: When the loan is approved, an attorney specializing in real estate must be selected to prepare for and conduct the closing. The closing attorney is selected according to the contract and the lender's requirements. Among other items, the attorney will check the title to the property, prepare necessary paperwork, and handle the receipt and distribution of all monies in the transaction.
7. HOMEOWNER'S INSURANCE: If the home will be subject to a mortgage, the buyers must arrange for a homeowner's insurance policy covering the property. The selling agent will help the buyer make sure that the coverage is adequate to satisfy the requirements of the lender. These arrangements must be made prior to closing and the policy must be present at the closing.
8. RE-INSPECTION OF REPAIRS: In the event the seller is required to make repairs, sellers should be careful to hire reputable repairmen and keep good records of completion and payments involved. Buyers will normally have the property re-inspected/walk through inspection by buyer and agent to ensure satisfactory completion.
9. UTILITIES TRANSFER: Prior to closing, both buyers and sellers should arrange to have the utilities transferred from one to the other. To accomplish this task, a date (usually the possession date) will be agreed upon for the transfer. The sellers notify the utility companies to cancel their services on that day. The buyers make applications with the various utilities and ask that their services be established on that same day.
10. Careful planning and coordination are essential to ensure a smooth, successful closing process. During this critical period, your sales associate will prove to be very valuable. Please record deadlines in your calendar. Notify your buyer agent of any changes or delays in the loan process immediately.
Estimated Time Line
The following timetable presents an idea of the timing of the different events in the home buying or home loan process.
First 14 days of contract:
Deposit earnest money check 1-3 business days, and make the loan application, within 3-5 business days.
Pay for appraisal and credit report
Arrange for property inspections, to be complete typically within 10-14 business days. Payment for inspections is due the day of inspection. General Building
Inspections range from $300-$600, Radon Tests are approximately $135-$150, Septic Inspections are around $250, Chimney Inspections are approximately $250. Please verify pricing with Inspectors, prices vary.
Second to Third Week:
Make property inspections
Make repair request to the seller/negotiate inspection items, within 10-14 business days
Make sure all information that the mortgage company requested has been submitted
Arrange for movers, start packing.
Call to find out if mortgage company needs any additional information
Call to find out if mortgage company needs any additional information
Submit Change of Address Form
Arrange for transfer of utilities
Re-inspect/follow-up to assure that repairs have been completed
Last few days before Closing:
Arrange for settlement, the signing of papers must acknowledge estimate to close a minimum of 3 business days prior to closing.
Arrange for the cashier's check for closing
This timeline is just an estimate of deadlines based on a 45-day closing. Times may vary for longer closings and some items may be completed earlier or later than shown. This is an example only and not intended to be a representation or guarantee of time of completion for any specific transaction.
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