Real Estate Transaction In Bullet Points

So often I work with new home buyers or people who haven't purchased a new home in a very long time so here is a quick guide to the real estate transaction. Feel free to share this with your network of friends! 

 Real Estate Transaction In Bullet Points

• Once the purchase offer is submitted by buyer, the seller has a chance to say Yes or NO
• If NO/NOT accepted, then there isn't else to to do. Finito!
• If the answer is YES then the seller signs the contract, sends it back to the buyer. 
• The earnest money is submitted to the title company by a cashiers check or wire transfer, within the time-frame that is agreed upon on the contract.
• Within  10 days of the offer being accepted by the seller, the buyer will have the home inspected by a licensed home inspector. This is the time for the buyer to all their research on the property. Research includes but is not limited to: schools, crime rate, evidence of mold, evidence of termites AC/HVAC inspections, pool inspections, etc. 
• The home inspector will provide a report, which then will be reviewed by your real estate agent and ask the seller to make some repairs
• Right after the home inspection, the appraisal will be ordered by the lender. As long as the appraisal comes back at the sale price or above the sales price, you are good to continue on in the transaction. If the appraisal comes back lower, there are a few negotiations that will come into play.  
• If the transaction is going smoothly, the next step is that of the lender. She will send loan documents to the title company. The title company will schedule times with the both the selling party and buying party to sign all documentation for the transaction. 
• Once the documentation is signed, the title company sends the signed paperwork back to the lender and the lender "funds" the loan. (ie., the seller gets paid, or the mortgage loan is satisfied!)
• Once funded, the title company takes the whole package to the county recorders office. 
• The county recorder records the deed in the county records and we have a closed transaction! The county communicates with the title company that the deed has been recorded, the title company calls the buyers and sellers real estate agents and the buyer's are handed the keys to their new home!

Sound simple? It can be, but that is not always the case!

Please know this is a VERY BRIEF OUTLINE of the real estate transaction. A real estate transaction is not, by any means,  simple. You should always consult a licensed Realtor for your particular situation. Your Realtor will work on your behalf to make sure the transaction is handled professionally and legally. A real estate transaction is very layered and is interpreted differently by everyone involved in the process. 

*Disclaimer: I do not claim to be a professional writer nor am I am proficient in where to place commas, when to italicize (or is it appropriate to italicize or use parenthesis?) and that my sentences are grammatically correct. I am merely releasing all the thoughts that are in my brain and sharing them with you. If you enjoy my posts GREAT but I know they are written with many errors. Taking a creative writing class or a grammar class is next on my “to do” list. I promise. I also like to use double exclamation points!!!! (sometimes more than 2 and sometime a question mark and exclamation point!) I am  NOT a licensed mortgage lender, property manager, credit expert, professional negotiator or anything of that nature.. This is strictly "good info" to know regarding Real Estate as I learn it on the job!