| BUYING PROCESS |
SELLING PROCESS |
The Search
Buyer(s) contact a buyer agent to request a list of homes to
review and schedule time to visit some listings.
Send us a note using this link and
we will send you a list of homes that match your criterias.
Typically, the seller will pay the fees associated with the sale of the
home, so our services are at no cost to the Buyer(s).
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I'd like to sell, now what?
Seller(s) contact listing agent to discuss the value of their home or to discuss the listing process. |
How much can I afford?
Buyer(s) contact a loan officer or mortgage broker to
discuss financing issues and get a pre-approval letter.
An offer accompanied with a pre-approval letter will give
more confidence to a Seller that the offer is serious.
In a multiple offer situations, the offer with a pre-approval letter represent
less risk and should be favored over similar offers without the additional financial information.
The process of obtaining a pre-approval will also highlight your
price range, cost to close and your estimated payment.
Please note that multiple credit inquiries made about while shopping with
several loan officers within a certain period may actually lower your credit score.
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What's my home worth?
Listing agent reviews the customer's home details to evaluate the market value of the home. |
Looking at some homes
Initial meeting. Buyer agent explain the buying process,
typical paperwork involved, agency disclosure, list of homes to visit. |
Your marketing plan
Listing agent meets with
Seller(s) to present marketing plan and explain the process of listing a home on the MLS.
Customers sign a listing agreement with the real estate agent and
the agent enters the data in the MLS database and begins promoting the sale of their house.
Seller(s) fill out the Property Disclosures form.
Agent explains what a legally-sufficient disclosure must contain and
what a seller does not have to explain.
A net sheet is prepared to give an estimate to the Seller(s) and
to show the different fees involved in the transaction, the real estate tax involved at closing,
discuss questions about the inspections, title insurance, etc.
Listing agent points out improvements that can be made to the
property to make it more appealing and to help Seller(s) obtain top dollars and a quick sale.
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the offer ...
After visiting some homes, Buyer(s) makes a decision to make an
offer on a home that best meet their criteria.
We assist our Buyer(s) while writing the offer and use the
standard forms supplied by the Florida Association of Realtors®.
The Buyer agent prepares estimates to show the total costs that can be expected at closing.
The Buyer agent present the offer to the Seller(s) or to the listing agent.
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... the offer
Seller(s) receive an offer. Listing agent provides help with the
negotiation strategy, explain implication of clauses in the offer,
give proposals to a seller to have the best chance of success,
provide assistance when there is competing multiple offers. |
Earnest Money
The Buyer(s) typically write a check for about 1% of the offer value which
is held in an escrow account until closing to show the Seller(s) that
their offer is serious. This amount is credited back to the Buyer(s) at closing.
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Negotiations
Buyer(s) and Seller(s) have a meeting of the minds and both sign the
offer making it a binding purchase and sale contract.
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Inspections
Buyer agent recommends to
have the property inspected within 5-10 days after signing the contract.
If the property has a well or a septic system, these should be
inspected also and may require separate inspectors.
The lender will most likely also require a termite inspection as well.
After the inspections take place, the Buyer's agent will consult with
the Buyer(s) to review the home inspection report(s) and list of repairs that
may be needed for the property and draft a letter to
request changes be made by the Seller(s) prior to closing.
The lender will also order an appraisal to make sure that the house is
worth the price that is being financed.
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Listing agent review the home repair request and
explain what is required to be fixed according to the contract and what is considered esthetics. |
Getting ready for closing
Buyer(s) negociate with insurance companies to obtain Homeowners Insurance on the property.
This process should start as soon as the contract is executed and the
information about the policy needs to be forwarded to the title company.
Meanwhile the Buyer agent interacts with the lenders to coordinate events prior to closing. |
Listing agent recommends a title company to the Seller(s). |
Timing, agent coordinations
Agents will coordinate the following tasks to make sure that the they
are executed on schedule and that the closing occurs on time.:
- Inspections,
- Title search with the title company to ensure that the home has no
existing liens, and that the sellers have valid title to sell the home.
The Title Search will also state if there are any problems with
existing surveys, easements or right-of-ways.
- Termite, Flood inspections,
- Surveys.
- Commitment Letter or Final Loan Approval.
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| Buyer(s) notify utility company of change about to occur and
initiate new service request on closing date. |
Seller(s) notify utility companies of the sale and
terminate service after by the closing date. |
Just before closing
Shortly before closing, the Buyer agent meet the Buyer(s) at the property to do a
final walkthrough inspection to make sure that the property is in the
same condition that it was when the purchase offer was made and that
any requested repairs have been completed.
On the day before or on day of closing, the Title Company should provide a copy of the
HUD-1 statement. This standard federal form should have all the items being charged to the
Buyer(s) and to the Seller(s), and the agents should review this form with their customers to
make sure all costs have been apportioned correctly and to let them know the amount of the
check needed to bring to closing or that will be disbursed respectively.
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The closing
Buyer(s) and Seller(s) may meet at closing to sign paperwork which
includes the HUD-1, the deed and the mortgage documents among other things and
exchange keys, passcode, garage openers, etc for the house.
Both parties receive copies of the documents they signed.
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| Title company orders lenders title insurance, coordinate the
recording of the deed transfer, and the new mortgage. |
Title company orders a title insurance for the Seller(s) and
coordinate the payoff of the Seller(s) mortgage. |
...after closing
Buyer(s) receive copies of the
title insurance and recorded deeds within 60 days after closing. |
Seller(s) receive copy of Title insurance and Satisfaction of
Mortgage within 60 days after closing. |
Each real estate transaction is unique and can differ from the typical steps provided here.
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