The Real Estate Buying and Selling Process
As one of the biggest financial transactions, there are certain rules and procedures that need to be followed in every real estate dealing. Your real estate process will depend on two things; if you are buying a property or selling it.
Real Estate Buying Process
If you are looking to purchase a house, you need to follow this process:
Go through listings: Only when you go through multiple listings, is when you will be able to find a house that you resonate with instantly, thus persuading you to make an offer.
Sign the Purchase and Sale Agreement: Once you have made your offer and the buyer has accepted it, a Purchase and Sale Agreement needs to be signed so that the process is made legal and official.
Home Inspection: The next step is for a home inspector to be hired so that the quality of the home can be determined. They will highlight any defects, damages, or faults that need to be fixed.
Negotiation: After the inspection has been carried out, the final stages of confirming your interest in the house comes next. This process of negotiation is when the final price, including fees, damages, and repairs, is settled.
Ensuring you have the needed finances: When the final price has been settled on, you need to ensure that you have the means to finance the asking price. Thus, you need to approve loans and mortgages from lending agencies.
House report and escrow: After the final agreement has been reached, a detailed history report of the house is given to the buyer to assure them of its quality and legality. Once satisfied, the process of escrow ensures that all of the terms of the contract are met.
Closing: The last step is when all the paperwork is signed, the transaction has been completed and the ownership rights successfully exchanged.
Real Estate Selling Process
If you are looking to sell a house, you need to follow the following process:
Listing: As you decide you want to sell your house, you need to hire a realtor who will help you with listing your property. This will ensure that potential buyers are aware that your house is up for sale.
Marketing: Listing involves intense marketing to get buyers interested. As such, you will need to price it accordingly, highlight its best features, and promote your neighborhood.
Finalizing an appropriate price: Once you start to market your house, you need to determine a reasonable asking price that is neither too high nor too low to discourage. Your realtor will be able to help you with a figure based on the location, size, and condition of the house.
Showcasing:After you have marketed your house successfully in listings, you will need to get ready for showcasing –when potential buyers take a look at your house. It is best if the house is clean and well maintained.
Home Inspection: A formal house inspection will take place before the process of negotiating a final price that determines whether your house has any damages, defects or faults.
Negotiation: A potential buyer will send their realtor to negotiate the price with you after viewing your house. This is the time where the terms and conditions of both parties can be voiced and accepted.
Closing: After a final sale price has been agreed upon, the transaction has been approved the finances, and ownership rights will be exchanged.