Overview of the Buying and Selling Process
The buying and selling process is really two separate processes that join together. These two processes go on simultaneously, not one at a time as in some cases, and then come together for the final stages.
Selling
Process number one involves the seller. For reasons that can include a desire to move, the yearning to get married or start a family, moving to a next country, or to earn a profit, the seller decides to sell their property. They then select a real estate agent. The real estate agent determines a plan of action for selling the home. The seller prepares the home for marketing, by making necessary repairs, cleaning, and making the house aesthetically pleasing for when the time comes for viewers to come look at the home. Once this is completed, the agent markets the home through open houses and other tools. The seller receives offers, rejects several, and eventually accepts one.
Buying
Meanwhile, the second process is going on with the buyer. The buyer decides to purchase property and selects a real estate agent to help with the process. Together, the buyer and the agent determine what the buyer wants. The agent does some research and sends the buyer out to look at homes. Eventually, the buyer selects a home and makes an offer.
The Merger
At this point, the two processes become one. The seller accepts the buyer's offer. The buyer files a loan application, inspections are done, a title search and an appraisal occur, and, finally, the loan gets approved. Once the buyer has sorted all this out, the closing papers are signed, all documents are recorded, and the loan funds are made available to the seller as payment for the home. Finally, the seller moves out of the property, and the buyer moves in.
