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33 Steps REALTORs® do to complete a Purchase

By
Real Estate Agent with United Real Estate DC Metro Region (703.216.5635) cheryltee47@gmail.com

 

33 Steps REALTORs® do in order to complete a purchase residential sale from start to finish. That’s right there’s at least 33 steps. Never say no one told you so. You curious on what it is WE do to earn our commission, well here it is.  For us REALTORs® this is nothing new, so please bare with me, you probably have your own methods of how you do it but it’s usually all the same. 


I primarily work as a Buyers agent, however there are times when I do represent a seller and that my dear, the tasks are different, so please pay attention because its a lot, but I thought it was necessary that its put out there. These are steps to a regular purchase sale, NOT if it is a Short Sale or REO purchase. There is even MORE we have to do.  In real estate,TIME is of the essence so we have a time limit on when certain

tasks MUST be completed. In a later blog I’ll address that and am willing to take it even further. I will tell you just how MUCH time it takes and equate that into $ for you. For my peers, if I leave anything out I need for you to jump in and add anything that you feel is important or relevant to this transaction. I’m sure I’m leaving SOMETHING out...

 

1.   Phone and Email consult

 

2.  Client Meet/Exclusive Representation

 (Narrow down clients needs/wants, discuss expectations, company/client responsibilities and MY working hours. Buyers agreement is signed (I allow you to determine the timeframe, whether it is 1 hr or 1 day, that is totally up to the prospective client. Discuss and recommend title companies/home inspectors)  

 

2a. Deposit Retainer Check

(Yes, I do collect a retainer fee. Once the transaction is closed my company refunds it.  We don’t settle, I keep it)

 

3. Lender Consult, receive preapproval 

 

4. Schedule search review

 

4a. Schedule Showings (I only show 3 properties at one time)

 

4b. Setup automated custom searches

 

5. Submit offer along with EMD, Contract negotiated and accepted 

 

6. Ratified contract received (all parties have signed and agreed to terms of contract)

 

6a. Deposit Earnest Money

 

7. Order home inspection (I highly recommend anyone purchasing a home to get one, whether it is new construction or not )

 

8.  Deliver contract to lender  

 

8a.  Deliver contact to closing attorney (title company)

 

9.  Verify appraisal is ordered

 

9a.  Order HOA and Condo docs if applicable

 

10. Call Attorney make sure title is ordered

 

11.  Schedule settlement date and time

 

12. Call Lender - verify loan is processed

 

13. Home inspection completed

 

14. Termite Inspection completed

 

15.  Remind Homeowner to purchase hazard insurance

 

16.  Setup Home Warranty

 

17.  Update Buyer on contract status

 

18.  Call Lender for loan status

 

19.  Verify appraisal is completed

 

20.  Verify title is clear and survey is ordered

 

21.  Verify Lender has everything that is needed for loan approval 

 

22.  Call Lender for loan status (we call more than once...just so you know, matter of fact we call more than once on a lot of things)

 

23.  Send utility company information to buyer

 

24.  Verify HOA/condo docs are ordered/received

 

25.  Get copy of Well and Septic Report (if applicable)

 

26. Verify loan is OUT of underwriting

 

27.  Final lender verification/clear to close

 

27a.  Confirm settlement time and date

 

28.  Get Pre-settlement HUD-1

 

28a.  Buyer briefing for settlement (discuss draft HUD1-Settlement statement)

 

29. Final walkthrough ( I recommend final walkthrough is done day before settlement or on the way to)

 

30. Settlement/receive signed and final HUD-1/client survey received

 

31. Disburse Funds

 

32. Request Retainer Fee to purchaser    

 

33.  Followup/ask for referral

 

So there... you have it.  

 

 

 

Posted by

 

 

Serving all areas of Prince William, Fairfax, Stafford, Alexandria, Arlington and Spotyslvania Counties. Guiding you through the process of purchasing or selling residential property.                 

                                                                                                                   

 Cheryl Thomson, Realtor ® | 703.216.5635 | cheryltee47@gmail.com | Jobin Realty | 9327 Main Street, Manassas, VA 20110

 

            

 

 

 

 

                                                                                                                                                    

 

 

                                                                          

Cheryl Thomson REALTOR Ret Army
United Real Estate DC Metro Region (703.216.5635) cheryltee47@gmail.com - Prince William, VA
Associate Broker in Northern Virginia

Carie - It is, we do a lot for our money

Patrick - How can I forget that.  A vacation I could use

Deborah - Well since you mentioned it.  I will do a separate blog for what sellers do, since you asked

Chuck - You can say that again!

Pete - That's too bad in CA its not used. Hopefully your persistent your broker will give it a try

Jeff - That's great to have the list ready in your pkgs. They can see what it is you do with no questions

Charlie - Your welcome, you can print it out and use it if you like

Richard and Gene - You better believe I break it down everytime

Cindy - Didn't mean to tire you out...too much time have been wasted

Mike - Thanks, it was unexpected. It feels good too

Eric - Let's not talk about third parties, that's another blog in itself

Donald - As long as I keep this nearby I can't go wrong

Morgan - You know when you take the time to write it out its unbelieveable how its important to stay grounded

Lou - Thanks and the same to you

Anna - I had the opportunity sometime back to sit down and talk about this because I was asked what it is I do

Silvia - You could not of said it any better. There will be some who won't, however, I feel better working with someone who believes in me than someone who does not. I believe in me.

Graziella - Stick with what you believe. I do believe in being compensated for my work and time

Richie - I'm trying the best to do my part, thanks

Sandy - You can say that again!

Michael - You think so...probably some more things can be added

Bryan - I know I was just saying that

Debbie - Twice times around...its not like ALL the money goes to us

Bernadette - I shall remember that next time

Pamela - Ha ha...that's funny, but your so right

 

Apr 04, 2012 03:59 AM
Anonymous
Anonymous

Hello Cheryl,

This is a great post! Thank you for taking the time to remind us all what's involve in a transaction. You'll be surprise to know how many people think we don't do much for our commission. If we all explain to the consumer out there what's involve in a transaction step by step like you did, I think they will have more respect for our because. Great Job Cheryl!

Apr 04, 2012 04:43 AM
#40
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

Very nice list!  I thought that we just opened doors and collected checks??  I'm going to bookmark this for future reference.  Great post and congrats on the feature!

Apr 04, 2012 06:32 AM
Cheryl Thomson REALTOR Ret Army
United Real Estate DC Metro Region (703.216.5635) cheryltee47@gmail.com - Prince William, VA
Associate Broker in Northern Virginia

Thanks guys:) I'm quite thrilled to receive as much feedback as I did.

Apr 04, 2012 06:37 AM
Fred Strickroot
Fred Strickroot - HomeNet - Tampa Bay Area - 727-478-8997 - Trinity, FL
Tampa Bay Area Homes For Sale

Well put Cheryl. I knew there were a lot of steps but never outlined them like you have. Thanks!

Apr 04, 2012 09:49 AM
Cheryl Thomson REALTOR Ret Army
United Real Estate DC Metro Region (703.216.5635) cheryltee47@gmail.com - Prince William, VA
Associate Broker in Northern Virginia

Hi Fred. Yes indeed it is. I will be putting out a blog for the steps we do when working with a seller soon.

Apr 04, 2012 10:18 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

Cheryl - My email transaction log usually totals over 100 by the time escrow closes.  It's a long list and if it's a short sale it gets even longer.

Apr 04, 2012 10:18 AM
Beth Paterson
Reverse Mortgages SIDAC, LLC, NMLS #1790592 - Saint Paul, MN
CRMP, NMLS #342859

Great post, Cheryl!  I don't think people realize all that is involved.  I too had done a post on what I do as a reverse mortgage broker.  My list was about 59 steps but I included a lot of detail on the little steps as well as the estimate time for each step.  People are overwhelmed by looking at the list.  Hopefully your list provides some insight for your clients!

Apr 04, 2012 10:34 AM
Regina P. Brown
MBA Broker Consultants - Carlsbad, CA
M.B.A., Broker, Instructor

... only 33 ?  ... (he he)

Apr 04, 2012 12:46 PM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Cheryl, how do we do all this? Oh my goodness, no wander my days are so crazy.

Apr 04, 2012 03:02 PM
Tammy Emineth
Personal SEO - Website SEO and Real Estate Marketing - Frenchtown, MT
Content Marketer, SEO Teacher, Website Fixer

Excellent job on the list, Cheryl and the graphic is so fitting! Ha.. Congrats on the feature! sorry I didn't head over here sooner! What a week! Hope you're having an awesome one! :)

Apr 05, 2012 02:18 AM
Cheryl Thomson REALTOR Ret Army
United Real Estate DC Metro Region (703.216.5635) cheryltee47@gmail.com - Prince William, VA
Associate Broker in Northern Virginia

Thanks Tammy. I hope you enjoyed reading.

Apr 05, 2012 02:25 AM
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Cheryl, this list makes me exhausted when I think of all the things that happen between the 33 items on the list!

Apr 05, 2012 03:57 PM
Cheryl Thomson REALTOR Ret Army
United Real Estate DC Metro Region (703.216.5635) cheryltee47@gmail.com - Prince William, VA
Associate Broker in Northern Virginia

Oh I know, when I go back and reread it I know I left a few things out too!

Apr 05, 2012 11:06 PM
Blatt + Cutino
Coldwell Banker Realty - Monterey, CA
Broker-Associate 831/206-8070*Call today*

I like the part about the retainer fee. We do not do that here in CA. as a usual course of business.

Apr 11, 2012 11:15 PM
Cheryl Thomson REALTOR Ret Army
United Real Estate DC Metro Region (703.216.5635) cheryltee47@gmail.com - Prince William, VA
Associate Broker in Northern Virginia

Angelica. Maybe you can persuade them to?

May 11, 2012 12:23 PM
Regina P. Brown
MBA Broker Consultants - Carlsbad, CA
M.B.A., Broker, Instructor

Cheryl, you're on the ball, I love it!  ~ Regina Brown

May 21, 2012 04:52 AM
Kevin Sembrat
Diversified RCS Inc; http://www.ManhattanPropertiesGroup.com - Manhattan, NY

Hi Cheryl,

You are correct -- this was a nice precursor summary to your "43 Steps..." blog.

Kevin

May 21, 2012 05:24 AM
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

Cheryl,

OUTSTANDING post and one I will put to use....thanks for sharing and have a great rest of the week!

May 22, 2012 10:07 PM
Cheryl Thomson REALTOR Ret Army
United Real Estate DC Metro Region (703.216.5635) cheryltee47@gmail.com - Prince William, VA
Associate Broker in Northern Virginia

Hi Dan.  Just realized you made a comment...thanks for stopping by!

May 29, 2012 05:26 AM