I just finished watching Property Virgins with my wife and I just had to sya I wish real estate was as easy as they represent it to be on TV. Believe me, I wish it was.
The show does do a good job representing the search and tyhe reality of pricing. However, that is when it looses me personally.
The written contract, offer, and negotiation are swept under the rug. Almost every show I have seen end the same way. An offer is presented and countered while the buyer waits in a cofee shop or even outside the subject house. In most inspatces the host shows up and says congratulations, you bought yourself a house.
Can anyone tell me how many times you wrote an offer in a coffee house with a cleint, presented it, negotiated it, had it accepted, and returned to that coffee house and told them they just bought a house. If so congratulations,
As far as my experience goes lately this is a more likely scenerio when a client decides to make an offer.
We write and sign a contract of sale and accopanying documents 15-45 pages total includiong opinion 26 and disclosures, warranties, and more (a lot more than the 1 page on Property Virgins).
I then try to contact the Listing Agent who I pray will actually answer the phone. After waiting for the Listing Agent to retuen my voicemail, I decide to call them back and get the voicemail again. Finally after a few more tries I get in touch with the Listing Agent.
I then present the offer (I try to do this in person but that is usually never agreed upon) and never hear from the listing agent again until I track them down again.
To make a long story longer, if the offer is actually accepted then the attorney communication and review process begins. This "3-5 day process" has become longer and longer lately. Sometimes convincing the attorneys on both sides that they should start the review process takes 3 days.
After the Attorney Review we will hopefully be Under Contract and continue on to the Home Inspection, renegitiation after the home inspection, fire and CCO inspection, Financing Process, Walkthrough, etc.
If everything goes smoothly (on a property that is financed by the bank) the property will close in 45-90 days.
Attention First Time Buyers. This is how it works in real life. If you expect the process to by like it is on TV, you should find a coffee house that will allow you to stay there for 3 months bofore you buy your first home.