1. Buyer and Agent refine what the buyer wants, to match what they can afford, after consulting with a lender regarding affordability, monthly payment expectations and total cash needed to close.
2. Buyer finds property they want to make an offer on. Agent advises with regard to value of their choice and negotation strategy.
3. Buyer signs offer, gives Buyer Agent the Earnest Money check, offer is negotiated and "signed around".
4. Escrow is opened by Buyer's Agent and Earnest Money check is deposited.
5. Home Inspection is ordered.
6. Buyer applies for their loan
7. The Home Inspection takes place (buyer pays for it on the spot) and agent and buyer review the inspection on the spot and discuss home inspection negotiation strategy.
8. Home Inspections is negotiated and if a condo, resale certificate is reviewed.
9. Buyer confirms decision to purchase property or cancels transaction based on home inspection and/or resale certificate.
10. Agent makes sure lender and escrow have everything they need to complete the transaction.
11. Loan documents arrive at escrow and escrow makes a signing appointment with the buyer and buyer agent.
12. Lender faxes estimated closing cost details (HUD 1) to agent. Agent reviews figures with the buyer prior to arriving at the signing appointment. Agent adjusts figures as needed with escrow.
13. Agent and buyer go to escrow and sign papers with escrow officer.
14. Escrow returns signed paperwork to lender and the loan is funded.
15. Escrow calls all parties when the transaction is recorded at the county and agent gets keys from seller's agent and delivers to buyer.
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