Overview Of The Process To Buy A Home (Real Estate) HOME BUYER: Episode 00003

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All transactions have different requirements and stipulations
that are dependent on the buyers and sellers and State Purchased in

The general the process to buy a home (real estate) in the USA is basically as follows:

1) Identify the property you want to purchase.

2) Make an offer on the real estate you have decided to purchase, and place your signatures on the offer to purchase forms supplied by the buyer’s agent.

3) At the time of signing the offer to purchase you will need to wire/send over $1,000.00-$5,000.00 USD minimum (depending on the purchase price this can be a larger amount) as a security deposit to the title company/attorney of the seller’s choice to secure the property (check with each state/country for their requirements) this is showing your good faith in that you want to purchase the property. Once the buyer and seller have signed the offer to purchase this then becomes a contract. Between the signed contract and the security deposit this removes the property from having other offers accepted to sell the property to someone else. If the offer is not accepted and there is no agreement this amount is refunded to the buyer, minus any wiring fees if the buyer wants the funds wired back or sent to them.

4) Once you have signed the offer to purchase and sent (wiring is preferred) the escrow money deposit, The signed offer to purchase will be given to the seller’s agent.

5) Seller’s agent presents offer to purchase to the seller for his acceptance or counter offer, if accepted signatures of all sellers are required.

6) Seller’s agent sends a copy of the signed offer to purchase which is now a contract between the buyer and seller back to the buyer’s agent. The buyer’s agent will then send a copy to the buyer for their records.

7) The title company/attorney gathers all legal documents together and verifies all information.

8) The title company/attorney sends you and the seller a package of legal documents for each to sign and return.

9) You sign the documents and return to title company/attorney and wire transfer or as direct by the title company/attorney the final amount to them.

10) Once that is completed, then all documents signed by all parties and the money has to be wired to the title company/attorney. When funding has taken place then it is considered a completed transaction and the house is yours.

11) All the paperwork can be emailed to you so you don’t even have to be at the closing.

12) The keys are sent to whoever the buyer has selected to receive them or the buyer receives at closing.

13) If it’s a loan or cash purchase on a bank owned or regular sale (not a short sale) it’s possible to close/complete in as little as 3-6 weeks!

14) A short sale can take a longer time to complete and could potentially be anywhere from 6 weeks to ? months. The time frame will vary from lender to lender and their requirements will determine the time frame to complete the transaction. Normally they are in the 2-7 month time frame which will be determined by the number of loans on the property.

Again this is the general process and can vary dependent on the

seller – buyer – and other facts.

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