New homeowners usually hire professional moving services. Once approved by escrow, the transaction moves to closing where the title and house keys will be handed over to the buyer.įinally, the buyer can now move in to their DREAM HOME. Once both selling and buying agrees that all conditions are satisfied, paperworks are submitted to the attorney or escrow for review. Negotiations happen quite a lot in the buying process. Home and appraisal inspections are scheduled by the buyer. Once seller approves the offer, they sign the paperworks. Seller and buyer sometimes negotiates on the price and offer conditions. The buyer has to be strategic on how the offer letter is constructed to easily entice the seller. This also requires more effort and time.īuyer sends the seller a formal offer containing the downpayment, total offer amount, how the property will be paid and conditions in buying the property. How much down payment can they make?īuyer checks prequalification and preapproval to know how much a lender can approve.īuyer either hires an agent or continues the home search on their own.īuyer goes to open houses to physically inspect the property.ĭoing home search on their own may lengthen the buying process since they have limited access to listings available in the area. Visits websites and checks listing announcements in newspaper (online/hard copy)īuyer determines how much house they can afford. Why is there a need to hire a real estate agent.īuyer searches for properties._abc Powtoon Transcript HOME BUYING PROCESS
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