1. Initial phase
The initial phase usually starts with a feeling of being discontent with the present home and a willingness to spend some time researching the possible remedies. This discontent must be sufficiently acute in order for any of the next phases to be entered, otherwise it is simply a curiosity and is limited to web searches or occasional Sunday open house outings.
2. Getting serious
The Initial phase is ended in frustration. Buyers are spending time and not finding the answers to their housing requirements and questions. The search for help may start with family or friends but inevitably finds its way to financial officers and Realtors.
3. Pro-active search process
We now have all the four requirements to start a realistic home search. Financing in place; List of "must haves"; Primary and secondary towns; and a time specific to move. Let's get started.
At this point I always recommend that if you haven't done so, see all of the listings in your price range, regardless of description. This accomplishes two functions. First, you will either find your new home or eliminated what is now available. Second, it will let you know if the requirements you have are realistic. If you don't find a home and your requirements are realistic, then we wait for the right home to come on the market.
4. Getting your offer accepted
All phases of the process are important, but this phase is the most delicate. At this point you have found a home you would like to own, but you and the owner have not come to terms. This is not a fun time for buyers. You must get your offer accepted, thus eliminating other buyers.
5. Signing the Purchase and Sale Agreement.
The purchase and sale agreement is usually four identical documents all signed in the original. (I like to use blue ink because you can tell if it is original or a copy.) The offer has determined the date the P&S will be signed but the time will depend on the buyers and sellers schedule. Usually the buyers will meet me separately from the sellers and I go over the process. The actual documents will have been approved by both buyers' and sellers' attorneys but this may be the buyers first time to see the completed agreement.
At the time the buyers sign the P&S, I will have made five copies. Four are signed and the fifth the buyer takes with them unsigned as a record. This is also the time the buyer delivers the additional or P&S deposit check.
Finally I take the four signed P&S agreements and the deposit check to the listing broker. He or she takes the agreements to the sellers who signs them all, keeps two copies, and returns two completely signed copies to the buyer. Usually the two copies are mailed to buyer and buyers' attorney and a faxed copy is sent to the buyers' lender.
6. Between signing the P&S and closing.
There is a period of several weeks that follows the purchase and sale agreement that both buyer and seller should be looking for moving companies. This will take time and to find the right company at the right price but if you haven't done it yet, now is the time.
If you are a seller and moving to a new purchase, you will need to be completely out of your current property before you can receive any funds to close on your new home. Occasionally sellers will be allowed to remain in their house after ownership passes to the buyers, but this is rare. Most attorneys discourage buyers from closing until the seller is complete out of the property.
If you are a buyer you need to keep in contact with your mortgage company and insure that any paperwork they need from you they get quickly.
7. Closing day
On the day of closing, or perhaps the day before, the buyers will have a final walk through the property. This is not an inspection but used to insure that all the sellers personal property has been remove and that the home is in substantially the condition as expected.
