33 Steps REALTORs® do to complete a Purchase

By
Real Estate Agent with Buyers Advantage Real Estate Corp. (c: 703.216.5635)
http://actvra.in/yn6

 

33 Steps REALTORs® do in order to complete a purchase residential sale from start to finish. That’s right there’s at least 33 steps. Never say no one told you so. You curious on what it is WE do to earn our commission, well here it is.  For us REALTORs® this is nothing new, so please bare with me, you probably have your own methods of how you do it but it’s usually all the same. 


I primarily work as a Buyers agent, however there are times when I do represent a seller and that my dear, the tasks are different, so please pay attention because its a lot, but I thought it was necessary that its put out there. These are steps to a regular purchase sale, NOT if it is a Short Sale or REO purchase. There is even MORE we have to do.  In real estate,TIME is of the essence so we have a time limit on when certain

tasks MUST be completed. In a later blog I’ll address that and am willing to take it even further. I will tell you just how MUCH time it takes and equate that into $ for you. For my peers, if I leave anything out I need for you to jump in and add anything that you feel is important or relevant to this transaction. I’m sure I’m leaving SOMETHING out...

 

1.   Phone and Email consult

 

2.  Client Meet/Exclusive Representation

 (Narrow down clients needs/wants, discuss expectations, company/client responsibilities and MY working hours. Buyers agreement is signed (I allow you to determine the timeframe, whether it is 1 hr or 1 day, that is totally up to the prospective client. Discuss and recommend title companies/home inspectors)  

 

2a. Deposit Retainer Check

(Yes, I do collect a retainer fee. Once the transaction is closed my company refunds it.  We don’t settle, I keep it)

 

3. Lender Consult, receive preapproval 

 

4. Schedule search review

 

4a. Schedule Showings (I only show 3 properties at one time)

 

4b. Setup automated custom searches

 

5. Submit offer along with EMD, Contract negotiated and accepted 

 

6. Ratified contract received (all parties have signed and agreed to terms of contract)

 

6a. Deposit Earnest Money

 

7. Order home inspection (I highly recommend anyone purchasing a home to get one, whether it is new construction or not )

 

8.  Deliver contract to lender  

 

8a.  Deliver contact to closing attorney (title company)

 

9.  Verify appraisal is ordered

 

9a.  Order HOA and Condo docs if applicable

 

10. Call Attorney make sure title is ordered

 

11.  Schedule settlement date and time

 

12. Call Lender - verify loan is processed

 

13. Home inspection completed

 

14. Termite Inspection completed

 

15.  Remind Homeowner to purchase hazard insurance

 

16.  Setup Home Warranty

 

17.  Update Buyer on contract status

 

18.  Call Lender for loan status

 

19.  Verify appraisal is completed

 

20.  Verify title is clear and survey is ordered

 

21.  Verify Lender has everything that is needed for loan approval 

 

22.  Call Lender for loan status (we call more than once...just so you know, matter of fact we call more than once on a lot of things)

 

23.  Send utility company information to buyer

 

24.  Verify HOA/condo docs are ordered/received

 

25.  Get copy of Well and Septic Report (if applicable)

 

26. Verify loan is OUT of underwriting

 

27.  Final lender verification/clear to close

 

27a.  Confirm settlement time and date

 

28.  Get Pre-settlement HUD-1

 

28a.  Buyer briefing for settlement (discuss draft HUD1-Settlement statement)

 

29. Final walkthrough ( I recommend final walkthrough is done day before settlement or on the way to)

 

30. Settlement/receive signed and final HUD-1/client survey received

 

31. Disburse Funds

 

32. Request Retainer Fee to purchaser    

 

33.  Followup/ask for referral

 

So there... you have it.  

 

 

 

Posted by



Serving all areas of Prince William, Fairfax, Stafford, Alexandria, Arlington and Spotyslvania Counties. Guiding you through the process of purchasing or selling residential property.                 

                                                                                                                   

 Cheryl Thomson, Realtor ® | 703.216.5635 | cheryl@buyercoach.com | Buyers Advantage Real Estate Corp | 4004 Genesee Place, Suite 113, Woodbridge, VA  22192

 

            





                                                                                                                                                    



                                                                          

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Re-Blogged 5 times:

Re-Blogged By Re-Blogged At
  1. Ava Anderson 04/03/2012 09:11 PM
  2. Kim Carlson 04/04/2012 05:02 AM
  3. Tom Burris 04/04/2012 06:03 AM
  4. Sibley Poland 04/04/2012 08:37 AM
  5. Fred Strickroot 04/04/2012 05:01 PM
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Anonymous
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Hello Cheryl,

This is a great post! Thank you for taking the time to remind us all what's involve in a transaction. You'll be surprise to know how many people think we don't do much for our commission. If we all explain to the consumer out there what's involve in a transaction step by step like you did, I think they will have more respect for our because. Great Job Cheryl!

April 04, 2012 11:43 AM #40
Ambassador
942,856
Amanda and Jared Christiansen, YOUR Fort Wayne Realtors
Century 21 Bradley (260)704-0843 - Fort Wayne, IN
Century 21 Bradley.

Very nice list!  I thought that we just opened doors and collected checks??  I'm going to bookmark this for future reference.  Great post and congrats on the feature!

April 04, 2012 01:32 PM #41
Rainer
200,519
Cheryl Thomson, REALTOR, Retired (U.S. Army)
Buyers Advantage Real Estate Corp. (c: 703.216.5635) - Woodbridge, VA
Real Estate in Northern Virginia

Thanks guys:) I'm quite thrilled to receive as much feedback as I did.

April 04, 2012 01:37 PM #42
Rainer
66,298
Fred Strickroot
Fred Strickroot - HomeNet - Tampa Bay Area - 1-888-864-2758 - Trinity, FL
Tampa Bay Area Homes For Sale

Well put Cheryl. I knew there were a lot of steps but never outlined them like you have. Thanks!

April 04, 2012 04:49 PM #43
Rainer
200,519
Cheryl Thomson, REALTOR, Retired (U.S. Army)
Buyers Advantage Real Estate Corp. (c: 703.216.5635) - Woodbridge, VA
Real Estate in Northern Virginia

Hi Fred. Yes indeed it is. I will be putting out a blog for the steps we do when working with a seller soon.

April 04, 2012 05:18 PM #44
Ambassador
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Norma Toering
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes & Beach Cities Homes in L.A. CA

Cheryl - My email transaction log usually totals over 100 by the time escrow closes.  It's a long list and if it's a short sale it gets even longer.

April 04, 2012 05:18 PM #45
Rainer
198,910
Beth Paterson
Reverse Mortgages SIDAC, NMLS #173899 - Saint Paul, MN
NMLS #342859

Great post, Cheryl!  I don't think people realize all that is involved.  I too had done a post on what I do as a reverse mortgage broker.  My list was about 59 steps but I included a lot of detail on the little steps as well as the estimate time for each step.  People are overwhelmed by looking at the list.  Hopefully your list provides some insight for your clients!

April 04, 2012 05:34 PM #46
Ambassador
1,231,992
Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate

Good summary. One major thing is mentally advising and consulting. We give the buyer our best advice.

April 04, 2012 07:13 PM #47
Rainmaker
398,734
Regina P. Brown
California Coast & Country Homes, Inc. - San Luis Obispo, CA
e-Pro Realtor

... only 33 ?  ... (he he)

April 04, 2012 07:46 PM #48
Ambassador
1,195,541
Tammie White
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net - Franklin, TN
TW Realty Group, Franklin TN, South of Nashville

Cheryl, how do we do all this? Oh my goodness, no wander my days are so crazy.

April 04, 2012 10:02 PM #49
Ambassador
409,476
Tammy Emineth
Personal SEO - Website SEO and Real Estate Marketing - Marysville, WA
Content Marketer, SEO Teacher, Website Fixer

Excellent job on the list, Cheryl and the graphic is so fitting! Ha.. Congrats on the feature! sorry I didn't head over here sooner! What a week! Hope you're having an awesome one! :)

April 05, 2012 09:18 AM #50
Rainer
200,519
Cheryl Thomson, REALTOR, Retired (U.S. Army)
Buyers Advantage Real Estate Corp. (c: 703.216.5635) - Woodbridge, VA
Real Estate in Northern Virginia

Thanks Tammy. I hope you enjoyed reading.

April 05, 2012 09:25 AM #51
Rainmaker
703,829
Sharon Parisi
Keller Williams Dallas Premier Realty - Dallas, TX
Dallas Homes

Cheryl, this list makes me exhausted when I think of all the things that happen between the 33 items on the list!

April 05, 2012 10:57 PM #52
Rainer
200,519
Cheryl Thomson, REALTOR, Retired (U.S. Army)
Buyers Advantage Real Estate Corp. (c: 703.216.5635) - Woodbridge, VA
Real Estate in Northern Virginia

Oh I know, when I go back and reread it I know I left a few things out too!

April 06, 2012 06:06 AM #53
Rainmaker
158,922
Angelica Blatt
DeLuca Real Estate - Monterey, CA
Selling the Monterey Peninsula over 15 years!

I like the part about the retainer fee. We do not do that here in CA. as a usual course of business.

April 12, 2012 06:15 AM #54
Rainer
200,519
Cheryl Thomson, REALTOR, Retired (U.S. Army)
Buyers Advantage Real Estate Corp. (c: 703.216.5635) - Woodbridge, VA
Real Estate in Northern Virginia

Angelica. Maybe you can persuade them to?

May 11, 2012 07:23 PM #55
Rainmaker
398,734
Regina P. Brown
California Coast & Country Homes, Inc. - San Luis Obispo, CA
e-Pro Realtor

Cheryl, you're on the ball, I love it!  ~ Regina Brown

May 21, 2012 11:52 AM #56
Rainer
25,804
Kevin Sembrat
Diversified RCS Inc; http://www.ManhattanPropertiesGroup.com - Manhattan, NY

Hi Cheryl,

You are correct -- this was a nice precursor summary to your "43 Steps..." blog.

Kevin

May 21, 2012 12:24 PM #57
Rainmaker
344,458
Dan Brudnok
Keller Williams RE- Exton - PA License Number #RS225179L - Downingtown, PA
REALTOR,e-PRO,ABR,GREEN,SRES,CSP

Cheryl,

OUTSTANDING post and one I will put to use....thanks for sharing and have a great rest of the week!

May 23, 2012 05:07 AM #58
Rainer
200,519
Cheryl Thomson, REALTOR, Retired (U.S. Army)
Buyers Advantage Real Estate Corp. (c: 703.216.5635) - Woodbridge, VA
Real Estate in Northern Virginia

Hi Dan.  Just realized you made a comment...thanks for stopping by!

May 29, 2012 12:26 PM #59
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Cheryl Thomson, REALTOR, Retired (U.S. Army)

Real Estate in Northern Virginia
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