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The Buying & Selling Process

Whether you’re buying or selling property, understanding the complete process helps you make informed decisions and avoid surprises. This guide walks you through every step of both journeys.

The Home Buying Process

Phase 1: Preparation (2-4 Weeks)

Step 1: Assess Your Financial Situation

  • Review your credit score and report
  • Calculate your budget and savings
  • Determine down payment amount
  • Estimate monthly housing costs
  • Factor in additional expenses

Step 2: Get Pre-Approved for a Mortgage

  • Research and compare lenders
  • Gather financial documents
  • Submit pre-approval application
  • Receive pre-approval letter
  • Understand your borrowing capacity

Step 3: Define Your Criteria

  • List must-have features
  • Identify preferred locations
  • Determine property type
  • Consider future needs
  • Set realistic expectations

Step 4: Assemble Your Team

  • Select a real estate agent
  • Choose a lender
  • Identify home inspector
  • Consider attorney (if needed)
  • Find insurance agent

Timeline: 2-4 weeks
Cost: Usually free (except possible credit report fee)

Phase 2: Property Search (2-8 Weeks)

  • Review online listings
  • Attend open houses
  • Schedule private showings
  • Explore neighborhoods
  • Take notes and photos

Step 6: Evaluate Properties

  • Compare features and prices
  • Consider location factors
  • Assess condition
  • Evaluate long-term value
  • Review homeowner association rules

Step 7: Narrow Your Options

  • Create shortlist of favorites
  • Schedule second viewings
  • Bring family/friends for input
  • Ask detailed questions
  • Visualize living there

Timeline: Varies widely, typically 2-8 weeks
Cost: Free

Phase 3: Making an Offer (1-2 Weeks)

Step 8: Conduct Additional Research

  • Review comparable sales
  • Research neighborhood trends
  • Understand seller’s situation
  • Check property history
  • Review disclosure documents

Step 9: Determine Offer Strategy

  • Decide on offer price
  • Plan contingencies
  • Consider earnest money amount
  • Determine closing timeline
  • Decide on included items

Step 10: Submit Your Offer

  • Complete purchase agreement
  • Include pre-approval letter
  • Submit earnest money deposit
  • Specify contingencies
  • Set response deadline

Step 11: Negotiate

  • Review seller’s response
  • Prepare counteroffers if needed
  • Stay within your budget
  • Remain objective
  • Reach mutual agreement

Timeline: 1-2 weeks
Cost: Earnest money deposit (1-3% of purchase price, applied to closing)

Phase 4: Under Contract (30-45 Days)

Step 12: Open Escrow

  • Sign purchase agreement
  • Deposit earnest money
  • Title search begins
  • Schedule inspections
  • Begin mortgage application

Step 13: Complete Home Inspection

  • Hire professional inspector
  • Attend inspection if possible
  • Review detailed report
  • Identify major concerns
  • Decide on repair requests

Step 14: Request Repairs or Credits

  • Prioritize safety and structural issues
  • Submit repair request
  • Negotiate with seller
  • Reach agreement
  • Confirm repairs in writing

Step 15: Complete Mortgage Application

  • Submit full application
  • Provide all documentation
  • Schedule property appraisal
  • Respond to lender requests
  • Monitor application progress

Step 16: Property Appraisal

  • Lender orders appraisal
  • Appraiser evaluates property
  • Review appraisal report
  • Address low appraisal if occurs
  • Lender reviews for approval

Step 17: Finalize Financing

  • Complete underwriting
  • Meet any conditions
  • Receive clear to close
  • Lock interest rate
  • Review closing disclosure

Step 18: Final Walk-Through

  • Inspect property 1-2 days before closing
  • Verify repairs completed
  • Check included items present
  • Ensure property condition unchanged
  • Document any issues immediately

Timeline: 30-45 days
Cost: Home inspection ($300-500), appraisal ($400-600)

Phase 5: Closing (1-2 Days)

Step 19: Review Closing Documents

  • Receive closing disclosure (3 days before)
  • Review all costs and fees
  • Verify loan terms
  • Check property details
  • Note any discrepancies

Step 20: Prepare for Closing

  • Arrange certified funds
  • Bring valid ID
  • Review final figures
  • Confirm closing location
  • Schedule time off work

Step 21: Attend Closing

  • Sign all documents
  • Transfer funds
  • Receive keys
  • Get copies of all documents
  • Celebrate your new home!

Timeline: 1-2 days
Cost: Down payment + closing costs (2-5% of purchase price)

Phase 6: Post-Purchase (First 30 Days)

Step 22: Move In

  • Change locks
  • Set up utilities
  • Update address
  • Test systems
  • Meet neighbors

Step 23: Handle Administrative Tasks

  • File homestead exemption
  • Set up homeowners insurance
  • Register with HOA (if applicable)
  • Organize important documents
  • Create maintenance schedule

Timeline: First 30 days
Cost: Moving expenses, immediate purchases

The Home Selling Process

Phase 1: Preparation (2-6 Weeks)

Step 1: Decide to Sell

  • Evaluate market conditions
  • Assess your readiness
  • Understand your equity
  • Plan your next move
  • Set timeline goals

Step 2: Choose a Real Estate Agent

  • Interview multiple agents
  • Review track records
  • Discuss marketing strategies
  • Understand commission structure
  • Sign listing agreement

Step 3: Determine Asking Price

  • Review comparative market analysis
  • Consider recent sales
  • Evaluate your property’s condition
  • Understand market trends
  • Set strategic pricing

Step 4: Prepare Your Home

Repairs:

  • Fix obvious problems
  • Address safety issues
  • Improve curb appeal
  • Update dated features
  • Complete necessary maintenance

Cleaning:

  • Deep clean entire home
  • Clean carpets and windows
  • Organize and declutter
  • Remove personal items
  • Create neutral environment

Staging:

  • Arrange furniture optimally
  • Enhance lighting
  • Add neutral decor
  • Create inviting spaces
  • Maximize appeal

Step 5: Professional Photography

  • Hire experienced photographer
  • Stage for photos
  • Capture best features
  • Include exterior shots
  • Create virtual tour

Timeline: 2-6 weeks
Cost: Repairs, cleaning, staging (varies), photography ($300-500)

Phase 2: Marketing (Ongoing)

Step 6: List Your Property

  • Enter into MLS
  • Post on major websites
  • Create marketing materials
  • Install yard sign
  • Launch social media campaign

Step 7: Host Open Houses

  • Schedule strategically
  • Prepare home for visitors
  • Provide information sheets
  • Create welcoming atmosphere
  • Collect feedback

Step 8: Manage Showings

  • Stay flexible with timing
  • Keep home showing-ready
  • Leave during showings
  • Provide easy access
  • Maintain cleanliness

Step 9: Track and Adjust

  • Monitor showing activity
  • Gather buyer feedback
  • Assess market response
  • Adjust strategy if needed
  • Consider price adjustments

Timeline: Until offer accepted
Cost: Utilities, maintenance during listing period

Phase 3: Receiving and Evaluating Offers (1-2 Weeks)

Step 10: Review Offers

  • Evaluate all components
  • Consider buyer qualifications
  • Assess contingencies
  • Review proposed timeline
  • Check earnest money amount

Step 11: Respond to Offers

  • Accept, counter, or reject
  • Negotiate terms
  • Consider multiple offers
  • Communicate through agent
  • Reach agreement

Step 12: Accept an Offer

  • Sign purchase agreement
  • Receive earnest money
  • Begin escrow process
  • Prepare for inspections
  • Coordinate with your agent

Timeline: Varies, could be days to weeks
Cost: None

Phase 4: Under Contract (30-45 Days)

Step 13: Facilitate Home Inspection

  • Schedule convenient time
  • Make property accessible
  • Await inspection report
  • Review buyer’s requests
  • Negotiate repairs or credits

Step 14: Complete Agreed Repairs

  • Hire qualified contractors
  • Obtain necessary permits
  • Complete work on time
  • Document repairs
  • Provide receipts and warranties

Step 15: Coordinate Appraisal

  • Allow appraiser access
  • Provide property information
  • Highlight improvements
  • Supply comparable sales
  • Address low appraisal if occurs

Step 16: Respond to Buyer Requests

  • Provide requested documents
  • Answer questions promptly
  • Facilitate additional showings
  • Cooperate with lender
  • Maintain communication

Step 17: Plan Your Move

  • Schedule movers
  • Begin packing
  • Arrange utilities transfer
  • Update addresses
  • Coordinate timing with purchase

Timeline: 30-45 days
Cost: Negotiated repairs, moving expenses

Phase 5: Closing (1-2 Days)

Step 18: Complete Final Preparations

  • Remove all personal property
  • Complete final cleaning
  • Leave agreed items
  • Gather all keys and remotes
  • Prepare for final walk-through

Step 19: Attend Final Walk-Through

  • Buyer inspects property
  • Verify repairs completed
  • Confirm property condition
  • Address last-minute concerns
  • Resolve any issues

Step 20: Review Closing Documents

  • Examine settlement statement
  • Verify payoff amounts
  • Understand all credits and debits
  • Check tax prorations
  • Note any discrepancies

Step 21: Close the Sale

  • Sign all documents
  • Transfer ownership
  • Receive proceeds
  • Hand over keys
  • Cancel homeowners insurance

Timeline: 1-2 days
Cost: Real estate commission (typically 5-6%), closing costs (1-3%)

Phase 6: Post-Sale (First 30 Days)

Step 22: Complete Administrative Tasks

  • Cancel utilities
  • Forward mail
  • File appropriate taxes
  • Keep closing documents
  • Update address with institutions

Step 23: Financial Considerations

  • Deposit proceeds
  • Pay off outstanding liens
  • Consult tax advisor
  • Plan for capital gains taxes
  • Update financial plans

Timeline: First 30 days
Cost: Tax implications (if applicable)

Simultaneous Buying and Selling

Many people need to sell one property while buying another. Here’s how to coordinate:

Strategy 1: Sell First, Then Buy

Advantages:

  • Know your budget
  • Stronger buying position
  • Less stress
  • No double mortgage

Disadvantages:

  • Temporary housing may be needed
  • Could miss perfect property
  • Market may change

Strategy 2: Buy First, Then Sell

Advantages:

  • No temporary housing
  • Time to prepare sale property
  • Less rushed

Disadvantages:

  • Need significant funds
  • Risk of two mortgages
  • More stressful
  • Contingent on sale

Strategy 3: Contingent Offers

How It Works:

  • Purchase contingent on selling current home
  • Protects you financially
  • Common in balanced markets

Considerations:

  • Less attractive to sellers
  • May lose in multiple offers
  • Could delay both transactions

Strategy 4: Bridge Financing

How It Works:

  • Short-term loan bridges gap
  • Uses equity from current home
  • Pay off when home sells

Considerations:

  • Higher interest rates
  • Additional costs
  • Requires significant equity
  • Time-limited

Key Documents You’ll Encounter

Buying Documents

  • Pre-approval letter
  • Purchase agreement
  • Inspection reports
  • Appraisal report
  • Loan estimate
  • Closing disclosure
  • Deed and title
  • Mortgage note
  • Property insurance

Selling Documents

  • Listing agreement
  • Property disclosure
  • Comparative market analysis
  • Purchase agreement
  • Repair receipts
  • Settlement statement
  • Deed transfer documents

Important Timelines and Deadlines

Never Miss These Deadlines:

  • Inspection contingency removal
  • Financing contingency removal
  • Appraisal contingency removal
  • Title review period
  • Final walk-through
  • Closing date

Consequences of Missing Deadlines:

  • Lose earnest money
  • Breach of contract
  • Legal liability
  • Transaction cancellation

Resources and Next Steps

Ready to Begin?

For Buyers:

For Sellers:

Questions?

Check our FAQ section for answers to common questions.

This guide provides general information and timelines may vary by market and situation. Always consult with qualified real estate professionals for your specific circumstances.