Buying or selling real estate (your home, condo, or land) is a long and intricate process. Most people only do it a few times in their lives, and so they are nervous when it’s time to buy or sell again.
Don’t worry – we’ll come to your rescue!
The Real Estate Outline
Here is a list of what happens as you proceed through buying and selling real estate, so that you know what to expect.
Buyers |
Sellers |
| Decide they want to buy a home | Decide to sell their home |
Review finances:
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Prepare Your Home:
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| Start your search for a home. Determine the location & features you want & need. | Determine pricing and other points of negotiation, complete legal requirements for disclosure of defects, deed restrictions, etc. |
| Collect information on the top homes to determine the best fit and best pricing. | Market the property to attract buyers. |
| Make an offer and negotiate terms. | Receive an offer and negotiate terms. |
| Bring in professional home inspectors. | Choose a closing agent. |
| Do not make any other large purchases that may affect your credit until after closing!(Don’t put a new living room set on your credit card) | Wait… |
Follow time line defined in contract:
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Keep an eye on the contract timeline and help keep things on track as needed…
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| Review the closing statement to be sure the contract terms are reflected there correctly. | Review the closing statement to be sure the contract terms are reflected there correctly. |
| Bring a bank or cashier’s check to closing to cover the balance due. | Collect all house keys, garage door openers, manuals, and codes for access or security systems.DO NOT PACK THESE! |
Sign paperwork – if you are getting a mortgage this will take a while.
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Sign paperwork – there are only a few papers to sign.
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| Collect all house keys, garage door openers, manuals, and codes for access or security systems. | Wait and wait while the buyer signs a mountain of paperwork and their lender approves it. |
| Be prepared to feel some anxiety before or after signing the paperwork. This is normal for many people. | Be prepared to feel some anxiety before or after signing the paperwork. This is normal for many people. |
| Congratulations! Pop open the bubbly & celebrate. | Congratulations! Go put the check in the bank, then celebrate. |
After closing: |
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| Be sure to apply for your homestead exemption with the county tax office. Also apply for Save Our Homes portability if you qualify. These can save you a lot of money in taxes each year. | If this was your homestead you may qualify for Save Our Homes portability, which can give you be a significant tax savings each year. This moves your SOH deduction from your old home to your next home, but you have to file the right paperwork – talk to the local property appraiser. |
| Make sure the home owner’s association knows you own the home now. | |
| Re-key the doors, and change any access codes. |