Basically, a 30 day transaction (which is the norm in the Seattle area) should break down into three phases.
Phase 1 is the buyer’s “Due Diligence” portion and should last about 10 to 14 days. By halfway through the transaction everyone should know that the property is SOLD and there should be no “ifs” left. Preferably this happens within the first 10 days.
Phase 3 would be the last 10 days or “closing” phase, which on the West Coast is a process, as opposed to an “event”. Loans should be approved, Loan Docs on their way, signing appointments scheduled.
Phase 2 is in between the two and involves the agents and escrow and Title Company and lender. Once they get the go ahead that the buyer is finished with their due diligence, the home appraised OK, the lender has everything he needs from the buyer and the loan is approved, the process starts moving toward Phase 3 and the closing.
The entire description of the transaction appears on my blog. It is too lengthy to bring over here and is color coded, so a buyer can read the green parts and know pretty much what the buyer needs to do, vs. what everyone else might be doing.
Most of what the seller does in the real estate transaction, is done by the time the property is “under contract”. I will do the “Getting a house ready for market” and the “Anatomy of an Offer to Purchase” when I’m finished with the steps in the transaction, post.
I would appreciate it if anyone who can spare the time will look over at the post on my blog and see if it is “user friendly”. Make comments there to help me edit it. I think it will be a usefuly tool for buyers to have before they make an offer, as well as during escrow. It might also be useful for new agents to get a better “feel” for what happens after the offer is accepted.
I appreciate your taking the time.