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<img src="/icons/sync_red.svg" alt="/icons/sync_red.svg" width="40px" /> In this section, we delve into the detailed process flows for each of the key stakeholders involved in a residential real estate transaction. By understanding each role's specific actions and responsibilities, you can better navigate your part in the transaction, whether you're buying, selling, or assisting as a real estate professional.
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Do you have any questions? Would you like more detailed information?
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↑ Click the links above to jump to each role ↑
Are you a Visual Learner? Check out our interactive Flowchart below:
[Click here if you would like to see the flowchart in fullscreen mode](https://whimsical.com/residential-real-estate-transaction-flow-XstRYVHwncL5tdiTu2yJDF)
Click here if you would like to see the flowchart in fullscreen mode
The Buyer's Journey
1. Decision to Purchase
- Initial Consideration: The buyer decides to purchase a new home, based on personal or financial reasons.
2. Engaging a Realtor
- Selecting a Buyer's Agent: The buyer chooses a realtor to represent their interests and guide them through the home buying process. The buyer signs an exclusive agency agreement with their realtor to establish their relationship, confirm their initial search criteria, and to provide proof of their commitment during their house search.
3. Pre-approval for Financing
- Securing Financial Backing: The buyer obtains pre-approval from a lender, establishing their budget and credibility as a buyer.
4. Home Search
- Touring Properties: Accompanied by their agent, the buyer visits available properties, refining their preferences and understanding of the market.
5. Making an Offer
- Offer Preparation and Submission: The buyer, advised by their agent, makes a formal offer on a home they wish to purchase.
6. Negotiations
- Discussing Terms: Negotiations over price and terms occur, aiming to reach a mutually acceptable agreement.