Offer Who’s involved: buyers’ agent, listing agent, buyers, sellers When the buyers find a house they want to pursue, they put in a purchase offer. The buyers’ real estate agent writes up an offer and presents it to the sellers’ listing agent. The listing agent takes the offer to the sellers, who can then accept, counter, decline or not respond. If the sellers deem the offer acceptable, a sale contract is executed.

Due diligence Who’s involved: inspector, buyers' agent, buyers, sellers, listing agent Buyers then contact a home inspector. Often real estate agents have a list of potential home inspectors in the area the buyers can use. Depending on what the inspector finds, he or she may recommend other professionals look at the property, such as companies that specialize in foundation repairs, pest control or roofing. The buyers may use the information to negotiate for repairs or a modified selling price, though the sellers are not obligated to agree to the negotiated terms.

Finance Who’s involved: lender, lending company employees, appraiser, buyers The buyers often use the mortgage or lending company they were prequalified with, but they do not have to use the same company. The buyers submit documents necessary to process the loan such as pay stubs and tax returns. The lender submits this information to an underwriter and then the lending company's closing department.  The mortgage company also executes an appraisal. The appraiser determines if the value of the home matches the selling price. Though there are multiple people processing the loan throughout this process, the buyers are typically interacting with the lender.

Closing Who’s involved: title company, listing agent, real estate agent, buyers, sellers, lender If the financing is approved and the buyers and sellers have agreed upon any negotiations that arise, a closing date is set. The closing process often takes place at the title company, which is responsible for ensuring the documents involved in the closing process are legitimate and provides an agent at the closing. Both the buyers and sellers go through the paperwork, but usually at different times. After the closing process, the buyers may move into their new home.

Selling a home

Deciding to sell a home Who’s involved: the sellers Potential sellers may decide to sell their home based on employment changing, needing to upgrade or downsize, or wanting to change locations.

Finding a listing agent Who’s involved: listing agent, sellers The first step in selling a home is usually to identify a listing agent. Though some homes are sold by the owners, the vast majority of homes are sold by real estate agents. Sellers often interview agents to see who will best represent their interests.

Preparation Who’s involved: listing agent, sellers The listing agent and sellers get the home ready to be sold by doing yard work, painting or large-scale repairs. A staging professional can also be hired to help make the home attractive to buyers.

Marketing Who’s involved: listing agent, sellers The listing agent takes photos and puts them on different listing services along with information such as the home's listing price, square footage, and number of bedrooms and bathrooms. Some sellers hire aerial photographers to take photos using drones.

Offers Who’s involved: buyers' agent, listing agent, buyers, sellers In Central Texas, many homes for sale receive multiple offers. Though this can drive up the price, the sellers may not always accept the highest bid if other potential buyers are offering cash, a quicker closing date or other terms amenable to the sellers. The sellers can counter, decline, ignore or accept the offers presented.

Negotiations Who’s involved: listing agent, sellers, buyers, buyers’ agent After the buyers perform their due diligence by getting the home inspected, the sellers can respond to any negotiations the buyers may put forth. For example, if the air conditioner needs repairs, the sellers may offer to replace it, reduce the home's list price or ask the buyers to move forward as is. If both parties agree to the negotiated terms, a closing date is set.

Closing Who’s involved: title company, listing agent, real estate agent, buyers, sellers, lender If the financing is approved and the buyers and sellers have agreed upon any negotiations that arise, a closing date is set. The closing process often takes place at the title company, which is responsible for ensuring the documents involved in the closing process are legitimate and provides an agent at the closing. Both the buyers and sellers go through the paperwork, but usually at different times. After the closing process, the buyers may move into their new home.

Sources:  Cindy Crawford, Keller Williams Real Estate Agent 512-522-5002 www.cindycrawfordhomes.com

E. Lee Smith, Georgetown Mortgage 512-930-7888 www.georgetownmtg.com