Real Estate Purchase Timeline

 

Real Estate Purchase Timeline

 

While every Real Estate transaction is different most follow a similar timeline. A typical real estate transaction takes about 30 days from start to finish.  Below is a general outline of a real estate purchase. If a buyer is financing, a pre approval letter and/or a preliminary loan paper work should be completed prior to writing an offer.

 

Day 1 Offer accepted and escrowed.

Day 1-10 Option/Inspection period begins

Day 11-21 Appraisal is ordered

Day 11-25 Title work in received

Survey ordered

Buyer obtains property Insurance

Day 26 Contact Utility Providers

Day 29 HUD statement is reviewed

Day 29 Buyers walkthrough

Day 30 Closing/funding

Hiring a Remodeling Contractor

Tips for Hiring a Remodeling Contractor

1. Get at least three written estimates. Make sure they write down exactly what is going to be done and when the work will be completed.

2. Call references and if possible go by and visit earlier jobs. If you drive by a house being worked on stop and talk to them. You can visually see their work while talking to them plus you already know they will show up to work.

3. Call the local Chamber of Commerce or Better Business Bureau for complaints. Also, verify that they have all needed permits, licenses, and insurance.

4. The smaller a downpayment the better, you won’t lose a lot of money if the contractor does not finish the work.

5. Find out if the contractor’s will do the entire job or whether subcontractors will be assisting.

6. Make sure the contract indicates that the contractor will clean up after the day’s work and when the job is completed. Also, that they are responsible for any damage.

7. Verify that materials used is what you aggreed upon.

8. Once your satisfied with the work, then make the final payment.