The Evolution of Real Estate Process

When we are planning to buy a property what question comes to our mind first is how would the process be? Will it be easy or you need to pass through a needle hole to be able to own one. This is what we call the Real Estate Process. These processes have changed into generations.

Every time, I hear a story  from the elder people that there are no processes or problems that you will encounter if you wanted to own a property. You can own as much as you want as long as you can maintain it. Yes, you read it right! No money involve. You can just construct a building anywhere you want and how much you want. As the years pass by, they said that when the people started a government that is also the time that the “land/property title” was invented. The law has been imposed to every country or state. It is to protect every citizen’s legal rights, and the process has been improved over the years. I wish I was born during that time, I could be rich back then ^_<. However, it is just like an old wife’s story because there is no clear source on that.

What I am sure about is the present process of buying and selling a property. For home buying see below process: (credits to mod university)

  • Prequalification/Preapproval 
  • Find an Agent
  • Find a House/Make an Offer
  • Complete paperwork
  • Enter Escrow
  • Closing

Note: For home buying this will still depend on the buyer whether he/she is going to purchase the property through cash or mortgage.

For Home Selling see below process: (credits to mod university)

  • Find a Listing Agent
  • Sign an Agreement
  • Title Search
  • Home is inspected and valuated
  • Agent markets the home/receives offer
  • Seller approves an offer/terms are agreed
  • Home enters Escrow

With these processes a client/buyer/agent has to go though a lot. It is a long process and make sure that you made up your mind and 100% decided before you enter the first step on this process.

 

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