For those of you that prefer visual concepts, I have prepared a simple flow chart that illustrates the key steps involved in the purchase of real estate.
This illustration is designed to provide buyers with a road map to ownership from begining to end, it is not a detailed list of everything that occurs in a transaction.
I realize there may be some variance from state to state as some states are non-escrow states, but the overall process is generally the same.
If you have any recommedations or see anything that I may have missed please let me know.
Lastly, If you'd like a PDF copy of this, please feel free to email me.
Click here to view Flow Chart.
Very nice chart, Martin, thank you. It is so much simpler to explain processes via data flows or process diagrams!
I know you mentioned it is not suppossed to be a detailed list, but I was wondering if you could consider adding in your next version:
1. Inspection (another contingencies besides obtaining the loan.)2. In the case the property is a condo or co-op, there are some situations to be considered like having access to the Home Owner's Association regulations or the "Black Book". (Rescission Period).
I am sure others will contribute more ideas.
Best,
Nestor
Great job..... could be a useful tool when explaining the process to a client.
Thanks.
AWESOME OVERVIEW!
THANKS
Martin, what a valuable resource. You put a lot of work into this.
I'm curious, how do you use this as a marketing tool? When does it come into play with a client or realtor?
Hi Kate.
This flow chart came about as a result of one of my clients that wanted me to diagram the entire process. So I just drew this up on my computer and began to use it as a reference tool for my clients.
Thats about it..
Thanks for your comments.
M
Good morning ,
Can you PLEASE ass me i need a flow chart on the following
IT based activity documentation sending or request information
decision point or gateway where a decision has to be made and the flow can go more than one way
action to be carried out by a person in the organisation
event an action or IT based activity from an external source or carried out by the customer