Rate-Limiting Step
Wave 958
Wednesday
The 10th of February, 2010 at 11:16 AM
The house-buying process reminds me of a chemistry experiment. You have it clearly outlined on paper: the ingredients, several sets of reactions, and the desired final product. We will dub the set of reactions as Offer, Inspection, Closing. Today's issue: The Offer Reaction.
The Ingredients: Me, my agent, the sellers, their agents.
The Reaction: Me -> My Agent -> Sellers' Agent -> Seller -> Seller's Agent -> My Agent -> Me.
The Product: Accepted Offer - Signed Purchase Agreement
Here is what this seemingly simple reaction has looked like. Stars stand for a magical step that happens only with a bit of skill... but mostly magic...
At this point, the Offer Reaction is the rate-limiting step of the experiment. From offers, to counter offers, to mortgage loan requirements, to relocation requirements, and back to the drawing board... I've had a messy first reaction in this house-buying experiment...
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Comments
Alex
February 11th, 10:48:06 PM
Good diagram! I’ll use this... 10 years from now when I’m house hunting. :) Better keep the website going for that long!
Good luck with the houses.
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