Simply Do It’s Typical Rental Purchase Process

Preliminary steps

  1. Hold an intro session with Simply Do It – FREE, 30-45 mins
  2. Sign Simply Do It’s program engagements docs
  3. Hold a kickoff session – approx. 45-30 mins

Purchase Process

  1. Review relevant properties
  2. Submit an offer
    1. Negotiated/agree on terms
  3. Get under contract – CRITICAL MILESTONE
    1. Start due-diligence period (typically 10 days)
    2. Agent to order an inspection 
    3. Agent to open transaction’s title and an escrow account
      1. Buyer to send earnest money to escrow – typically w/in 2-3 days
    4. Buyer to make lender has fully signed purchase agreement
      1. Lender to order an appraisal 
    5. The property manager (PM) gets a notification of property under contract + buyer’s name + address
    6. Agent to conduct an initial property walkthrough 
    7. Inspection takes place
      1. Post-inspection re-negotiation (if required)
    8. If possible – the property manager to walk the property as well
    9. If all ok w/ the inspection and post-inspection items proceed w/ transaction 
    10. The appraisal takes place (typically +/- 5 days before closing)
    11. Buyer to sign PM agreement 
  4. Purchase-Closing of property
    1. PM to take keys 
    2. PM to start work on the make-ready of the property 
    3. PM to advertise property for lease
    4. Show property to prospects
    5. Receive application/s and run credit and background checks
    6. Sign lease w/ qualified renter
    7. Renter moves in