HOUSE & LOT

Think of all the task that you perform when you purchase a house & lot. Include any research, decisions considerations, or financial issues that relate to the purchase. Draw a Gantt Chart & PERT Chart that shows all the tasks and the estimated duration of each.

(Note: You should come up with a task listing as well as its dependencies.)

PROCEDURES IN PURCHASING A HOUSE.

1. Get pre-qualified for a loan. (10 days)


2. After the loan pre-qualification you can now talk to a Realtor to show you houses. (5days)


3. You now make an offer. (3days)


4. After analyzing the offer it will now be accepted. (2days)


5. You can open an Escrow. (5days)


6. After opening an Escrow two task can be perform you can make Deposit (3days) & do home inspection. (right after opening escrow) (3days).


7. As part of the home inspection two task again can be perform. You can ask for a copy of termite inspection (1day) & Ask for copy of all Seller's Disclosure and approve them (2days).


8. Review home inspection and ask for repairs.(2days)


9. By this point you are probably about (17 days) after acceptance. Make sure you lender already has the unconditional loan approval and knows you are good to go and it is also part of the process in making a deposit.


10. Once you know you are approved, have seller do termite work. (3days)


11. (5 Days) Prior to close of escrow you will do a "Final Walk Through" to make sure your house is in the same or better conditions as when you wrote the offer and that all of the agreed repairs have been done.


12. Loan will be funded (closed) (14 days).


13. After the loan has been funded the title will be recorded. (escrow is closed) (1day)


14. Usually, seller has (3 days) to vacate the house.


15. Move into your home.(7days)


16. Don't forget to change the utilities under your name.(3days)

Reference: http://smallbusiness.yahoo.com/r-answers-a-20080321152908AAHHpGA-k-escrow+accounts