A Note Transaction is a collection of all the interactions between a potential buyer and a seller concerning a note listing.  Starting with the Messaging phase, The transaction will go through the following 4 phases before completion.

As soon as a buyer messages a seller, a new note transaction is created. 

Once a buyer makes an initial offer or the seller offers a price different from their asking price, the Negotiations phase begins—the goal of this phase is to agree on an indicative offer (a non-binding offer).

Once an indicative offer is agreed upon, both parties move on to the Due Diligence phase. During this stage, the buyer will gain access to any non-public documents the seller has provided for the note listing (Note and Rider, Deed of Trust or Mortgage, etc). Communication and price negotiating occur through this phase.  The goal of this phase is to agree on a final offer.

After both parties agree on a final offer and approve to close, the Sale Pending (or Closing) phase begins. Documents are generated for both parties to eSign. The buyer will be provided with wiring instructions to an escrow account.  The seller will be provided with a shipping label to ship their collateral files to an auditor. After the auditor approves the documents and both parties approve, the collateral is shipped to the buyer, and the funds are wired to the seller.

There are several coordinated steps in the Sale Pending phase. See the Transaction Closing Phase: Step by Step page for more details.