Once you’ve found your dream home and you’ve worked with your agent to negotiate an offer they can’t refuse, what happens next? It’s always so hard to wait, but there are a few more steps to the process before the keys are yours.
The typical timeline from offer acceptance to closing is around 30 to 45 days. Your agent will help you manage the final negotiation. Once your offer is submitted, the home seller may take up to three days to accept, reject, or counter-offer. Once an offer is accepted, the buyer has three more days to make an earnest money deposit, which is typically up to 3% of the purchase price. This proves the seriousness of the offer, and a purchase agreement is signed.
Next an inspection will be ordered to determine the state of the home’s structure and systems. The inspector may point out items that the seller may need to fix before closing, or lower the purchase price to allow the buyer to fix them. While this is happening, the mortgage lender is doing their due diligence behind-the-scenes to finalize loan papers for closing. This may include an appraisal of the home to determine its market value for the loan.
The last step is finally signing closing papers and transferring the title! It seems like a lot of steps, but it will go fast and before you know it, you’ll be moving in to your new home.