The Home Buying Process

While it’s not mandatory to be pre-approved before you start viewing homes, it’s definitely a smart step to take early on. You’ll need this pre-approval letter when it’s time to submit an offer. The application process takes about 10-15 minutes, and then you’ll send over some documentation by email. It’s a quick process that gives you a clear idea of your budget.

The time it takes to find the right home depends on each buyer’s preferences and pace. Some people find their perfect home in just a few days, while others may take a few months. There’s no rush—you’ll know when you’re ready to move forward once you feel confident in your understanding of the market. Most buyers spend 1-3 months looking before making an offer. Click here to read our 5 tips for a great home search.

When you find the home you love, it’s time to make an offer. We’ll provide a Comparative Market Analysis (CMA) to determine if the home is priced appropriately and suggest a strong offer strategy. The offer process usually takes between 1-3 days, depending on how much negotiation is required to get the home under contract.

Once your offer is accepted, the journey from contract to closing typically takes 30-45 days. Here’s a quick overview of the most important milestones along the way:

Contract Date: This is when both parties have signed the agreement. You’ll have 3 days to deposit your earnest money (typically 1% of the purchase price) with the title company and pay the option fee (generally 0.1% of the purchase price) directly to the seller.

Option Period (5-10 Days): During this period, you’ll schedule an inspection, which usually costs around $500. If the inspection reveals issues, we’ll negotiate repairs with the seller. If the repairs are too extensive, you have the option to cancel the contract and get your earnest money back (though the seller keeps the option fee).

Appraisal (2-3 Weeks): Once the option period ends, your lender will order an appraisal, which costs around $500 and can be paid at closing. The appraisal ensures that the home’s value aligns with the purchase price. If the home doesn’t appraise at the agreed price, you can choose to walk away with your earnest money.

Underwriting (3-4 Weeks): During this time, the lender’s underwriting team reviews your loan file, which typically takes 3-4 weeks. The process begins before the appraisal but can’t be finalized until the appraisal results are in. The lender may request additional documentation during this phase, which is completely normal.

Home Insurance & Utilities (5-10 Days Before Closing): As the closing date approaches, you’ll need to secure homeowner’s insurance and set up your utilities to start on closing day.

Review Settlement Statement (2-3 Days Before Closing): Your lender will provide a closing disclosure at least 3 days prior to closing, and the title company will send you a settlement statement 2-3 days before closing. This document outlines all closing costs and lets you know how much money you’ll need to bring to the closing table. If you’d like to review any other closing documents beforehand, you can request them at this time.

Closing Day (30-45 Days After Contract): This is the exciting moment when the home officially becomes yours! Make sure to wire your funds ahead of time and bring a valid ID to closing. If you’re unable to attend in person, we can arrange a remote closing with a mobile notary who will meet you wherever you are.

Even after the papers are signed and the keys are in your hand, we’re still here for you. If you have questions about your new home or need referrals for local services, feel free to reach out anytime. We value long-term relationships with our clients and are always happy to help beyond the closing date.