Home purchasing process and closing time- what to expect throughout the home buying process
1. Buyer makes an offer
2. Seller signs the contract, accepting the offer
3. Buyer orders the home inspection (it costs $300-$700 depends on size of the homes)
4. Hire an attorney to review the signed contract and conduct a real estate closing (fixed rate is around $400-$750, paying at the closing)
5. Contact the mortgage broker/lender and start the process.
Mortgage broker/lender will order the appraisal (buyer pays the cost around $250-$500 by the size and location of the home)
6. After everything agreed between the attorneys, the seller sends the check of agreed % of home purchase price (earnest money)
7. Buyer will need to buy homeowner's insurance
8. Mortgage will ready to close and seller attorney will find a title company to book for the closing
9. Buyer receives the wire instructions of the title company to wire the remaining down payment to the title company the day before the close
10. Buyers do the walk through the day before or same day before the closing. 11. At closing day, you will do final review and sign all of the paperwork. The seller receives the check and buyer gets the keys.
Typically, it takes, in average, about 6weeks for a closing.
It may look overwhelming because there are many steps to follow and paperwork involved. Many individuals will be involved throughout the sale/purchase process. Having a real estate agent on your side will make this process simpler, as he/she will coordinate with third parties every step of the way. A prepared agent will typically have a qualified team that will make the process run smoothly.