Timeline For Purchasing

Here are the steps you'll take to find and close on the home of your dreams:

Seek pre-approval for a mortgage:
Typical time frame: 5 - 7 days
You must know how much you can spend before you spend it. Although a lender can provide you with an estimate of what you can afford over the phone, nothing is confirmed until you complete the loan application, have your credit run, and provide the proper documentation to support your debit and income.

Find a home:
Typical time frame: 1 - 3 months
Depending on what you are looking for, the length of your search will vary. The average person sees 20-25 homes before deciding on one. Internet-savvy buyers save time by doing their 'homework' before their search. For those buyers, the average number of homes toured before buying drops to 5 - 10.

Negotiate on the Home:
Typical time frame: 2 days - 1.5 weeks 
Everything is negotiable so inquire about fixtures, window treatments, rugs, and appliances; nothing can be assumed if it is not written into the contact. Homes are delivered 'swept clean'.

Contingency Period:
Typical time frame: 1 - 3 weeks
Generally, in a sales transaction, the escrow will last 30 to 45 days. The first part of the escrow is dedicated to the buyers' contingency period. This is when the 'due diligence' is done - inspecting the property, reviewing the disclosure package, etc. If everything meets with the buyers' satisfaction, the contigency removal document will be signed after which the earnst money deposit is put at risk if the contract is cancelled.

Confirm Mortgage:
Typical time frame: 1 - 3 weeks 
Mortgages cannot be processed without an executed contract. Once received, the lender will begin the underwriting of the loan which includes having the property appraised, and final conditions outlined for funding the loan. The underwriting takes place simultaneously to the property condition verification. Many times the financial contingenies will be removed at the same time as the other contractual contingencies.

Schedule a Closing:
Typical time frame: 1 - 2 weeks after contingency removal
The lender generally set the date for closing based on when the loan documents can get into the Title Company. The "Sign Off" on the loan docs will happen about 3 business days before the escrow closes and ownership is transferred.