Timeline of the Buying Process
A Typical Timeline to Buying a Home with Estimated Costs
Week One
Meet with a Mortgage Professional to get “Pre-Approved”. No Cost
Meet with a Real Estate Agent who specializes in Buyer Representation. No Cost
Research and interview Real Estate Attorneys. No Cost
Fill out a Property Wish List. No Cost
Begin the actual home search. No Cost
Week Two
Schedule property showings with your agent. No Cost
Once you have found “the one”, submit an offer. The standard is a $1000 Deposit
The Seller typically has 24-48 Hours to Response and negotiate the exact details, such as Closing Date. Closing Date is typically +/- 45 days from accepted offer. No Cost
Once the offer is accepted, celebrate! No Cost (well, maybe a bottle of Champagne!)
Hire a Home Inspector and schedule the inspection. +/-$450
Hire a Real Estate Attorney. +/-$600, payable at the closing
Week Three
Attend the home inspection. No Cost
Your agent can negotiate further if there were deficiencies found in the inspection. You also have the right to withdraw and get your deposit back if issues are too big. No Cost
Submit your offer to your Mortgage Professional. Confirm the Mortgage Commitment Date is feasible. No Cost
Review the draft of the Purchase and Sale Agreement (P&S) with attorney. No Cost
Week Four
Sign the P&S. +/- 5% Deposit is due. This Deposit is refundable if you cannot get a Mortgage Commitment by the date specified in the P&S.
Submit the P&S to the Lender for an Appraisal. +/- $450
Work with the Lender on final documentation. No Cost
Weeks Five-Seven
Schedule your Move. TBD
Contact Utility Companies to arrange service for your Move-In. No Cost
Obtain a Homeowner’s Insurance Policy. +/- $1000
Schedule the exact time and place of the closing with your Attorney’s office. No Cost
Schedule a final walk-though of the home. No Cost
Week Eight
Review the Settlement Statement with your Mortgage Professional. No Cost
Obtain a Bank Check for any funds due from you at closing. TBD
Attend the closing and sign the loan paperwork. No Cost
Get your keys and MOVE IN. Priceless! (and maybe some more Champagne!)
