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!)

Buying a Home | Real Estate Closing Attorney

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