We’ve had a lot of buyers come our way over the past few weeks, many of them not knowing what the process looks like in getting a new home. What can you expect?
Here is a broad overview of what to expect during a (typical) 30-day process.
Day 1
Find the home and make an offer - There are 3 outcomes (accept, counter, or decline).
Day 2-3
Earnest Money - About 1-2% of the purchase price. Held in escrow with either a title company or brokerage.
Day 7-9
Inspections - General home, radon test, sewer line scope. The Inspection Objection is for items related to the health and safety of the home (roof, structure, plumbing, electrical - not cosmetic items).
Day 10-11
Inspection Resolution - Seller presents their response to the objection.
Day 18-26
Appraisal - The property needs to appraise for at least under contract price; if not, there are 4 possible outcomes (seller drops price, seller/buyer renegotiates the price, the buyer makes up the difference in cash at closing, termination). The loan also goes into underwriting.
Day 25
Loan approval and clearance to close.
Day 30
Closing - With this intense market, some of these items are being negotiated or even waived to look appealing to sellers - but that’s where we come in to help navigate the situation, create the strongest offer, and get you into your new home!
Contact us if you need advice or support in your home-buying process!
