You found your dream home and now you are ready for to submit your offer! This is an exciting time during the home buying process. Knowing exactly what to expect before getting the keys can help you navigate the home buying process smoothly!
Once the offer is accepted, there is an inspection period. This is when you will need to complete all necessary due diligence on the property, including a careful examination of the home and its condition. While inspections are being completed, your lender will be working to get your home appraisal done to confirm the value of your home. This step is not necessary if you are paying cash.
Final Loan Approval
An inspection and appraisal contingencies period can range on average between 7-17 days. Once you are approved, you are now good to move into your final loan approval! When the final loan approval is complete, you can then remove all contingencies and move on to signing your loan documents.
Assuming you are getting a loan, the lender will fund the loan before the closing can be recorded. The time frame between the loan being funded and the recording is often within 24 hours, sometimes sooner. When the grant deed has been recorded at your local county administration, congratulations you are officially the new owner!
In total the time, between getting your offer accepted and getting the keys to your new home, is around 25 to 30 days.
For more Buyer Frequently Asked Questions, click here.