What happens after I’ve made an offer to buy a house?
Congratulations on falling in love and making an offer! This is what to expect for the next 30 days until your escrow closes.
- Offer accepted by seller
- Escrow is opened with buyer’s good faith deposit (usually 3% of the cost)
- You or your awesome agent will notify your lender that you have an acceptance
- “Contingency period” starts–17 days to do all property inspections
- Your bank will order the property appraisal to determine the value
- You’ll sign lots of real estate paperwork, including a TDS (Transfer Disclosures) where the seller reveals everything known about the property
- You’ll start getting lots of paperwork to sign from your escrow & title companies
- After your inspections, but before your contingency period expires, determine if you need to request repairs or credits for repairs from the seller
- Seller will either accept, counter or reject your request
- Assuming an agreement, you’ll get your loan documents in about 2 more weeks
- Sign your loan docs usually at the bank, at escrow or with a notary in your home
- Bring in your closing funds to escrow (remaining down payment + closing costs)
- Your loan will fund a few days later, record and you’ll get keys to your house
- Hire a moving company, turn on all utilities, forward all your mail
Still confused or have other questions about escrow? Click here.