Once an offer is accepted, the financing process continues for the buyer. While it can take anywhere from 45 to 60 days, under some conditions a lender can perform a conventional loan in 30 days. We'll be involved throughout the process to help it run smoothly. The simplest timeline for what will happen along the way is as follows:
- Buyer deposits Earnest Money Deposit: Within 3 days
- Buyer orders Appraisal Inspection
- Inspections are ordered scheduled, completed, reports are returned: Within 7-10 days
- Disclosures are ordered by us and received: Within 7 Days
- Reports and Disclosures are reviewed by Buyer and request for repairs (if any) are made: Within 10-13 days.
- Buyer’s final loan approval should be received: By day 14-17
- All Contingencies of the contract are to be removed: By day 17
- Closing schedule is issued by Loan Officer: 17-21 days
- Final Net sheet of Estimated funds is submitted by Title Officer: Roughly 5 days prior to closing
- Buyer performs final verification of property: 5 days prior to closing
- Documents are sent to title for signature: 3 Days prior to closing
- Documents are signed by you: 2 days prior to closing
- Funds are released to Escrow: 1 day prior to closing
- Escrow submits to recording department: On Close of Escrow Day
- Sale is completed
- Escrow mails (or wires) proceeds to you
Wood Destroying Pest and Organisms (Termite) Inspection
This inspection identifies existing or potential pest, dry rot, fungus and other structure-threatening infestation or conditions.
General Home Inspection
This inspection identifies material defects in the essential components of the property based upon a noninvasive physical inspection. There are no licensing requirements for someone to be a home inspector
Request for Repairs:
A formal “Request for Repair” can be issued by the Buyer to you at any time during the purchase process. A request for repair will usually take place immediately after receiving reports from pest and home inspection. This is usually 7-10 days into the buying process. It is important to know as the seller you are not obligated to acknowledge or accept the terms in the request for repair. Your response will likely depend on the type of repairs being requested, the offer on the home and the terms of the loan. The Buyer has the right to request repairs to be made and to respond accordingly to the seller’s response (or lack of response).
A title spells out who has the right of ownership for a property. It is considered “clear” if there are no claims or liens against it. In order to make sure nothing will prevent transfer of the property to the Buyer a title company will conduct a title search and prepare a preliminary report that indicates what recorded matters affect the title to the property and if the title insurance company is willing to insure the title. At the close of escrow, the title company will issue an Owner’s Policy of Title Insurance to protect the Buyer against losses that might arise from covered claims on the title.