Please keep in mind that the examples provided below are best case scenarios. A real estate transaction can be quite complex and varies home by home, borrower by borrower, seller by seller. Most transactions close within 28 - 35 days.
Congratulations your offer has been accepted! As your agent I will require the following documents: The purchase agreement signed by all parties, your earnest money deposit, the seller's disclosure and lead based paint document signed.
During the due diligence period this is when a professional inspection is performed and/or any other personal inspections or investigations are conducted. This period is generally 10 days but can be extended if necessary. Any negotiations required for repairs is done at this time.
If you're financing your purchase an appraisal is ordered, performed, and reported. This report is shared with the home buyer and the lender. If necessary, any appraisal negotiations are completed during this time.
Throughout the entire process it's critical that the buyer and lender stay in constant contact. The lender will be requesting various documents from the buyer to help move the financing along.
The final three days of the process is referred to as the "Clear to Close". This means the buyer and seller have both reviewed the closing disclosure, have agreed to it, and are now clear to close. This takes three days.
The day everyone has been waiting for! This when all the final documents are signed and either the keys are handed over or the possession timer begins.
A home seller's timeline can be a bit more complex but this should give you a rough idea of what it takes from the time a listing agreement has been signed to the day you move out.
A listing presentation is performed and the home owner and agent come to agreeable terms. At this time, a purchase price, commissions to be paid, and when the home will be ready for the market will be decided.
I used 14 days but this largely dependent upon the home sellers motivation to have their home "market ready". Once the home is market ready, a professional photographer will come take photos of the home. The turnover time for pictures is 24 hours.
Buyer's are now able to see your home on multiple websites and schedule private showings. An open house should be conducted on the first available weekend the home goes live.
Generally in our market it takes about 7 days to sell a home but results do vary.
Feel free to reference the portion above on Buyer's to get a better understanding of what is happening during this process. During this period, we are waiting for the buyer to perform inspections, appraisals, and financing.
We have closed transaction and you have been paid for the sale of your home. If required or negotiated, you may still have possession of your home up to an additional 30 days allowing you time to move out.