You’ve found a home and your offer has been accepted, now what happens? Below is a timeline of transaction steps that occur up until you close on your home.

  1. Schedule the home inspection. Home inspections cost approximately $400 to $550 depending on what items you choose to have inspected. Your Buyer’s Agent can provide a list of Home Inspectors for you to consider.
  2. If you need assistance moving, you will want to call moving companies for quotes and scheduling.
  3. Call your insurance company to get a quote for homeowner’s insurance and ensure it is at a rate acceptable to you.
  4. On inspection day, you meet the inspector at the home for a walk-through where he or she will show you items you should be aware of about the house. (Turn off valves, electrical panel, etc). There may be items in need of repair and a discussion is necessary with your Realtor concerning repair requests.
  5. An inspection notice is drafted to give notice to the sellers items in the home you disapprove of as well as your suggested resolution to repair those items. You and the sellers must come to a resolution of the repairs and the condition of the home before the resolution date noted on your buy-sell. Almost all repairs must be completed before closing.
  6. The appraisal is ordered by your lender if you are moving forward with your purchase after inspection.
  7. The appraiser views the property, completes required appraisal documents and submits them to your lender for review. If the value on the appraisal comes in under the purchase price, generally more negotiations take place between you and the seller in reference to what you are willing and can afford to pay to buy the home.
  8. A closing day and time are scheduled where you will go to the title company that is coordinating the closing and sign documents necessary for your home purchase.
  9. Transfer utilities into your name starting the day of closing to ensure water, gas and electric remain on in the home.
  10. Attend closing and sign documents. You will review what your costs are to purchase, your monthly payment, any restrictions on the loan and other documents required from your lender. You may receive keys to the house the same day you sign all the documents or a day later once the transaction has been recorded and the home is legally yours.
  11. Time to move in and enjoy your new home!