The Home Buying Timeline

I don’t know about you, but I am ALL about a timeline! This one is just for you 2023 HOME BUYERS!

 The home buying process begins when you first start to see yourself as a future homeowner. It embarks with the initial thoughts, followed by the education, and preparation! Many home buyers these days first participate in what I call the passive home buying process. Some potential future home owners try to begin their journey before talking to a lender, or with a quick Zillow search of houses online, and stopping an open houses in person. However, the true home buying process doesn’t start until you find yourself an experienced and educated Realtor. (And this is where I/we come into play!!!) Now that you’ve found me, let’s look at the true Home Buying Timeline!

01. Find a Trusted Real Estate Agent (1-2 Weeks, or Less)

I hope it didn’t take you too long to find me! Our team will work on your behalf using our knowledge and skills to help you successfully purchase your home. We will advise you on any surprises that might be thrown your way, help negotiate for the best deal, share our connections, and will land you your dream home.

02. Get a Pre-Approval Letter for a Mortgage, if applicable (1-2 Weeks, or Less)

Try to put a halt on your searches until you get your pre-approval! As much as it is fun to search and look at homes on the market, we need to take a step back and evaluate how much you can afford. To get a pre-approval, your lender will follow a list of steps to obtain the purchase price of what you can afford.  They will verify your assets by checking over recent pay check stubs, tax returns, W-2 forms or 1099's, bank statements, credit scores, proof or employment, current and past residential history, and then some.  It is an in-depth process that will help you realistically and comfortably proceeding with home buying process.  A pre-approval is needed to be able to submit an offer to show to the sellers that you are serious and are able to purchase their home. Most, if not ALL sellers require this with an offer. A loan can make or break a deal so it is vital that you get a pre-approval from a reputable source. We have a team of wonderful recommended lenders for you to choose from!

03. Come up with a List of your Non-Negotiable Items (2-5 Days)

Make a list of your "must haves" so you can hit the ground running! Knowing what you like and don’t like can save you time, and a potential overview. With that being said, weigh out the pros and con as there may be a time for compromise.

04. Schedule Home Tours (Usually 1 Week to 4 Months, depending on your timeline)

This is when the magic starts! The current market conditions depict the time frame of home buying. We will asses the supply and demand we are working with and will come up with a game plan. Pay close attention to your non-negotiable home items as we sift through the inventory and stumble into your dream home. The timeline can vary due the market and your individual circumstances.

05. Make an Offer and Negotiate the Deal (1-5 Days)

The time has come, let’s get you a house! Depending on the current market condition; an offer can be accepted that day, or even a week later if the seller is considering multiple offers. This is the time when we get to come together and talk price, terms, offer appeal, or possible negotiation strategies. 

06. Attorney Review Period and Home Inspection Provision (5 Business Days)

We have 5 business days after the contract is signed by both parties to get our home inspection complete, and for both attorneys to approve, disapprove, or make changes to the contract. This is called what we call the "Right of Recision" period.

07. Appraisal (5 Days to 3 Weeks)

Your loan advisor will order an appraiser to visit the home, and so they can assess the value of your future home, such as the home itself, comps, etc. They will then give you one of three answers:

1. The home has been appraised for over the agreed-upon price 
2. The home has been appraised exactly at purchase price
3. The home has been appraised under purchase price*

The appraised price can depict the timeline. *If there is an issue with a lower purchase price, then we go back to the sellers attorney and listing agent to discuss and possibly renegotiate.  This can make or break a deal, but we will do everything we can to continue forward on your behalf.

08. Clear to Close (3 Days to 3 Weeks)

Now, we begin the quiet waiting period. The behind the scenes work done by your loan officer is called the underwriting process. They are making sure that everything checks out by doing an in-depth overview of your finances and credit, along with reviewing the property details and appraisal. If all of the paperwork is in order and no red flags come up, this process can be fast and smooth. Some buyers may have some complicated assets or purchases that might draw out the timing of this process. As long as we have the loan approved by the due diligence period, we are onwards to closing!

09. Final Walk Through (Closing day or Day Before Closing)

      It’s time to go back to the home one last time before closing!  Most times, the walkthrough is scheduled an hour or two before the closing so you can see exactly condition of the house now that the sellers have moved out.  This process is to make sure that there are no new issues with the home including; appliances, electric, plumbing, heat, central air, windows, doors, and making sure the floors & walls have no new damage. We basically want to make sure the home is in the same condition (with home inspection issues fixed) when you last viewed the home.  Normal wear and tear is normal, but we expect no new further damage to the interior and exterior. If new issues have arouse, we will document and discuss it with your attorney and the listing agent prior to or on our way to the closing.

10. Closing Day! (1 Day- 1 Week)

There is not much to say at this point besides congratulations! During this time both parties will come together to sign documents, and officially exchange ownership of the home and keys!!

Not every deal looks the same… but if you have us on your team, we can take you to the finish line!  If you are ready to create your 2023 timeline, give me a call! 

Your favorite realtor,

Francesca Mendicino