You’ve painstakingly narrowed your home search down and fallen in love with that charming tudor. You and your real estate agent have made an offer. Now what? How long will it take until you can call that dream home your own?
What happens next can feel excitingly quick or painfully slow. The typical timeline, though, tends to be around 30 to 45 days in total. The formal steps in this process are easily managed by a professional real estate agent who can advise the home buyers along the way.
First, the seller takes up to three days to respond to the offer. The response could take the form of an acceptance, a counter-offer, or a rejection. Once an offer acceptance is reached, another three days are allotted to make an earnest money deposit. This amount – which is usually 1% to 3% of the purchase price – proves to the home seller the seriousness of the home buyer.
At this point in the process, an inspection offers an objective opinion on the structural state of the home. Inspections are usually completed within 2 to 3 weeks. During this time the final loan is also being approved behind-the-scenes.