Home Buying Milestones - Home Buying List
As I am sure you figured out by now, there are a lot of steps, tasks and deadlines that need to take place when closing on a house. This list includes activities included on this site and on the checklist but is meant to give you some guidance when it comes to strict deadlines that should not be missed. Day 1 starts when the offer is accepted and the escrow company is contacted to start the process.
Within 3 days
- Earnest money in the escrow account!
- You need proof and be able to verify that you can afford the downpayment. Some listing agents/sellers may ask for this before accepting your offer
- You need to show a pre-approval letter from the lender, again some listing agents/sellers may ask for this before accepting your offer
- Get HOA docs (if that applied) they have 10 days to comply
Within 7 days
- Seller has to disclose anything that is leased and not owned by the property for example solar panels for which you may need to take over the lease payments
- You should get all sorts of guides, disclosure booklets, material facts, preliminary title issues, disclosure of known issues, etc.
- Some listing agents will be on top of their responsibility and will work with the seller to get you all of the required documents, others will need to be notified to perform. This is something your real estate agent will be on top off and make sure they are notified if he/she doesn’t see progress.
- All disclosures must be signed
- Contingencies have to be removed (you have 21 days for the loan) but in general most agents on the selling or buying side will push to release all contingencies at this point.
- At this point the inspection should be done, the credit or fixes should be agreed to and most of the fixes should be done, you should be out of underwriting or at least have really good signs from your lender. this is really a point in which you are close to 100% sure you are in the clear and this home will be yours in a few weeks.
- If you didn’t release the contingencies earlier for the loan (day 17) this is the last day to do so. Note that waiting until this point to do so may signal the seller that something might be going wrong and they may back out from their end.
- Anyone living in the property should be gone by now
- Your final inspection should be taking place
- All repairs are done