Get Pre-Approved! Pre-Approval letter must be presented with the offer.
Typical Time frame: 30 minutes - 2 hours - 2 weeks...can be done in person, over the phone, or online. For all cash offers, a proof of funds letter will be required from your financial instruction or lender.
Purchase and Sale Agreement - Present Offer
Counter Offers and Negotiations
Typical Time frame: 1 hour to 2 weeks
Mutual Acceptance - Buyer and seller agree on price and terms
Timeline: 1 day - two weeks
Earnest Money (Usually 1% of Purchase Price) - Earnest money collected with Purchase and Sale and deposited upon mutual acceptance. Earnest Money will be deposited into Escrow within 24 hours of mutual acceptance. Earnest Money will be put towards down payment/closing cost.
Financing - Apply for and get a mortgage (open title and appraisal)
Typical time frame: 24 hours to - 4 weeks
Inspection - Buyer will have 10 (or whatever you decide when you make an offer) to have a professional inspection and accept, modify, or decline current offer. Seller will then make negotiated repairs and the transaction will move forward.
Septic Inspection (if applicable) - The Seller is responsible for paying for and getting the septic inspected before the sale of the property within 10 days of mutual acceptance. A copy must be given to the buyer buy the 10 day.
Well Inspection (if applicable) - At buyer's expense if the buyer wants a well inspection, the buyer will have 10 days to have the inspection and report any dissaproval of the well.
Title Contingency: Buyer shall have 5 days from receipt of the preliminary commitment for title insurance to give written notice of Buyer's disapproval and the reasons therefore.
Schedule a Closing
Coordinated with the bank and Escrow
Signing & Closing - Signing usually takes place 24 hrs. before the funding and Closing on your new home.
I know this may sound a bit overwhelming for you as a buyer but, your agent should make this easy and seamless for you.
I'd love to help with you home buying process...give me a call!
http://www.taracamprealestate.com for Whatcom and Skagit Counties
or http://connectrealtyhomesales for the Other Washington Counties!