TIMELINE: From offer acceptance to moving into your new home
Day 1-17: Escrow issues preliminary title report to verify chain of title and ensure that property is free of leans and encumbrances; buyer provides all financial documents requested during pre-approval; buyer gets downpayment funds ready; buyer wires earnest money deposit; agent schedules all inspections—general/sewer/geological(for hillside homes); agent reviews reports and makes recommendations for repairs; negotiate repairs with seller; lift our inspection contingency;
Day 17: (or by that day) Buyer removes inspection contingency
Day 17-21: Lender issues property appraisal; buyer receives conditional loan approval and lifts loan contingency; agent orders home warranty on buyer's behalf
Day 21-30: Seller makes repairs requested and finalizes moving arrangements; buyer prepares for move-in and schedules utilities turn-on; buyer finalizes hazard insurance provider (required by lender)
A few days before closing: Final walkthrough on behalf of buyer: agent checks that seller has executed repairs agreed upon and ensures all inclusions (ex: appliances) remain on the property; buyer receives settlement (HUD1) from escrow company; loan docs are drawn and sent via messenger to buyer for signatures (loan funds usually in 24 hours)
CLOSING DAY: Agent gets all keys and access to the property; buyer is recorded as new owner on title in public records; time to sit back, relax and crack open the champagne (or boxes!).
for more details on inspections and appraisals read Jay's blog article here.