From Offer to Keys: Demystifying the Home Buying Timeline

From Offer to Keys: Demystifying the Home Buying Timeline

Step 1: Find the Home

• What happens: You explore your options with your realtor and choose the home that fits your lifestyle and goals<!-->^-->. <!-->
  
  
• When to expect costs: There is no typical transaction payment at this stage--><!-->^-->. <!-->
  
  

Step 2: Submit Your Offer

• What happens: Your agent helps you structure the price, dates, financing, and contract terms--><!-->^-->. <!-->
  
  
• When to expect costs: Still no typical transaction payment--><!-->^-->. <!-->
  
  

Step 3: Offer Accepted + Under Contract

• What happens: Once the seller accepts, you are officially under contract and the escrow timeline begins--><!-->^-->. <!-->
  
  
• When to expect costs: Earnest Money. Think of this as "good faith" money—it's a deposit you put down to show the seller you are serious about the purchase. This money goes directly toward your final purchase price (credited toward the cash due at closing).
  
  
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  Paid to: The neutral escrow/title company to be held in their trust account.

Step 4: Inspection Period

• What happens: This typically takes place within 10 days after contract acceptance, unless your agreement specifies otherwise. It’s your chance to thoroughly check the property's condition through professional home inspections. During this window, if the home's condition is unsatisfactory, you have the right to walk away and get your earnest money back. This is also when your agent will use a document like the BINSR (Buyer's Inspection Notice and Seller's Response) to formally negotiate repairs or request credits from the seller for any major issues discovered.
  
  
• When to expect costs: Home Inspection. Approximately $300 to $700+, with specialty inspections costing extra^<!-->-->
  Paid to: The independent home inspection company or inspector you hire.

Step 5: Title + HOA Review

• What happens: You will review the title, escrow documents, HOA rules, and property information^<!-->-->
  
  
• When to expect costs: Title + HOA Charges. Costs vary, and many are itemized and settled at closing^<!-->--><!-->.
  
  
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  Paid to: The title/escrow company and the Homeowners Association (or their management company) for transfer or document fees.

Step 6: Appraisal + Loan

• What happens: Your lender coordinates the property appraisal and moves your loan file toward final approval. An appraisal is an objective, professional assessment of the home’s market value conducted by a licensed third party. The lender requires this step to ensure the property is actually worth the amount you've agreed to pay; if the appraisal comes in lower than your purchase price, it protects the lender from lending more than the home is worth and triggers a new round of negotiations.^<!-->-->
  
  
• When to expect costs: Appraisal. Approximately $400 to $800, which your lender may collect upfront^<!-->--><!-->.
  
  
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  Paid to: The appraisal management company or directly through your lender to cover the licensed appraiser.

Step 7: Final Walkthrough

• What happens: Recommended at least 3 days before closing, this is your final opportunity to verify that everything is in order before the deal closes. During this walkthrough, you will make sure that any agreed-upon repairs have been properly completed, ensure the rest of the home and everything not slated for repair remains in the same condition as when you agreed to buy it, check that the sellers have moved out (or are just about finished), and confirm that all items meant to convey with the home have been left behind.--><!-->
  
  
• When to expect costs: No typical separate fee--><!-->^-->. <!-->
  
  

Step 8: Closing + Keys

• What happens: You sign the final paperwork, funds are transferred, the deed is recorded—and you celebrate--><!-->^-->! <!-->
  
  
• When to expect costs: Cash to Close. This includes your down payment, closing costs, and prepaids, minus your earnest money and any applicable credits--><!-->^-->. Closing costs often total approximately 2% to 5% of the purchase price, excluding the down payment^<!-->--><!-->^-->. <!-->