Finding the right house is a big milestone. Then comes the question: What happens between making an offer and getting the keys?
That stretch involves paperwork, financial reviews, inspections, and deadlines. Knowing the order helps you organize your money, plan your schedule, and respond when your agent or lender needs something.
The Timeline at a Glance
Getting from an accepted offer to closing typically takes 30 to 45 days, depending on your lender and the complexity of the transaction. Cash buyers can often close in a matter of weeks. Buyers using a mortgage go through inspections, a property valuation, and financial checks.
The stages below overlap. Loan processing, for example, happens while the inspection and appraisal are underway. Use these time ranges as a planning guide, not a promised closing schedule.
1. Submit and Negotiate Your Offer
Typical timeline: 1 to 3 days
Your agent drafts a purchase agreement outlining your proposed price, target closing date, and contingencies. Contingencies are protective clauses that can allow you to leave the transaction and keep your deposit under specified circumstances, such as an inspection problem or rejected mortgage application.
The seller can accept, reject, or counter your offer. Negotiations may go back and forth over price, closing costs, or moving dates.
Your next move: Work with your agent to build a competitive offer and understand its terms. Respond promptly to counteroffers.
2. Go Under Contract and Submit Earnest Money
Typical timeline: 1 to 3 days
Once the seller signs your offer, you are under contract. That is progress, but ownership has not transferred.
You must submit your earnest money deposit, usually 1% to 3% of the purchase price. This lump sum shows the seller you are serious. It goes into a neutral escrow account or is held by an attorney until closing, when it is applied toward your down payment or closing costs.
Your next move: Arrange your deposit promptly, whether by wire transfer or check. Missing the deadline can give the seller grounds to cancel the contract. Notify your mortgage lender that your offer has been accepted so loan processing can begin.
3. Complete the Home Inspection
Typical timeline: 7 to 14 days
Do not buy without understanding the property's physical condition. An inspection contingency gives you a defined window to hire professionals to examine the home.
A licensed home inspector checks the roof, foundation, plumbing, electrical systems, and major appliances. The written report identifies defects, safety hazards, and upcoming maintenance needs.
If the report reveals a major issue, such as a failing roof or dangerous wiring, your options under the contingency may include asking for repairs, requesting a credit to handle the work later, or leaving the deal.
Your next move: Hire a reputable, independent inspector as soon as your offer is accepted. Attend if possible, ask questions, and read the report carefully. Work with your agent to decide which repairs are worth negotiating.
4. Wait for the Property Appraisal
Typical timeline: 1 to 2 weeks
When you use a mortgage, your lender orders an appraisal to check the property's value. The lender wants to avoid lending more than the home is worth.
An independent, licensed appraiser visits the property, evaluates its size, condition, and features, and compares it with similar homes recently sold nearby.
An appraisal at or above the purchase price allows this part of the process to move forward. A lower value creates a gap to address because the lender bases financing on the appraised value rather than covering that difference.
Your options may include negotiating a lower price, paying the difference yourself, or walking away under the terms of your agreement.
Your next move: Pay the appraisal fee as arranged by your lender. Discuss a backup plan in case the value comes in below the agreed price.
5. Move Through Processing and Underwriting
Typical timeline: 2 to 4 weeks
While the property is being inspected and appraised, your lender works on your loan file. The underwriter verifies your financial information and determines final loan approval.
That review includes bank statements, employment history, credit score, and tax returns. The underwriter looks for inconsistencies or concerns that need an explanation.
Requests for more paperwork are normal. You might need to explain a large bank deposit in writing or provide proof that an old debt was paid.
Your next move: Check email daily and respond promptly. Avoid major financial changes. Do not open new credit cards, finance a car, or change jobs during this process. Changes to your financial or credit profile can lead to a denial, even late in the transaction.
6. Complete the Final Walkthrough
Typical timeline: 24 to 48 hours before closing
The final walkthrough is not a second inspection. It is your chance to confirm that the property is in the agreed-upon condition.
Check that the seller has moved out as agreed, that moving furniture did not damage the walls, and that included items, such as kitchen appliances or custom blinds, remain. Verify that negotiated repairs were completed.
Your next move: Bring your contract. Test lights, run faucets, and check the heating. Tell your agent immediately if something is missing, damaged, or unfinished so it can be addressed before you sign the final paperwork.
Common Delays to Plan Around
Missing Documents
Underwriters cannot finish processing a file while required paperwork is missing. Before making an offer, create a digital folder with your tax returns, pay stubs, and bank statements. Keep it organized so you can respond quickly.
Title Problems
A title company searches public records to verify ownership and identify claims against the property. An old lien, unpaid tax bill, or boundary dispute can delay closing until the issue is legally resolved.
You cannot prevent every title issue. Owner's title insurance provides protection for your investment against covered title problems.
Wire Transfer Cutoffs
Banks have daily cutoff times for wire transfers. Waiting until closing morning to send your final funds can mean the money arrives too late, pushing closing to the next business day. Plan the transfer timing ahead of time.
7. Close and Receive Your Keys
Before closing, your lender issues a Clear to Close, indicating that the loan is approved and ready to fund.
You receive a Closing Disclosure three days before closing. It details your loan terms, interest rate, and final cash needed. Review it so you understand what you are signing and bringing to the transaction.
At closing, you meet with a notary, attorney, or escrow officer to sign the documents that bind you to the mortgage and transfer ownership.
After the documents are signed and funds transfer from your lender to the seller, the transaction is recorded with the local government. Once that process is complete, the home is yours and your agent can hand you the keys.
Your Next Step
You do not need to memorize every stage. Start by organizing your financial documents and reviewing the deposit, inspection, and closing deadlines with your agent and lender.
Want help understanding the mortgage side of your timeline? Reach out to Ed Parcaut to discuss your financing questions and prepare for the steps between your offer and your keys.
