Accepting an offer on your home is an exciting milestone, but the journey to closing is just beginning. The process involves multiple steps, including inspections, appraisals, and final paperwork. Here’s a detailed guide to what happens next:
1. Open Escrow and Deposit Earnest Money
The buyer deposits earnest money into an escrow account as a sign of good faith.
A title company or escrow agent ensures a smooth transaction and holds all funds until closing.
2. Home Inspection and Negotiations
The buyer typically schedules a home inspection within a few days.
If issues arise, they may request repairs or a credit toward closing costs.
Sellers can negotiate repairs or offer concessions to keep the deal moving forward.
3. Appraisal Process
If the buyer is using a mortgage, their lender will order an appraisal to confirm the home’s value.
If the appraisal comes in lower than the offer price, negotiations may be necessary.
4. Title Search and Insurance
The title company conducts a title search to ensure there are no liens or ownership disputes.
The buyer typically purchases title insurance to protect against future claims.
5. Mortgage Approval and Final Underwriting
The buyer’s lender reviews all financial documents to finalize loan approval.
This process can take a few weeks, depending on lender requirements.
6. Closing Disclosure and Final Walkthrough
The buyer receives a Closing Disclosure at least three days before closing, outlining final costs.
A final walkthrough is conducted to ensure the home is in agreed-upon condition.
7. Closing Day and Transfer of Ownership
Both parties sign closing documents, including the deed and settlement statement.
The buyer’s funds are transferred, and the seller receives their proceeds.
The title is officially transferred, and the buyer receives the keys.
Final Thoughts
The closing process typically takes 30 to 45 days but can vary based on financing, inspections, and negotiations. By staying informed and working closely with your real estate agent, you can navigate the closing process smoothly and successfully hand over your home to its new owner.
Scott Sweeney
Your NorCal Realtor
M&M Real Estate
BRE Lic# 01938720
Cell: Call/Text 707-330-2324
About Scott Sweeney
SweeneySells
Full Time Realtor 13 Years +
Over 100 Families Served
Top 5% Producing Agent
Buying & Listing Specialist
Contract & Negotiation Ninja
CSUS Business & Marketing Graduate 2006
With quickly serving over a 100 families, Scott Sweeney has become a top 5% producing Realtor in the greater Sacramento area who has helped clients from the Bay Area to South Lake Tahoe. Scott has a Bachelor Of Science in Business Administration, with a concentration in Marketing from CSUS. His education, and extensive background in the hospitality, marketing, and real estate industries, have helped Scott to become one of the leading, and most sought after agents in the area.
Reach out to SweeneySells today, and take the first step towards your real estate goals!
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