Here’s a helpful overview timeline I put together that I go over with my buyer clients when we meet for the first time. It really helps buyers get an idea of what to expect during the fun and exciting time of purchasing a home.
Finding Your Home
Here are the 7 main steps you need to prepare for in the buying process.
Step 1: Get Pre-approved
Do this before you start your search.
Step 2: Search For Homes
Via client portal, online databases, etc.
Step 3: Negotiate Terms
Price, escrow, length, etc.
Step 4: Open Escrow
Bring in your deposit check.
Step 5: Perform Inspections
Any and all home inspections should be performed by a vetted professional.
Step 6: Remove Inspection Contingencies
By the 17th day of escrow.
Step 7: Remove Loan Contingencies
By the 21st day of escrow.
Once you remove your contingencies, there’s no turning back (or you will lose your deposit). You’re now in kind of a holding pattern waiting for the last week of escrow.
Closing Escrow
Below I’ve listed the main 7 steps you’ll experience while closing escrow.
Step 1: Final Walk-through
Within 5 days.
Step 2: Sign Loan Docs (Buyer’s last step)
3-7 Days.
Step 3: Final Review
3-5 days (takes approx. 1-2 days).
Step 4: Funding Occurs
1 day before closing.
Step 5: Deed Records
Close of escrow.
Step 6: The Home Is Yours!
Possession is the same day or next day (in most cases).
Step 7: All Your Docs
30 days after.
In the last week or so, you’ll do your final walkthrough and sign your loan docs, then you wait…
People often expect a big formal meeting or fanfare when escrow closes. Not the case in California. The day your home closes, I get a call from escrow company letting me know that the deed recorded with the county recorders office (which can happen any time during the day). Then I call you and let you know the good news and we meet to give you the keys! That’s it! It’s quick and easy.
I hope this gives you a good overview. When you are ready to start looking for a home, please contact me and we will go over the whole process in more detail.
Meet Michael
Get to know the Conejo Valley Guy and see why my expertise is the perfect roadmap for your real estate venture.
