What can I expect when I make an offer on a home?

On average, it takes roughly 50 days to reach closing after making an offer. Let's take a deeper dive into what happens during that time.

• Here's what to expect when you make an offer on a home.
• Make an offer
• Seller accepts or counters
• Pay earnest money
• Get inspection, appraisal, and title reports
• Provide final documentation to the lender
• Receive clear to close notice
• Conduct final walk-through
• Receive closing disclosure
• Attend closing
• Enjoy homeownership! 

Lender Requirements

• For the sale to go through, additional requirements from your lender may need to be met, beyond a down payment, good credit standing, sufficient appraisal value, and no title issues. These include:
• Home Condition: Many loan types and lenders require a home to be in decent condition before issuing financing. At minimum, the home should meet local building regulations, but major issues revealed in inspections might also make your lender pause.
  Money Trail: Lenders also need to know that you aren't taking on too much debt. To this end, they'll request documentation showing where the funds for your down payments and earnest money are coming from. If you've had a recent large deposit in one of your financial accounts, they'll want documentation to show the source of that, too, even if you aren't planning to use it for the home purchase.
• Home Insurance: During underwriting, you'll be required to find home insurance that meets your lender's specifications. At a minimum, your lender will require that you carry insurance to cover the amount of the mortgage. Some lenders may require additional specific coverages, like flood insurance. Get multiple quotes on appropriate policies, and when you find one you like, send the quote information to your lender.

Understanding the Real Estate Agent's Role

Your real estate agent will be your advocate, coach, and liaison, offering guidance every step of the way. From offer to closing, their role typically includes:

• Helping you create a fair, strategic offer with smart contingencies
• Coordinating inspections, surveys, and walk-throughs
• Checking that every single document is correct
• Making sure all conditions are met before closing
• Setting your expectations for closing
• Representing you at closing

At closing, your real estate agent will still represent you. If any last-minute disputes, concerns, or negotiations arise, your agent can help mediate the situation, talk through your concerns, and advocate for you.

Just as your agent plays their role, the listing agent will perform similar services for the seller. They'll provide guidance on offer pricing and terms, check the accuracy and fairness of all documents, coordinate with your real estate agent to schedule inspections and walk-throughs, and, in general, advocate for their seller throughout the process.

Each agent has a responsibility to act in their client's best interest until closing is final, helping ensure a fair, balanced home sale.