ACTION

TIMELINE

Offer is submitted to listing agent

Counter offer/ acceptance of offer

Sometimes you hear back from the seller in hours, other times it is days.  Patience is the key here.  But you want  to respond back quickly if you want the house.  Usually you want to keep the negotiation going quickly and smoothly.  Sitting back and thinking about the counter offer can sometimes sink the negotiations.

Start mortgage

Same day you get acceptance of the offer - you should have all your documents ready prior to submitting your offer to the seller

Set up inspection

Same day you get acceptance of the offer - must be done within 7 days of signing by seller.  Delaying the inspection delays the appraisal, which then in turn delays the mortgage.  Get the inspection done as quickly as possible, because if there are issues and negotiations needed it could slow everything up by a week or more.

Get utilities turned on

Call utilities to turn on for inspection and appraisal.  A FHA appraisal requires the furnace and the hot water to be working.

Inspection

Within 7 days of signing by seller and bottom line or within the guidelines of the contract.

Inspection results

You have 2 days of the inspection to put in writing what is wrong, what you want fixed, or whether you want out of the contract.

Seller responding to your inspection results

Seller has two days to respond to fix the issues, or reduce the price after we send them inspection issues in writing

Appraisal

Mortgage company orders it after inspection passes .  So a delay in inspection will delay the mortgage process.

Wait for mortgage

Can be up to a month or more..  But if mortgage company asks for something rush and get it back to them.  A two or three delay by you can turn into a two week delay by the mortgage company. 

Shop for insurance

About 2 weeks in, shop for insurance, pay for it and let your mortgage company know the company and contact number.  We need to know closing date for insurance company to know when to start the insurance

Clear to close

Once the mortgage has been completed the mortgage company issues a clear to close and calls both the Realtors to schedule the closing

Set the closing

The listing agent and the buyer's agent talk to their clients and arrange with title company a date and time convenient to all

Lender sends documents

Lender sends documents to the title company, title company does the HUD, and the title company tells the loan officer the final number.  Loan officer calls you with the final number to bring in a cashiers check to the closing..

Set up the utilities in your name

The days before closing set up utilities to switch to you on the day of closing.

Final Walk Thru

On the day of closing you walk thru the house to make sure no damage has been done to the house

Closing

Sign all the mortgage documents- takes  about 1 - 1 ½ hours on the average

Congratulations you own the house