The team up front
Expect the whole process to take three to six months, and start with the lender, because the pre-approval letter sets your price range and sellers will not take an offer seriously without one. Then interview two or three agents. Since 2024, most agents must sign a written agreement with you before touring homes, and it states what the agent is paid and by whom. That fee is negotiable, and the seller may or may not agree to cover it. Shop on the monthly payment, not the sticker price: ask the lender for the full figure at several prices, including property tax, insurance and any association dues, and leave room for repairs.
Making the offer
An offer is a contract, and price is only one of its terms.
- The earnest money deposit, typically one to three percent of the price, is held in escrow and credited to you at closing, and it is forfeited if you back out for a reason the contract does not allow.
- The inspection contingency lets you negotiate repairs or walk away, usually within seven to ten days.
- The financing contingency protects your deposit if the loan falls through, and the appraisal contingency does the same if the home appraises below the price.
Your agent should base the price on recent comparable sales nearby, not on the asking price. In a competitive market, buyers strengthen offers with a larger deposit or flexible dates, while waiving contingencies shifts all of the risk onto you.
From contract to keys
Closing usually follows thirty to forty-five days after the offer is accepted.
- Deposit the earnest money and schedule the inspection immediately.
- Negotiate repairs or credits for structural, safety and system problems.
- Answer every underwriting request the same day, and lock your rate.
- Buy homeowners insurance, which the lender requires, while the appraisal and title search proceed.
- Review the Closing Disclosure, which arrives at least three business days before closing, against your Loan Estimate.
- Walk through the house within a day of closing to confirm its condition and the agreed repairs.
- Sign, pay by wire or cashier's check, and collect the keys.
What not to do in between
Until closing, do not change jobs, open credit, finance furniture or make large unexplained deposits, because lenders recheck credit and employment just before funding.
Note Wire fraud aimed at home buyers is common. Criminals send emails that appear to come from the title company with changed wiring instructions, so confirm any instructions by calling a number you obtained independently.
