The average transaction is 45 days. Here’s the breakdown of an average 45 day transaction from the date of acceptance:
Day 1
Purchase and sales agreement accepted, preliminary title policy is ordered by listing agent, buyer schedules home inspection date.
Day 10
Inspection complete and any negotiations for repairs are complete. Buyer provides to seller a loan commitment letter from their lender.
Day 11
Appraisal is ordered.
Day 25
Appraisal is complete and received by the lender.
Day 30
Any additional conditions requested by the underwriter are known.
Day 35
Additional underwriting conditions are met.
Day 40
Lender and Title Co. prepare preliminary closing documents, buyer and seller sign when closing documents are ready.
Day 45
Closing – the property and funds transfer between buyer and seller. The deed is recorded. Buyer can pick up keys and move in!
Additional Home Buyer’s Information:
- Home Buyer Guide
- Helpful Home Buyer Tips
- Download Latah Realty’s Homebuyer’s Guide today!
The home buyer’s guide contains information about:- Local Schools
- Local Home Inspectors
- Local Phone/Internet/TV Providers
- Title Companies
- Local Lenders
- Loan Estimate Example
- Sample Agency Disclosure Brochure
- Sample Purchase and Sale Agreement
- Glossary of Real Estate Terms