The average transaction is 45 days. Here’s the breakdown of an average 45 day transaction from the date of acceptance:
Purchase and sales agreement accepted, preliminary title policy is ordered by listing agent, buyer schedules home inspection date.
Inspection complete and any negotiations for repairs are complete. Buyer provides to seller a loan commitment letter from their lender.
Appraisal is ordered.
Appraisal is complete and received by the lender.
Any additional conditions requested by the underwriter are known.
Additional underwriting conditions are met.
Lender and Title Co. prepare preliminary closing documents, buyer and seller sign when closing documents are ready.
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