From your offer being accepted to closing, buyers and sellers typically have 30 to 45 days to address contingencies, make repairs, pack and move.
Until closing, the stress of whether the deal will go smoothly will likely weigh on each party, but even with uncertainty each party has to start planning their moves.
During this time, the sale could fall through from the buyers backing out, financing not being secured or a number of other issues.
Here is a general timeline to help organize the process; your actual timetable could be different:
Days 1 to 7: Offer accepted
After negotiations, when the seller accepts the buyer's offer the clock starts counting down for the closing. By this time, you will have worked out what contingencies are a part of the sale and who is responsible for ensuring them. Review the contract and create a calendar of all the deadlines. Buyers will put their earnest money in escrow.
If your closing day is 30 to 45 days, then you need to start planning your move and decide if you will hire professionals or do it yourself. Rental trucks will likely be needed either way. Start packing non-essentials and gathering moving supplies.
Schedule
- Book movers or rental trucks
- Schedule inspection
- Schedule appraisal
Days 7 to 10: Home inspection
You will want to have the property inspected as soon as possible and within the first 10 days. The buyer needs to approve the inspector. Inspection can be nerve-racking for both parties, who don't want to find something that could ruin the sale. Sellers try to ease their anxiety with a pre-listing inspection.
If the inspection reveals major problems like roofing, mold or foundation issues, the buyer might back out. If these problems are uncovered, the buyer and sellers will need to negotiate who is responsible for the cost of repairs. Typically, the buyer will request the seller to cover the cost of the repairs or negotiate a reduction in the sale price of the home.
Schedule
- Confirm inspection appointment
- Review report
- Schedule contractors for needed repairs
Days 12 to 21: Appraisal
The lender will order an appraisal to confirm the home’s value matches the agreed purchase price. The appraisal is important for the loan approval because lenders don't want to help invest in a home that is overvalued. So, if the appraisal comes in low — the house is worth less than the sale price — then the buyer and seller might need to renegotiate the price to continue with the sale. The buyer might need to bring extra funds to the closing. If the home's value is appraised to be at or higher than the sale price, then the process of the sale continues.
Schedule
- Confirm appraisal appointment
- Review appraisal report when available
- Keep packing
Days 21 to 30: Loan approval and title search
With the inspection clear and appraisal confirmed, the buyer's lender will be working to finalize the mortgage. The buyer needs to work closely with their bank to provide any necessary documents.
Another step to confirm the validity of the sale is title search. A title company will conduct a title search to ensure there are no other claims of ownership — liens — or legal issues with the property. This process can be sped along if the seller ensures that all legal issues regarding the title are taken care of.
Schedule
- Provide any additional financial documents to lender
- Review title report and clear any issues
Days 30 to 35: Repairs and final negotiations
If repairs were agreed upon after inspection, they should be completed and verified. The buyer could request a reinspection to ensure major issues were resolved properly.
Both the buyer and seller should confirm that all the terms agreed on were met before the official closing.
Schedule
- Complete repairs, schedule reinspection if needed
- Seller moves out
- Seller cleans and prepares for the final walk-through
Days 35 to 40: Final walk-through
The buyer will do a final walk-through to ensure the property is in the agreed condition. Check that repairs are complete and no new issues have arisen. Confirm that appliances and fixtures included in the sale are still present and functional.
Schedule
- Schedule walk-through 24 to 48 hours before closing
Days 40 to 45: Closing day
On closing day, both parties sign the final paperwork, funds are transferred and ownership officially changes hands. Buyers will need valid ID and the required funds for closing costs, which is typically a cashier's check or wire transfer. Sellers will bring keys, garage remotes and important documents such as the title.
The agents will pass the keys over to the buyer, who is now the owner.
Schedule
- Review closing disclosure
- Arrange wire transfer or cashier’s check
- Sign documents and hand over keys
- Buyer moves in