Home Inspection - Once the offer is accepted, the next step is most often the home inspection. This is most typically performed within 5 – 10 days after the offer is accepted.
Purchase and Sale - Next in the chain of events is the Purchase and Sale. Since this is often negotiated by the attorneys for the buyer and seller respectively, it may stretch in “legal time” which often has no correlation to “actual time”. But, assuming all goes well, the Purchase and Sale is hopefully completed within 5 - 7 days after the home inspection.
Mortgage - Typically buyers will apply for a mortgage within 2-5 days after the signing of the Purchase and Sale Agreement, if not before. The mortgage process, much more laborious than in years past, should take 4 weeks to reach commitment.
Closing – After commitment is issued to the buyer, the bank typically needs a week to two weeks to prepare for closing.
All in all, the process, moving smoothly, should take about 7 - 8 weeks from start to finish. That being said, I have seen it done in 30 days and seen it take, well, forever….
If you have any questions about the process, procedures, or contracts involved in purchasing a home, please contact us or download our better buyer kit for more info. We would be happy to help you accelerate your chance to find yourself happily living in Somerville, MA.
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