You signed the contract. The offer’s accepted. You figure the hard part’s over.
Not even close. The real work happens in the 30 to 45 days between signing and closing, and most of it happens where nobody’s watching. Here’s the simple version of what goes on.
Step 1: The Buyer Puts Money Down
A few days after signing, the buyer wires earnest money into an escrow account, usually 1% to 3% of the price. Think of it as a deposit that says “I’m serious.” It also starts the clock on every deadline in the contract.
Step 2: The Home Gets Inspected
The buyer gets 7 to 10 days to bring in an inspector. He checks the roof, the foundation, the wiring, the pipes. If something big turns up, like water damage or a cracked foundation, the buyer can ask for repairs, a lower price, or walk away. Most deals that fall apart, fall apart here.
Step 3: Someone Checks Who Really Owns the Place
A title company searches public records to confirm the seller actually owns the home, free and clear. They’re hunting for old debts, unpaid taxes, or legal claims nobody knew about. Sounds dull. Causes more last-minute delays than almost anything else.
Step 4: The Lender Says Yes, For Real This Time
If the buyer’s getting a mortgage, the lender has to fully approve it now, not just pre-approve it. They order an appraisal, double-check income and debt, and ask for paperwork at the worst possible time. This step alone usually takes 2 to 3 weeks.
Step 5: Buyer and Seller Settle the Repairs
If the inspection turned up problems, both sides negotiate who pays to fix what. Sometimes it’s quick. Sometimes it eats up a week and almost kills the deal.
Step 6: Clear to Close
Once the loan’s approved and the title’s clean, the deal gets the green light. Almost done.
Step 7: One Last Walkthrough
A day or two before closing, the buyer checks the house one more time. Repairs done. Nothing new broken. Then it’s time to sign.
Closing Day
A stack of paperwork, a wire transfer, and the keys change hands.
Seven steps. Sounds simple on paper. In real life, every step has its own deadline, and missing one can delay the whole closing.
This is exactly why agents hire a transaction coordinator. Someone has to track every deadline and chase every document while the agent’s busy showing houses and managing other clients. Here’s a closer look at why more agents are outsourcing this work.
