Here’s an explanation of what happens after buyer and seller reach agreement.
- Accepted offer paperwork is exchanged between listing agent and buyer’s agent
- Sale is submitted to each agent’s office
- Earnest money check is cashed.
- Pending sale is reported to MLS.
- Escrow is opened.
- Preliminary title search is completed by escrow company
- Home inspection is ordered.
- Home inspection is completed.
- Inspection repairs are negotiated.
- Inspection repairs are scheduled.
- Inspection repairs are completed.
- Appraisal is ordered by lender.
- Appraisal is completed.
- Lender reviews/approves appraisal.
- Loan processing is completed by lender.
- Loan underwriting is completed by lender.
- Lender orders homeowners’ insurance.
- Lender prepares loan documents.
- Lender submits loan documents to escrow.
(come back tomorrow for What Happens During Closing)
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