You found a home in Ohio that you love, and owning your first property is within reach. How long should you expect to wait for closing?
Millionacres runs through the steps to close on a home. Understand every aspect of the home buying process to become a well-informed homeowner.
You and the seller must sign a purchase agreement to start the closing process. Before that, the two of you may negotiate the property’s final price. Check whether your purchase agreement lists the expected closing date.
Your purchase contract may also list a period for you to conduct home inspections. Usually, parties have three to 10 business days for inspections. You could also have the chance to withdraw your offer or ask the seller to make repairs or upgrades. If inspections reveal problems, addressing them may extend the closing process.
As a show of good faith, buyers make an earnest deposit along with their offer. The deposit goes into an escrow account.
If you borrow money to buy a home, your lender may require a property appraisal. Even if you do not need an appraisal, paying for one anyway ensures you or the lender does not pay too much for the property.
Home sale contingencies
If you move from one home into another, you may want to add contingencies to your purchase agreement. For instance, you may want to stipulate that you only buy a new home if your current home sells.
Learning every step of the home buying process may help you avoid delays. Reliable information also helps to protect your rights.