In our area, purchasing a home with financing usually takes between 45 and 60 days after the property itself has been found. After the initial showing, a buyer makes an offer, negotiates with the seller, and an accepted purchase agreement (APA) is obtained when both parties agree to all terms. From there, I have a number of moving parts to keep track of:

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1. Earnest Money Deposit Collection: The first thing that needs to happen after an APA is the collection of the earnest money deposit. This is consideration put up by the buyer that communicates to the seller that they are serious about the purchase, and are guaranteeing they will not cancel the purchase for a non-contractual reason. If all goes according to the contract, this amount will go toward the buyer's bottom line. If the buyer cancels the purchase for a non-contractual reason, the seller may have a valid claim to retain that money. Legal counsel may be required if a dispute arises.

2. Inspection contingency: It is customary for a contract to have an inspection opportunity period of 10 business days, or about two weeks, from the date of acceptance. This is completely optional for the buyer, and is for their information only. During this time, the buyer is welcome to conduct any inspections on the property that they require to ensure they understand what kind of condition of the property is in before they purchase it. The purchase is considered "contingent" on a "satisfactory home inspection." Sometimes renegotiation will take place based on inspection results, if issues are identified that were not clear to the buyer at the initial showing. An inspection is optional for every buyer, but is highly recommended for obvious reasons.

3. Title work: Title work is ordered early in the deal, and its purpose is to ensure a clear chain of title of ownership to the property is available, and no liens or encumbrances are attached to the property that would render it untransferable. If these problems are discovered by the title company when they search county records, we should be notified early enough to address them, or to rescind the offer to purchase while retaining that earnest money deposit. 

4. Appraisal: The appraisal is required by a lender, and usually takes place after the inspection contingency is lifted. We write all of our contracts with a contingency that the appraisal must come back "at, or above the purchase price" to protect our buyer clients from overpaying for a home, or being required to pay out of pocket for the difference in the purchase price and the appraised value. A lender won't lend over appraised price. 

5. Underwriting: The last step for a financed purchase is for all of the information to be submitted to the underwriter at the buyer's financial institution who examines the whole package and ensures that the purchase is a good investment in case the buyer defaults. Sometimes they require additional documentation from the buyer, and delays can come up during this part of the process. As soon as they have confirmed that everything is in order with your purchase, they give the "clear to close" and we get to schedule closing.

6. Closing Day! All of the above takes about 45-60 days to complete, and once we have clear to close from our lender we get to schedule closing. This usually takes place at the title company or at your lender's office. They review loan documents with you and get your signature on a number of other documents which transfer title into your name. You'll need to bring your check for your downpayment and closing costs, and your identification. Block off up to an hour for this if you like to hear the details, but most closings can be completed within a half-hour to 45 minutes. Then you get the keys and its on to the fun world of moving!