The sequence from offer through closing
Home purchase follows a defined sequence. After an offer is accepted, the buyer and seller sign a purchase agreement (the binding contract). The buyer then schedules a home inspection, typically within 7-10 days, with an inspection period to review findings and request repairs or credits. Simultaneously, the lender orders an appraisal to verify the home's value supports the loan amount.
If inspection issues are found, the buyer requests repairs or price reductions. Negotiations continue for several days. The appraisal comes back within 7-10 days; if the home appraises below the offer price, the buyer and seller renegotiate or the buyer makes up the difference. All contingencies (financing, inspection, appraisal) must be satisfied or removed.
Final underwriting and closing mechanics
After appraisal clears, the loan enters final underwriting (typically 3-5 days). The lender requests final verification of employment, bank accounts, and confirms no new debt was incurred. Homeowners insurance is finalized and proof provided to the lender. A final walkthrough of the property occurs 24 hours before closing to confirm the home is in agreed condition.
Closing itself (signing documents and transferring funds) takes 1-2 hours. The title company prepares closing documents and facilitates the meeting. After all parties sign, funds are transferred, the deed is recorded, and keys change hands. The entire process from offer to closing typically takes 30-45 days, though this varies by market and any delays in appraisal or underwriting.