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 By Jacqueline Beardsley


From Offer To Close


Buying a home is exciting and the time it takes from offer to close will vary depending on the situation as they are all different.  Here is what typically happens from the time of offer until close.

An offer is accepted and once all of the parties have agreed to the price and terms and have signed and dated the contract it now has become a fully executed contract.  

  • Earnest money will be held in escrow as was agreed upon by both parties and that check will be cashed.  This will go towards the down payment. The amount of earnest will depend on that market area and the price of the home.
  • The attorney review takes place and they may ask for modifications if something in the contract is not in the best interest of their client.
  • The buyers will conduct a home inspection and all other inspections within the timeframe stated in the contract.  The sooner the better.  Inspections should be scheduled as soon as the offer has been accepted.  Usually buyers will have five business days from time of executed contract to have inspection(s) completed.  
  • Once the inspection reports are available (the next day and sometimes later that day depending on the time of inspection) the buyers will have the opportunity to ask sellers for repairs or cancel the contract if the inspections are not satisfactory.  Issues pertaining to the inspections typically happen within 10 business days after the date of acceptance.  These requests are handled through the attorneys.
  • Once the inspections are completed and all issues have been agreed upon, an appraisal will be ordered.  Cash buyers do not have to have an appraisal but certainly have the right to order one if they choose to.  Lenders order the appraisal.
  • If the home has an association the HOA, CC&R documents will be ordered at the sellers expense.  The buyers must find the covenants and restrictions acceptable.  The attorney of the seller will usually order these documents.
  • Once the appraisal is received by the lender, the buyers loan paperwork will go to the underwriting department.  They may ask for additional items during this process.  This is essentially an audit of the buyers file to make sure that they have everything in order to complete the loan.  Buyers should NOT change one thing about their credit from the time they have an accepted offer until after close.  Do NOT buy a new car, etc.  This can cause them to not qualify for the loan during the underwriting process and lose the home.
  • In the closing department the lender will prepare all documents that the buyers will sign at the Title Company.
  • Once all of the documents are prepared they will be sent to the escrow company for review and preparation. 
  • In Illinois the signing of all documents is typically done at the Title Company. 
  • Once all funds are received and docs are signed, buyers will have CLOSED and receive the keys to their new home!
There is a lot going on from offer to close, agents, attorney's and lender all work together with their clients to make this transaction as smooth as possible.  A typical close time is 45 days from the date of acceptance.
Charles Rutenberg Realty
Naperville IL

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