The home buying process has many steps, each with its own timing. These timelines give you a structure for how things will go, but each deal is unique. That’s where I, Tyler Davis, come in. With my experience and a dedicated coordinator, plus access to top-notch professionals like title companies, inspectors, and lenders, I ensure your home purchase goes really smoothly.
Please refer to the flowchart below as a tool to help you grasp the key stages that will occur during the process.
UNDER CONTRACT (DAY 0)
This is determined by the agreement of a buyer and seller of terms and price on a purchase contract.
OPEN ESCROW (FIRST BUSINESS DAY)
In Arizona, escrow is a neutral account where money and documents are held during a home purchase. It ensures a secure and organized transaction, with a third party managing funds until all conditions are met.
DEPOSIT EARNEST MONEY (AS SOON AS POSSIBLE)
The earnest deposit is like a security payment in a contract when buying a home. It’s usually 1.5% of the home’s price, and it’s held in a special account until the deal is done. It shows you’re serious about buying. (This is refundable in many circumstances)
ORDER INSPECTION (AS SOON AS POSSIBLE)
An inspection is like getting a checkup for a house from an expert. It helps you find out what repairs or fixes the house might need. It typically costs you between $250 and $500.
BINSR (TYPICALLY 10 DAYS)
The BINSR is a document we fill out to request the seller fix things or give you a discount based on the inspection. It’s also a chance to cancel the deal and keep your earnest deposit if needed.
APPRAISAL (AFTER EXECUTED BINSR)
An appraisal iS getting a professional opinion on how much something is worth. In real estate, it’s when an appraiser assesses the value of your house to make sure it’s worth the price you’re paying. This is a necessity for your loan. Typically, they cost $500-600.
PRE-CLOSING CHECKLIST (7-10 DAYS BEFORE CLOSING)
Agent’s pre-closing checklist is like a final review before sealing the deal. It’s a chance to make sure everything is in order and nothing important is missing. This helps avoid unexpected issues right before the closing.
FINAL WALK THROUGH (3 DAYS BEFORE CLOSING)
The final walk-through is like a last-minute inspection of a property just before you officially buy it. You check to ensure everything is as it should be, like no unexpected damage or missing items, to make sure you’re getting what you paid for.
SIGNING CLOSING DOCS (2 DAYS BEFORE CLOSING)
Signing closing docs for a house means you’re doing an in person signing on all the important paperwork to make the purchase official. It’s the final step in buying the house, and it includes agreements, contracts, and other documents needed to transfer ownership to you.
The final day is when you receive the keys to your new home. You send your down payment to a secure account, and the lender adds their money too. Once all the money is in, this account releases the funds as needed, and the house officially becomes yours.