Jeff's Time Line for Purchasing:
Here are the steps you'll take to find and close on the home of your dreams. 

1. Seek pre-approval for a mortgage:
Typical time frame 1 - 2 days.
You must know how much home you can afford and exactly how much money you will need. There are a multitude of mortgage programs which can get you into a home with as little as 2.5% down. By talking to a mortgage professional you will find out what program best suits your needs. 

2. Find a home:
Typical time frame 1 - 4 months.
Depending on what you are looking for and how unique it is, the length of your search will vary. The average buyer looks at 5-12 homes before finding one which meets their needs. Internet - savvy buyers save time doing their "homework" before their search with a realtor. 

3. Negotating a purchase contract:
Typical time frame 1 - 3 days.
As they say, everything is negotiable except death and taxes. Ask what the seller is willing to part with and not. (ie. appliances, drapes, blinds, patio/deck furnature, etc.). 

4. Complete the inspections:
Typical time frame 7 - 10 days.
It is customary for buyers to make their purchase contract contingent or "subject to" the satisfactory results from one or more of the following inspections: Engineer's inspection, radon gas, pest, chimney, pool, furnace, lead, and possibly mold. Once the inspections are completed, the buyer removes or releases this contingency. 

5. Attorney approval:
Typical time frame 3 - 7 days.
The Realtors will fax a copy to the contract to your and the seller's attorney for their review and approval. Once they have reviewed it with you they will issue a written approval. If there is a problem, they will also address it. 

6. Apply for Formal Mortgage:
Typical time frame 1-7 days.
Remember, we will be under contract obligation to get a mortgage commitment within a specific period of time. Most of your work for bank application will have already been done in step 1. 

7. Final Mortgage Commitment:
Typical time frame 1 day to 6 weeks.
If you have been pre-approved like we've suggested then you could probably get a written mortgage commitment within only a couple of days. The only thing that the bank will be waiting on is for a bank apprasor to go out and verify that the property is worth what you are paying for it. (Don't worry, I will have done that so that you are secure that you are not over paying for the home). You will want to review the mortgage commitment with your mortgage broker and possibly your attorney and then sign it and send it to your mortgage broker, attorney, and to your Realtor. 

8. Schedule a closing:
Typical time frame 2-3 weeks after mortgage commitment or 2-3 days before the scheduled closing date.
Once you get notified of a closing date, we will schedule a final walk-through to do a pre-closing inspection of your future home. At that time we will get final readings for utilities. 

Typical Time Frame from the time a home is found, to the time it closes is 5 ? 8 weeks.