Step 7: Mutual Acceptance | You Have a Signed Contract to Buy a House in Seattle
Everyone thinks that the search process is the most active part of the home buying process. But really it is once you get the contract signed between you and the seller that the real work starts.
Below are the timelines for your contingencies on the contract.
Note this is for a standard contract and not for one that was one in a multiple offer.
- Inspect The Home – Typically Five Days From Mutual Acceptance of the Contract
- Review The Title Report – Typically Five Days From Receipt
- Review the Home Owners’ Associations Documents (condo) – Typically Five Days From the Receipt
- Lender’s Appraisal of the Value of the Home (if you are getting a loan) – About Two Weeks into the Contract
- Final Loan Approval – Around 21 – 30 Days Into the Contract
- Final Walkthrough – The Weekend Before Closing
- Signing Your Final Paperwork – A Day or Two Before Closing
- Closing Day – You Get the Keys
If you are buying a home in a multiple offer many of these contingencies will be waived. Get the whole idea of what it takes to win a multiple offer at our insiders’ guide Win A Multiple Offer in Seattle in 2022 Using the Team Diva Method.
Pro-tip!
Work with a lender who has you fully approved through underwriting BEFORE you get into contract. We have seen many good-intentioned home buyers decide to shop their loan around. They typically end up with a lender who closes late, the appraisal comes in super low and they lose the house, and/or there are other issues that risk the buyer’s earnest money.
