The Life of an Escrow - As a Homebuyer

As a homebuyer, you've spent many hours working with your agent, scowering hundreds of available properties and you've finally found the perfect home! Finally after getting your offer accepted, you may be wondering "Now what?". While getting your offer accepted is very exciting, there is still work to be done on the buyer's side of the deal.

We wanted to layout an estimated timeline for buyers so that they would know what to expect while moving forward with their purchase! Here below is a very typical buyer timeline of the escrow process when buying a home.  Please keep in mind that many of these outlined tasks and timeframes can change based on the transaction type, length of escrow, loan requirements and many other transaction specific details.

Day 1

• The escrow officer will be reaching out to you directly with wiring instructions

• We coordinate a time for the home inspection

• The lender will be in contact to start the loan process

• Expect some basic Nevada (Non-Property Specific Disclosures) to sign electronically

Day 2

• We will receive a detailed buyer information sheet that you will need to complete/return

Day 3

• Expect to get the Sellers Real Property Disclosure sheet (SRPD)

Day 3-8

• Receive a copy of the home inspection to review

• Request Repairs when applicable

• Receive the Preliminary title report

Day 5-10

• Lender orders the appraisal

• Lender wraps up your initial file to submit to underwriting. This is when they will require most of your documentation

• Complete due diligence period (contingency will expire)

Days 10-15

• Receive the appraisal for review

• Receive additional needs list from the loan underwriter

• Receive the HOA resale packets (When applicable) with 5 days to review

Days 16-20

• Receive conditional loan approval

Days 20-25

• Loan Contingency expires

• We receive the settlement statement for review

• The Closing Disclosure is issued (it is important to acknowledge promptly) to start 3 day review period

Day 28

• Set up signing at Title company or Mobile notary

• Call Utility company to set up a start date for your utilities

Day 29

• Sign final paperwork

Day 30

• Lender funds and the title company records the sale

• Get your keys …. Congratulations you now own your new home!!!!

Please reach out to us if you have any further questions regarding the purchase process. We look forward to working together with you and assisting with your real estate needs!