Buying a home is easier when you know what’s coming. Here’s a plain-English look at every step, what it costs, and how to stay on track to closing day. Whenever you’re ready, I’d love to help you find the right home.
18 steps to your keys
Most purchases close 30 to 45 days after your offer is accepted. Here’s the whole path.
- Get ready
- 1
Agency & representation
I explain my duties and how I'll represent your best interests. Once we work together, your interests become my interests.
- 2
Get pre-approved
Meet with a lender to learn your buying power and price range. This also makes your offers stronger.
- 3
Needs & wants
We define location, size, style, features and lifestyle. Your Buyer Representation Agreement is signed here.
- Find your home
- 4
Home search
Tour homes, drive neighborhoods and visit open houses. I'll set you up with listing alerts so you see new homes first.
- Make it yours
- 5
Make an offer
I write and submit your offer for the seller's review. In a competitive situation we may use an escalation clause.
- 6
Negotiate & accept
We negotiate terms. Once the offer is accepted, the timelines begin.
- 7
Earnest money
Your deposit goes to escrow within a few days and is applied to your down payment at closing.
- Under contract
- 8
Seller disclosures
The seller shares what they know about the property on a 7-page disclosure form.
- 9
Inspections & appraisal
Your inspection checks the home's condition (paid at the time of inspection). The lender's appraisal confirms value (usually paid by credit card).
- 10
Repairs, if needed
We negotiate fixes with the seller. A re-inspection can confirm the work is done.
- 11
Homeowners insurance
Lock in the coverage your lender requires. Your lender can help.
- 12
Title report
Confirms any liens, easements or restrictions on the property.
- 13
Loan processing
Your lender gives final approval, you're "clear to close," and loan documents are ordered.
- Closing day
- 14
Final walk-through
A few days before closing, we check the home's condition one last time.
- 15
Closing appointment
Sign your closing documents at escrow. It takes about an hour.
- 16
Transfer utilities
Set up power, water, internet and garbage in your name for closing day.
- 17
Recording & funding
The deed is recorded in your name and the loan funds are released.
- 18
Keys & move-in
Celebrate your new home!
Plan ahead: your first mortgage payment is due the month after you close, and sometimes closer to two months.
Money you’ll need, and when
A few costs come up front. Your down payment and closing costs are paid at closing.
Some programs allow gift funds for the down payment. Your lender will help you pick the best program.
How much cash will I need?
Enter a price and loan type for a rough estimate. Your lender will give you exact numbers.
Estimates only. Sellers sometimes agree to pay part of a buyer’s closing costs, depending on the market.
Do’s & don’ts until closing
Your lender reviews your finances again right before closing. Keep things steady until you have keys.
Don’t change jobs
Or make major job changes. Stability matters to your lender.
Don’t take on new debt
No new car, no new credit cards, and no co-signing for anyone.
Don’t move money around
Lenders need a paper trail for your savings and down payment funds.
Don’t make big purchases
New furniture and appliances should wait until after closing.
Do ask questions
Any time, about anything. The Elliott Team is with you every step of the way.
Do talk to your lender first
Before any financial change, call your lender. Ask about rate locks, too; many offer a float-down if rates drop.
Before you make an offer
- Almost anything found in an inspection can be repaired or replaced.
- The longer a home has been on the market, the more room there may be to negotiate.
- In a multiple-offer situation, you may get a chance to submit your “highest and best.”
- Sometimes closings slip a few days. We’ll plan for that, especially around your move.
- Most people buy every 7 to 10 years, so well-meaning advice from friends may not reflect today’s market.
FAQ
What inspections do I need?
Most buyers get a whole-home inspection (about $450), which covers everything from the roof to the foundation, including pest and dry rot. You can add radon, mold or a sewer scope for older homes. Inspections are your choice and paid by you during the inspection period. If the home has a well, Oregon law requires the seller to pay for a well water test.
When do I get the keys?
Usually 30 to 45 days after your offer is accepted. Keys are released once your loan documents are signed and returned to the lender, funds arrive, and the deed is recorded in your name with the county.
What do title and escrow do?
Escrow is a neutral third party that holds funds and carries out what you and the seller agreed. Title makes sure the property is free of liens, judgments and other claims, and the seller pays for a title insurance policy that protects you.
Where do I sign?
At the escrow office, a few days before closing. It takes about an hour. You’ll get the address when you deposit earnest money and again before signing.
When should I lock my interest rate?
Your lender watches the market closely and will help you time it. Many lenders offer a float-down, so if rates drop after you lock, they can re-lock at the lower rate.
Are foreclosures and short sales good deals?
Sometimes. Foreclosures are bank- or government-owned homes. Offers and inspections work much like a regular sale, but the homes often need work. A short sale is listed for less than the seller owes, and the seller’s lender must approve the price. Short sales can take 4 to 6 months.
What are an escalation clause and “highest and best”?
An escalation clause automatically raises your offer above competing offers, up to a limit you set. “Highest and best” is a second chance to submit your strongest offer when there are multiple bids.
What if the home doesn’t appraise?
Most homes do. The appraisal protects you from overpaying and confirms the home is sound and livable. If it comes in low, we have options, such as renegotiating the price. I study comparable sales before we write your offer to keep you on solid ground.
Is Zillow’s Zestimate accurate?
Zillow is great for browsing, but its Zestimate is built from tax records and public data. It can miss square footage and can’t account for the lot, special features or updates.
What about lead, radon, mold or other hazards?
Oregon REALTORS® publishes a Home Buyer Advisory covering these topics: oregonrealtors.org advisories.
Let’s find your home
No pressure, no obligation. We’ll talk about what you want, connect you with a great lender, and set you up to see new listings first.
Costs, timelines and loan programs are typical estimates and vary by property, lender and buyer.