As with most things in life, there’s a proper sequence that works best in a Boise real estate transaction.
Here’s how most successful Boise real estate transactions get to a successful closing.
Smart Boise home buyers obtain pre-approved financing before making an offer on their chosen home.
Few sellers will accept an offer without pre-approved financing, and buyers need to understand the details of their financing before looking at homes.
This occurs after all of the arm-wrestling is done and both buyer and seller have reached agreement.
Depending upon the circumstances, there may be one or more counteroffers before buyer and seller reach agreement.
Escrow Is Opened
The act of opening escrow occurs when either the buyer’s agent or the listing agent sends a copy of the accepted offer to the designated escrow officer.
The home inspection is ordered by the buyer’s agent and is coordinated with the listing agent and the seller.
The buyer selects the home inspector, pays for the inspection, and it’s usually done within a week after the offer is accepted.
It’s customary to wait to order the appraisal until inspections have been completed and all inspection issues have been resolved.
This prevents paying for an unnecessary appraisal in the rare instance where the inspection reveals inspection issues that can’t be resolved between buyer and seller.
Most lenders will process the buyer’s loan throughout the escrow period and be prepared to draw loan documents immediately before closing.
Buyers should expect requests for documentation from their lender during loan processing.
Hopefully, your lender will not wait until the last minute to process/underwrite your loan.
Contrary to popular (mistaken) belief, closing doesn’t occur when buyer and seller sign their final documents.
Those of us in real estate go to great lengths to confuse everyone by calling the “signing appointment” a “closing appointment”
Closing actually occurs when the deed is recorded at the county recorder’s office, which follows the lender wiring the loan funds into escrow (aka “funding the loan”).
Buyers usually get the keys to the home after the deed has been recorded.