Step: Mortgage pre-approval
Timeline: 2-3 days
Who Is Involved: Buyer, Lender
Step: Property search
Timeline: Varies
Who Is Involved: Buyer, Broker
Step: Gather tax and financial records
Timeline:
Who Is Involved: Buyer
Step: Transfer any funds being gifted
Timeline:
Who Is Involved: Buyer
Step: Review credit report
Timeline:
Who Is Involved: Buyer
Step: Interview real estate attorneys
Timeline:
Who Is Involved: Buyer
Step: Identify a property
Timeline:
Who Is Involved: Buyer, Broker
Step: Submit offer
Timeline: 1-2 weeks
Who Is Involved: Broker
Step: Negotiations & offer acceptance
Timeline: 1-4 days
Who Is Involved: Broker
Step: Due diligence/contract negotiations
Timeline: Ideally 1 week max
Who Is Involved: Attorney
Step: Inspection (optional)
Timeline: 1-3 hours
Who Is Involved: Inspector, Buyer
Step: Contract signing/deposit paid
Timeline:
Who Is Involved: Buyer, Attorney
Step: Counter signing
Timeline: Within 24 hours of buyer signing
Who Is Involved: Seller, Attorney
Step:
Timeline: *Deal is now binding*
Who Is Involved:
Step: Apply for Loan
Timeline: ASAP, within a week of contract
Who Is Involved: Buyer, Lender
Step: Bank Appraisal
Timeline: ASAP following loan application
Who Is Involved: Broker, Appraiser
Step: Loan Commitment
Timeline: 2-4 weeks
Who Is Involved: Buyer, Lender
Step: Purchase application
Timeline: 10 business days*
Who Is Involved: Buyer, Broker
Step: Management reviews
Timeline: 1-2 weeks
Who Is Involved: Management
Step: Board Review (co-op, condo)
Timeline: 1-2 weeks
Who Is Involved: Board
Step: Board interview set (co-op)
Timeline: Within 1-2 weeks
Who Is Involved: Buyer
Step: Notification of approval
Timeline: Within 24-72 hours
Who Is Involved: Board, Broker
Step: Loan is finalized
Timeline: 1-2 weeks
Who Is Involved: Lender, Buyer
Step: Bank issues Clearance to Close
Timeline: Minimum 3 days before closing
Who Is Involved: Lender
Step: Bank & Attorney Prep Closing
Timeline: 1 week
Who Is Involved: Lender, Attorney
Step: Closing is set
Timeline: 1-2 weeks later
Who Is Involved: All parties
Step: Final Walk Through
Timeline: Day before or day of closing
Who Is Involved: Buyer, Broker
Step: Closing
Timeline: 2-3 hours
Who Is Involved: All parties
*Per usual contract terms, board package must be submitted within 10 business days of contract signing or within 3 days of receipt of loan commitment if financing.