What’s the timeline from contract to closing?

Seller disclosures (7 days): This is a 7 page document in which the seller discloses any major issues the home may have. For example, if the home needs $40,000 in foundation repair you may choose to forgo inspection and look for a different home.

Due diligence (14 days): Call an inspector. Inspection typically costs around $350. You will receive a 50 page report. All homes for sale in Utah have maintenance issues and there will always be repairs listed on an inspection report. Sometimes it can be overwhelming to a buyer. I am there to counsel with clients on what to stay away from and what truly is the seller’s responsibility. This gives you 14 days to make sure there are no red flags such as the previous owner was a meth drug dealer. 🙂

Appraisal/Financing (21 days): From the first day we go under contract, we are both in contact with your lender. The lender will be asking you for documentation throughout the process. I will be in constant contact with the lender from day one through the close. Once inspection is complete you will order an appraisal ($500). I recommend waiting until after the inspection in case you need to walk away from the deal. We work together to make sure the underwriter is happy and we are meeting the deadlines. This deadline gives us 25 days to make sure the loan will go through and you will not loose your earnest money.

Settlement (30 days): One day prior to closing, I will receive a copy of the HUDs for review and to catch any errors. Closing – The next day you will sign loan documents and HUDs at the Title company. This takes about 1 hour. The title company will explain your loan and answer any questions you may have. I will be present at the closing. Funding – Once the documents are completed, the loan will be funded. This can take anywhere from a few hours to a few days.

KEYS – Once the loan is funded you get the keys to your new home!!!