During some parts of home buying, there’s nothing to do but wait while movement happens on the part of your agent, your lender, or the seller. At other times, you’re expected to act quickly to make decisions about how to move forward.
Meanwhile, you’re wondering when you should start packing up your belongings and scheduling the moving truck.
In this article, we’ll show you step-by-step of a typical home buying schedule, what’s expected of you at each stage, and some guidelines for organizing for a successful move.
Shopping For Your Home
The time it takes to buy a home is mostly taken up by the shopping period. You never know if the first house you tour will be your dream home, or if you’ll tour dozens of homes over the course of several months.
But once you finally land on the one you want, the typical home buying process takes 4-6 weeks.
That includes the time you’re in contract until closing day when you have keys in your hand. Here’s how it breaks down.
When You’re In Contract
Once you’re in contract on a home, you and/or your real estate agent will schedule the home inspection and begin working through the home purchase steps along with the title company and your lender. At this point it’s a good idea to begin sorting through all your belongings. Go through every drawer, closet, cupboard, and shelf and start to declutter. Remove anything you no longer want or use and donate or sell items that are in good condition.
Identify where your important documents are (files, passports, bank statements, etc) that you may need on hand throughout your home buying process. Don’t lose track of important documents by packing them away too soon!
Create an inventory of particularly valuable items you plan to move, such as large pieces of art, electronics, and large instruments such as pianos. Call a few moving companies to get estimates on your move . They’ll typically ask how many rooms’ worth of belongings you’ll be moving and what kind of big furniture you have (dining table and chairs, couches, beds, dressers, bookcases, etc).
4 Weeks Before Closing
If you’re currently renting, you’ll want to give your 30-days’ notice (Please note that lenders will often suggest not giving notice as there is no guarantee the home purchase will go through until the actual day of signing – it may be a good idea to check into your landlords rules about giving notice and how to potentially back out of that notice). By this point you can finalize your moving services and make sure you’re on their schedule.
Source packing materials and begin packing up smaller household items you won’t need quick access to over the next few weeks. Neighborhood free groups and local online sources such as Craigslist are good places to find cheap or free moving boxes and packing supplies.
3 Weeks Before Closing
As you continue packing up your current home, your lender will arrange for the appraisal of your potential new home.
Your title company will conduct a title search to ensure the sellers are legally in their rights to sell their home and that there are no issues with the title that need to be cleared prior to purchasing that home.
2 Weeks Before Closing
Getting closer! At two weeks out, you’ll want to ensure you have a home warranty ready, if desired, for the new home and to get some quotes on homeowners insurance. During this time, the title company will contact you to schedule the closing day and time.
Contact utility companies (water, electric, cable, internet, gas) for your current and future homes to arrange service to start/stop at either location. Change your address with the US Post Office, either on their website or in-person. Update magazine and newspaper subscriptions with your new service address too.
Start to minimize your grocery shopping to reduce the amount of food you’ll have to pack. Do some strategic meal planning for the last couple weeks to make use of the food you have in your freezer, fridge, and pantry.
1 Week Before Closing
Obtain certified checks for closing or wiring instructions from the title company. If your purchase agreement has included repairs being done by the seller, your agent will arrange a final walkthrough to ensure these repairs have occurred.
Do a deep clean of your old home or hire professional cleaners.
3 Days Before Closing
Prior to closing day, your lender will provide you with a closing disclosure. This shows your final loan terms and closing costs. You have three days to review this document to make sure there are no surprises at the closing table.
If there is a significant discrepancy between the loan estimate and the closing disclosure, you must notify your lender and title company immediately.
Closing Day
The big day is here! After signing (and signing and signing) all your paperwork, you’re so close to receiving those keys – but not quite yet! It takes a few hours after closing for the title company to record the sale with the county.
Your agent will keep in close contact with you to tell you when everything is finalized. At that point, you can arrange to meet with your agent who will hand off the keys.
NOW Is It Done?
Yes! Finally the home is yours. Time to start making memories in your new home.
Now that the home is yours, you’ll want to protect your investment. Create a plan for regular maintenance and upkeep on a regular schedule to ensure the structural integrity of your new purchase.
