Time Line Guide For Purchasing

1. Mortgage Pre–Approval: Typical Time frame: 1 hour or less. You must know how much you can spend before you spend it. Down payments range from 3% to 20% down and there are some 0 down loans such as the VA loanThe VA Loan Guaranty Service is the organization within the Veterans Benefits Administration, U.S. Department of Veterans Affairs, charged with the responsibility of administering the home loan program. (if you qualify). There may be some types of property that can’t handle just any type of financing (farms or properties with 5 or more acres) so be sure to consult your Realtor®. Your Realtor® may also be able to give you good recommendations for a lender who specializes in our local real estate market or call Coldwell Banker Mortgage at
1–888–308–5408. They will pre–qualify you over the phone. Note – some of the online lenders may not have closed a deal in Pennsylvania before and some have hidden closing costs that you or your agent may not be familiar with ... be careful!

2. Negotiations: Typical Time frame: 1 hour to 1 week. Step One: Make an offer. Many things are open for negotiation so inquire about curtains, appliances, working fireplaces, washers, dryers, possession, etc.

3. Sign a Contract: Typical Time frame: 1 -5 days. Typically in a sales transaction, a real estate agent represents each buyer and seller. The buyer’s agent prepares a contract covering all the details of the sale from the buyer’s standpoint. The buyers sign the contract and forward the contract to the seller’s agent who then reviews it with the seller; the sellers execute the contract. Possible contingencies: Financing, closing dates, testing issues. The quicker the contract can be signed, the better. A contract is binding only after all parties have signed. In Pennsylvania, we generally use a PAR (Pennsylvania Association. of Realtors) approved* standard contract.
*This contract has been drafted by Attorneys at PAR, attempting to protect the interests of both parties (buyer and seller).

4. Apply for and get a mortgage: Receive commitment letter from lender. Typical time frame: 3 – 8 weeks. Mortgage applications cannot be processed without an executed contract.

5. Schedule a Closing: Typical time frame: 1 – 2 weeks after board approval. Managing agents generally set the date for closings, and lawyers for sellers and buyers coordinate with the appropriate banks on available dates and times.

6. Closing: Typical time frame: days – several weeks.