Here in Denver, you can generally estimate one month from the moment the seller accepts your offer until you make it to the closing table. So, what exactly happens in those 30 days, anyways?!
In Colorado, the contract to buy and sell is heavily written in the buyer’s favor. This means that it is the buyer's job to do their due diligence and homework through the contract process. Essentially, it’s the buyer's responsibility to make sure the house meets their particular needs in nearly every way, shape, and form. This due diligence/homework process is what those 30 days are used for. Now, let’s break down how we use those four weeks!
Week one is when the homework starts! Here are a few things you can expect to be doing within that first week of being under contract,
1. Dropping off your earnest money
2. Scheduling your inspection
3. Schedule your sewer scope, and maybe a radon test as well
Ok, you’ve made it through the first week and completed your checklist from your Realtor, go you!!! Now, onto week two of the process.
In week two you can expect to be reviewing your title paperwork (don’t worry, your agent will let you know what to do), drafting your inspection objection to the sellers, reviewing any HOA documents (if you have them), and asking for and reading any due diligence documents from the sellers (ie, utility bills, manuals, etc). Week two can be hectic, but when you break it down into tiny bite-size pieces, you’d be surprised how quickly things move along!
Now, onto the home stretch in week three. Week three is usually a pretty calm period for the buyer. The majority of the homework and deadlines are between week one and week two. In the third week, you will likely have your appraisal done (not something you have to schedule, that's done through your lender, yay), wait for the appraisal report and give your lender any documents they need for your final loan approval and clear to close! Not too bad at all!
You’ve made it to the finish line! Week four means you're done with nearly everything. You’ve scheduled your closing time and location, you’ve got your clear to close from your lender, and now you do the happy dance! The only remaining tasks in week four is to either wire or get a cashier’s check for your total closing costs, scheduled your final walk-through, then go to the closing table where you get the keys to your new home!!!!
See…one month sure does fly by! In some cases, you can close on a home in as little as two weeks, holy smokes!!!! When you break your deadlines down, and your Realtor gives you daily homework, these tasks don’t seem as scary as some might think!