A clear timeline helps you plan cash, timing, and decisions. This reflects a typical California transaction. Your path shifts based on price point and market heat.
Phase 1: Preparation
1 to 3 months before you shop
- Pull your credit report. Fix errors. Lower balances.
- Set a target budget. Include down payment, closing costs, and reserves.
- Review neighborhoods with commute, schools, and lifestyle in mind.
- Interview agents. Pick one who explains strategy and tradeoffs clearly.
Phase 2: Loan Pre-Approval
1 to 2 weeks
- Gather documents: pay stubs, W-2s, tax returns, bank statements.
- Apply with 2 or 3 lenders. Compare rate, fees, and responsiveness.
- Secure a written pre-approval sized to your comfort, not the max.
Phase 3: Home Search
Timing varies
- Define non-negotiables versus preferences.
- Tour homes in person. Photos hide flaws.
- Track list price to sale price to learn leverage.
- Typical range runs from a few weeks to several months.
Phase 4: Offer and Negotiation
- Set price, terms, and contingencies based on comps and demand.
- Submit the offer. Counter as needed.
- Reach mutual acceptance. The clock starts.
Phase 5: Escrow
30 to 45 days
- Open escrow.
- Deposit earnest money, often around 3 percent of purchase price.
- Complete inspections early, usually within the first 7 to 17 days.
- Lender orders the appraisal.
- Finalize loan approval.
- Title and escrow clear outstanding items.
Phase 6: Closing
- Complete the final walkthrough.
- Sign loan and escrow documents.
- Wire remaining funds.
- Deed records with the county.
- Keys released after recordation.