Here is what happens after you put your offer in on a Northville home.
This will give you a general idea of what happens between the offer and closing table. Hopefully it will prepare you on what to do next in the process.
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ACTION
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TIMELINE
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Offer is submitted to listing agent
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Counter offer/ acceptance of offer
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Sometimes you hear back from the seller in hours, other times it is days. Patience is the key hear. But you want to respond quickly if you want the house
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Start mortgage
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Same day you get acceptance of the offer - you should have all your documents ready
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Set up inspection
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Same day you get acceptance of the offer - must be done within 7 days of signing by seller
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Get utilities turned on
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Call utilities turned on for inspection and appraisal
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Inspection
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Within 7 days of signing by seller and bottom line
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Inspection results
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You have 2 days of the inspection to put in writing what is wrong, what you want fixed, or whether you want out of the contract.
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Seller responding to your inspection results
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Seller has two days to respond to fix or reduce the price after we send them inspection issues
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Appraisal
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Mortgage company orders it after inspection passes
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Wait for mortgage
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Can be up to a month. But if mortgage company asks for something rush and get it back to them. A two or three delay by you can turn into a two week delay by the mortgage company
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Shop for insurance
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About 2 weeks in, shop for insurance, pay for it and let your mortgage company know the company and contact number. We need to know closing date for insurance company
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Clear to close
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Once the mortgage has been completed the mortgage company issues a clear to close and calls me the realtor to schedule the closing
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Set the closing
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The listing agent and the buyer's agent talk to their client and arrange with title company a date and time convenient to all
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Lender sends documents
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Lender sends documents to the title company, title company does the HUD, and the title company tells the loan officer the final number. Loan officer calls you with the final number.
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Set up the utilities in your name
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The days before closing set up utilities to switch to you on the day of closing.
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Final Walk Thru
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On the day of you walk thru the house to make sure no damage has been done to the house
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Closing
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Sign all the mortgage documents- takes about 1 - 1 ½ hours on the average
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It doesn't matter whether it is Northville real estate, a Farmington Hills condo, a West Bloomfield lake front home, or a Dearborn home the process is usually the same. Of course this is just a general timeline. The key to the process is rush and get your things done, then have patience with the others getting their part done, then rush around to get your part done again. Then patience again.
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russ.ravary 
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