Homebuying process

1. 1

   Pre-qualification

   Usually an early lender conversation based on information you provide. Useful for planning, but weaker than a reviewed pre-approval.

2. 2

   Home search

   The stage where you compare homes against your monthly budget, cash-to-close limits, location needs, and personal preferences. The goal is to find homes worth viewing, discussing with your agent, or preparing an offer on.

3. 3

   Offer submitted

   The buyer sends proposed price, financing terms, earnest money, closing date, contingencies, and other terms to the seller. The seller can accept, reject, or counter.

4. 4

   Counteroffer or negotiation

   A response that rejects the current offer and proposes changed terms, such as price, credits, closing date, included items, contingencies, or deadlines. The buyer can accept, reject, or counter again.

5. 5

   Offer accepted

   The buyer and seller have agreed to the same contract terms. Deadlines for earnest money, inspection, financing, appraisal, title, and closing usually start from this point.

6. 6

   Earnest money deposited

   A deposit submitted with or soon after an accepted offer to show the buyer is serious. The purchase contract controls when it is refundable or at risk.

7. 7

   Escrow opened

   The closing process where a neutral escrow or settlement company holds funds and instructions, coordinates documents, and releases money when contract conditions are met.

8. 8

   Inspection period

   The contract window for inspections and related negotiations. Depending on the contract, buyers may ask for repairs, credits, price changes, or cancellation.

9. 9

   Appraisal

   A lender-ordered opinion of value used to support the loan amount. If value comes in low, the buyer, seller, and lender may need to resolve the gap.

10. 10

    Underwriting

    The lender review of borrower documents, credit, income, assets, appraisal, title, and loan conditions before final approval.

11. 11

    Title review

    Legal ownership of the property. Title work checks whether ownership can be transferred cleanly and whether liens, claims, or recording issues need to be resolved.

12. 12

    Closing prep

    The final stretch where closing disclosures, cash-to-close numbers, signing appointments, insurance evidence, walkthrough timing, and funding logistics are confirmed.

13. 13

    Closed

    Signing closing documents does not always mean you can immediately move in or start work. Keys and possession usually depend on the contract, lender funding, escrow disbursement, and local recording practices. Once the transaction has closed under those rules and you have possession, the home is yours to occupy, repair, improve, or use subject to law, HOA rules, permits, and any contract limits.

A counteroffer usually replaces the prior offer. Negotiation can go back and forth until one side accepts the exact terms, rejects the offer, lets it expire, or walks away. Once both sides accept, the contract timelines usually begin and earnest money is due according to the agreement.