| 3 – 5 days for earnest money – Typically this is business days once you have signed the offer you’ll have to deliver your earnest money. This is negotiable. These funds will ultimately come off what is owed at closing.
3-5 days for loan application – Once you go under contract on a property and have a signed offer, you and your lender can get started on the loan application. This should be pretty smooth sailing especially if you have already given them most, if not all, the necessary paperwork from the pre-approval process.
10-14 days for the home inspection– This is a pretty critical step and a home inspection is very important. You’ll want to know the condition of the home and any necessary repairs prior to purchasing.
24 – 30 days for home appraisal – Your lender will order an appraisal. It is the appraiser’s job to determine if the purchase price is justifiable with other properties that have sold in conjunction with the current market conditions.
35 – 40 days for survey – Oftentimes some form of a survey is needed. There are 4 basic types of surveys for residential property in Colorado. 7 total if we include vacant land.
35 – 40 days for final loan availability – This is one of the last and final dates in a contract. All your documents are in, appraised value was fine and the underwriters have giving you their blessing.
40 – 45 days to closing – You made it! This is typically from start to finish. You’ll do all the above work during this period. Sometimes these dates are shorter or longer depending on the circumstances. |
