Knowledge Hub · 17 pages

📄The Buying Process

Every milestone from pre-approval to accepted offer.

“What actually happens, and in what order?”

Overview

The buying process is a chain of deadlines. Miss one and the whole contract wobbles. Understand the order and it becomes routine.

Read these in sequence if you're just starting, or jump to the milestone you're standing on right now.

Start hereThe mortgage pre-approval checklistEvery document a lender will ask for, and why each one matters.Read it

Learning path

The right order for this topic.

Milestones in order

How to choose the right realtorThe right agent saves you 5%+ and years of frustration. The wrong one costs you real money. Here's how to pick.7 min read How to choose a mortgage lenderRate matters, but so do service, program access, and speed. Here's what actually separates a great lender from a bad one.7 min read How to write a winning offerPrice is only one lever. Terms, contingencies, and timing often matter more. Here's how to craft an offer sellers accept.7 min read Earnest money: how it works and when you get it backEarnest money is a deposit that signals you're serious. It's refundable during contingency periods — and forfeited if you walk without cause.5 min read The home inspection: what actually mattersA home inspection is the most important contingency you have. Here's what inspectors check, what to negotiate on, and what to walk from.7 min read The home appraisal: how it works and what happens if it comes in lowThe appraisal protects the lender — and, indirectly, you. Here's what appraisers do, what they look for, and how to handle a low appraisal.7 min read Conditional approval: what it means and what comes nextConditional approval is the underwriter's yes — with a to-do list. Here's how to clear conditions fast and get to clear-to-close.6 min read The Closing Disclosure: what to check before you signThe Closing Disclosure (CD) shows exactly what you'll pay at closing. Federal law gives you 3 days to review — use them.6 min read Clear to close: the final approvalClear to close (CTC) means underwriting is fully done. Here's what happens between CTC and keys.5 min read Mortgage funding: the moment the loan actually happensFunding is when the lender wires the loan money to escrow. Here's what happens on funding day — and why it isn't always the same day you sign.5 min read Recording the deed: when you officially own the homeRecording is the county's public registration of your ownership. It's the legal moment the home becomes yours.5 min read Getting the keys: the final step of buying a homeThe moment you've been working toward. Here's how key transfer actually happens — and what to do in the first 72 hours.6 min read

Tools

Readiness ScorecardKnow your position before you make an offer.Mortgage Payment CalculatorPrice the payment on any listing.Closing Costs CalculatorCash to close on your target price.

Comparisons

Pre-approval vs pre-qualificationOnly one of these holds up in a bidding war.Appraisal vs inspectionWho each one actually protects.

Frequently asked questions

How long is a pre-approval good for?

Typically 60–90 days. Credit reports expire at 120 days and income documents at 60, so most lenders refresh both rather than issue a new letter.

What happens if the appraisal comes in low?

You can renegotiate the price, bring the difference in cash, dispute the appraisal with comparable sales, or walk away if your contract has an appraisal contingency.

How long from accepted offer to closing?

30–45 days is standard for a financed purchase. Cash closes in 7–14 days. VA and USDA sometimes run 40–50 days due to appraisal scheduling.

Ask RED about the buying process

“What's the next step in my homebuying process?”

Ask RED Take the Readiness Scorecard

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