By Adam Chubbuck, Team Leader, Team Alpha Charlie of Douglas Realty. Retired U.S. Navy Chief. Licensed in Maryland and Virginia.
Your offer got accepted. Congratulations.
Now there are 30 to 45 days between you and the keys, and most buyers have no idea what happens during them. So they spend a month anxious, waiting for someone to call, not sure whether things are on track.
Here is the whole thing, in order.
Week 1: Money and Paperwork
You deliver your earnest money deposit. This goes to the title company or brokerage holding it, not to the seller. There is a deadline in your contract, usually just a few days. Do not miss it.
Your lender opens the file. They will ask for documents. Pay stubs, bank statements, tax returns, and then more documents. Send them the same day if you can. Delays here are the number one cause of delayed settlements.
Your agent orders the title work. The title company starts researching the property’s ownership history and looking for anything that would cloud the title.
You schedule the home inspection. Do this immediately, because your inspection window is short and good inspectors book up.
Week 1 to 2: The Inspection
The inspection happens. Go if you can. Walk with the inspector and ask questions. You will learn more in that two hours than from reading the report.
You get the report. It will be long and it will look alarming. That is normal. Inspectors document everything they see without ranking how serious it is.
You decide what to ask for. Focus on real problems: roof leaks, failing water heaters, electrical issues, structural concerns, moisture in the basement. Skip the cosmetic stuff. A short list of real items gets taken seriously. A long list of everything gets you less.
If the house is on well or septic, order those inspections too. They are separate and they are not included in a standard home inspection.
The seller responds. They can agree, decline, counter, or offer you money at settlement instead of doing the work. You negotiate, and then this contingency is resolved.
This is where most deals get bumpy. It is normal. Breathe.
Week 2 to 3: The Appraisal
Your lender orders an appraisal. An appraiser visits the property and gives the lender an opinion of what it is worth.
Why it matters: the bank lends based on the appraised value, not your purchase price. If it comes in below your contract price, someone has to cover the difference.
If that happens, you have options. You can bring cash, the seller can lower the price, you can split it, or your agent can challenge the appraisal with better comparable sales. It is not automatically a dead deal.
If you are in a community with an association, you will also get a stack of HOA or condo documents around now. Actually read them. You have a review period and it is worth using.
Week 3 to 4: Underwriting
This is the quiet, nerve-wracking stretch.
Your loan goes to an underwriter who reviews everything and decides whether to approve it. They will almost certainly ask for more documents. This is normal and it does not mean something is wrong.
Three rules during this window:
Do not buy anything on credit. No car, no furniture, no appliances. A new debt can change your qualification.
Do not change jobs. If you must, tell your lender immediately.
Do not move money around. Large deposits or transfers between accounts create questions you will have to document.
I have seen buyers lose loans in week four over a furniture purchase. Sit still.
Then: clear to close. This is the phrase you want to hear. The underwriter has approved everything.
The Final Week
You get your Closing Disclosure, which shows exactly what you owe at settlement. Review it and ask about anything you do not understand.
You arrange your funds, usually a wire transfer.
A word on wire fraud. Criminals target real estate closings. They send emails that look exactly like your title company’s, with different wire instructions. Call the title company at a number you already have, not one from the email, and verbally confirm the instructions before you send a dollar. This happens in Maryland and the money is very hard to recover.
You do your final walkthrough, usually the day before or morning of settlement. You are confirming the house is in the condition you agreed to, agreed repairs were done, and the seller’s belongings are out.
Settlement Day
You sit down, you sign a lot of documents, and your agent and the title company walk you through it.
Then you get the keys.
The Honest Version
Something will go sideways. A document request at the last minute, an inspection item that needs negotiating, an appraisal question. That is not a sign the deal is failing. It is a normal transaction.
Your job is to respond fast. Every day you sit on a lender request is a day added to your settlement.
And ask questions. If you do not know what is happening, ask your agent. That is what we are for, and there is no such thing as a dumb question about the largest purchase of your life.
Let’s Talk
If you are getting ready to buy in Anne Arundel County or anywhere in the Baltimore to Annapolis corridor, I will walk you through this process step by step and tell you what to expect before it happens rather than after.
Reach out to Team Alpha Charlie of Douglas Realty.
Quick Answers
How long does it take to close on a house?
Usually 30 to 45 days for a financed purchase. Cash purchases can close in one to two weeks.
What is earnest money and do I get it back?
A deposit you make shortly after your offer is accepted, held by the title company or brokerage, that gets applied to your costs at settlement. Whether you get it back if the deal falls apart depends on your contract’s contingencies, so understand those before you sign.
Can I be denied a loan after being pre-approved?
Yes. Pre-approval is not final approval. New debt, a job change, or unexplained large deposits during underwriting can cost you the loan. Do not buy anything on credit or move money around between acceptance and settlement.
What happens if the appraisal comes in low?
The lender lends against the lower value, so someone covers the gap. You can bring cash, the seller can reduce the price, you can split it, or your agent can request a reconsideration with better comparable sales.
What is a final walkthrough?
A last look at the property, usually the day before or morning of settlement, to confirm the condition has not changed, agreed repairs were completed, and the seller has moved out.
I am Adam Chubbuck, Team Leader of Team Alpha Charlie of Douglas Realty. Retired U.S. Navy Chief, licensed in Maryland and Virginia, and I have closed more than 350 homes over the past five years across the Baltimore to Annapolis corridor. I also run Enclave Property Management out of Pasadena, Maryland.
443-347-6692 | [email protected] | TACMD.com
Smile more,
Adam Chubbuck
