5. Inspections & Commitment

Congrats, your offer is accepted! Now, make an appointment to meet with your lender, and schedule any home inspections that are specified in the contract. The deadline to make formal application with your lender is 5-7 calendar days from a fully signed contract.

The Inspection

The typical inspection timeframe after a fully executed (signed) contract is between 7-14 days. Not only are you to complete the inspection during that time, but you are also expected to respond in writing with any issues that you wish addressed by the seller. Remember that the results of water and radon tests may take a few days or longer. Lack of compliance with contractual deadlines could void the contract or cancel your right to negotiate home inspection issues.

Commitment Date

The commitment date is when the lender approves your loan by way of a commitment letter. You have little control over this date; however, promptly providing your lender with any information requested helps to ensure a timely approval.