From Contract to Close: Checklists for Building Your Team and Buying Your Home

Buying a home is a complicated process: there's so much to do and so much to check! Is there a clean title? How old is the water heater? When was the last time the roof was replaced? Is there hail damage? Did the previous owner have cats? What are the neighbors like? How much are taxes? When can we get our appraisal done? Why does my real estate agent look like he's still in high school? What are discount points?

The list goes on and on, and whether it's your first home or your fifteenth, it's east to forget all the things to check and all the questions to ask.

Buying a home is also a team effort, and your success depends on having the right people in your corner. So how do you know you have the right people? "I just filled in the contact form on Zillow and this agent called me and told us she's the best in the area." That checks out, right . . . ??? From choosing a skilled real estate agent to working with a responsive loan officer, proactive title company, and organized escrow officer, assembling your team can make or break your experience. This post walks you through each step of the process, providing actionable checklists and clear timelines to guide you.

Market Research and Preparation Checklist

Before you even start to seriously shop around for a house or contact an agent, take time to prepare. The better your groundwork, the smoother your journey will be. If you don't do your research for 1-6 months before starting to shop for a home, you're going to be relying 100% on what your agent tells you. Most agents are great and are invested in building a relationship so you'll let them sell your home in the future (and buy your next home with them). But at the end of the day, their broker (their boss/sponsor) wants houses sold so that they can make their commissions. For every truly honest agent we've ever worked with, we've also worked with one who clearly only cared on cashing in on the deal.

Here are the things to prioritize while you're researching the market and getting ready to buy:

1. Set Your Monthly Housing Expense Budget:
   1. Decide what you want to pay each month—not just what you can afford.
   2. Remember to include: Homeowners Insurance, Property Taxes, and possibly Mortgage Insurance
2. Define Your Priorities for your Next House
   1. Must-Haves: Essential features like 3 bedrooms, garage, backyard.
   2. Wants: Non-essentials like an updated kitchen or proximity to a park.
   3. Do-Not-Wants: Deal breakers like homes on busy streets or no central air.
   4. Research Neighborhoods to identify exactly where you do -- and don't -- want to live.
      1. Use apps like Zillow or Redfin to learn about property values, average days on market, and local trends.
      2. Use Google Maps Street View to make sure it's a nice area with clean front lawns, well-kept driveways and sidewalks, and the cars on the street are in good condition.
3. Get Your Certificate of Eligibility (COE) if using a VA Loan, visit VA.gov to request your COE and confirm your eligibility.
   1. If using a Federal Housing Authority (FHA), find an FHA-certified lender and have them validate your eligibility. It's a process full of red tape, so starting early is essential!
   2. If using a conventional loan, you can wait until you make offers. Loan officers at most banks and lenders don't want to waste time until they can actually sell a loan and make money!
4. Set Your Closing Timeline:
   1. Determine your “No Earlier Than” date. You DO NOT need to be present to shop for a house, make offers, or close. Your "NET" should be based on when you're ready to start making payments on the mortgage.
   2. Determine your “No Later Than” dates to align with your PCS, lease expiration, or other major events. If you have a young family and spending 43 days in temporary quarters at the base hotel is a no-go, make sure you close NLT than you plan to arrive in your new town!

Building Your Real Estate Team

Once you have the prep work done and what in real estate professional terms is called your "Buy Box", or the list of must-haves, don't-wants, location, and price, set, you're ready to get to work. Or more to the point, to build a team and put them to work.

You need a great agent so that you don't burn yourself out trying to find the house you want -- but this agent also can't just be running "MLS searches" for you. This is what 99% of agents typically do: they build you a search using your "Buy Box", then their computer sends you updates every day or when a new house checks most or all of your boxes. The trouble is you can do the same exact thing with Zillow! So beyond all the other things your agent needs to do for you, they need to get off the tablet and pick up their phone and start pumping their network for off-market and upcoming deals for you.

Beyond your agent, you'll be working with a loan officer (or lender) most directly. You will also have a title officer and escrow officer/attorney on the case. You may only speak to them once or twice, but they are also super critical for your success. The people you choose to help you buy your home will directly impact not only whether you get the house you want, and at a good price, but generally just how enjoyable or stressful the process is. Use these checklists to find the right experts.

Real Estate Agent Checklist:

1. How long have you been an agent? How many clients do you handle at a time, usually?
2. How many offers do you write for every offer you get accepted?
3. What additional assistance can you provide first-time homebuyers?
4. How familiar are you with my target area and price range?
5. How do you handle negotiations, and can you provide examples of successful tactics you’ve used
6. How are you going to find us the house we want?
7. What types of offers and concessions work best here to win competing offers or bidding wars?
8. How many buyers have you helped buy a house with a VA Loan, and what was your average closing timeline?
9. Do you have a local lender or loan officer who you confidently recommend for VA Loan specialization?
10. Can you recommend inspectors, title companies, or contractors? Specifically, do you have a VA-certified appraiser you use regularly so we can close competitively with conventional financing?

Loan Officer Checklist:

1. What loan options do you recommend for my situation (e.g., VA, FHA, conventional)?
2. How quickly can you issue a pre-approval letter?
3. How long does underwriting typically take at your bank for my loan type?
4. What fees are associated with my loan, and can you provide a Loan Estimate?
5. Can you explain how interest rates are determined and locked in? Given the current expectations for long-term treasuries, do you think we're in a rising or falling interest rate environment?
6. Do you have experience adding the VA Escape Clause to a sales contract?
7. How many loan packages are sitting on your desk right now? Are you able to clear to close within 24 hours if there are any changes to the expected closing date?
8. What is the best title and escrow company to work with in the area? We define "best" in terms of timely communication, proactively providing information such as wiring instructions, and the reliability of their work in closing on the date promised.

Title Company and Escrow Officer Checklist:

1. How long does it typically take you to complete a title search?
2. Can you provide examples of how you’ve resolved title disputes in the past?
3. Do you offer online or digital signing options for closing documents? If you do, can you set up my account ahead of time to streamline the process?
4. How far in advance of closing can you provide wiring instructions for funds transfer?
5. What are your fees?
6. How do you ensure the closing process stays on track?

Of course, you can't control everything -- but you can do your very best to screen these people before getting started with writing an offer. The reality is you are usually assigned these people based on the convenience to your agent. Only when you finally reach closing do you see on your Final Closing Disclosure (FCD) that these people are listed under "Services Buyer Shopped For." You'll realize, "I did??? No way, I didn't know I had a choice!!!" You actually do, so long as you know about it ahead of time.

So ask the questions, and if you don't like the answers, provide the answers. If the agent, lender, or title officer agrees with your suggestions and is willing to work with you using your tactics and terms, feel confident you can move forward. If they push back or don't respond or otherwise act like you're crazy, go to Google and find someone else. Remember: your money, your house, your team -- your choice!

Contract-to-Close Timeline

Once your research is done and your team is ready, you get to start making offers. That can last for a day or two, or sometimes months, depending on the market (and your budget. But what happens after your offer is accepted? Many first-time homebuyers are shocked to find out that it will be weeks longer until they can finally get the keys; most Americans even after buying a home are still baffled and frustrated by the 4-6 weeks it takes to "close." Why does this happen, and why should you care?

The closing timeline typically takes 30–45 days to complete. Most sellers believe that a conventional loan buyer will be able to close in 30 days, and that the longer timeframe is only for buyers with bad credit, or buyers using VA or FHA financing. But those aren't hard-and-fast rules. Each step has specific requirements and deadlines, and depending on what happens during those steps, it can take 30 days, 45 days, sometimes even longer. The critical thing for you when using the FHA or VA loan is that you train your agent to explain in the offer letter (and to the seller's agent) that your team is so locked-on that your VA loan closing can be done just as quickly as a conventional loan!

Days 1–10:

• The first big task is the Home Inspection (7–10 Days)
• Usually your first "contingency", provides 10 days to cancel the contract at no penalty
• Inspectors can usually be scheduled within 72 hours
• Their reports are not "technical", so if they find something potentially structural, you should consider paying an engineer to take a technical look (no sense paying $300,000 for a bad foundation!)
• Use inspection findings to update your negotiated terms with the seller
• Ensure your agent immediately submits all documents to the lender

Days 1–14:

• The next big task is the Appraisal (7–14 Days)
• The lender orders this to make sure the house is worth what the loan is for, not less
• Takes longer because appraisers are in high demand and have to do more research, so it takes them longer to produce their report
• VA Loans require specific appraisals by VA Appraisers who will compare the home's condition not only against similar homes, but also against the VA's Minimum Property Requirements (MPR)
• SCHEDULE THIS BEFORE YOUR OFFER WHENEVER POSSIBLE SO YOU CAN DO IT AS QUICKLY AS THE INSPECTION; IT IS THE BIGGEST DELAY FOR VA LOAN BUYERS
  
  

Days 15–20:

• Title Search, or Ownership + Encumbrance (O+E) Report (3-5 days)
• This should never take more than 96 hours, and typically comes back within 2 days
• Typically not ordered until after the inspection and appraisal, because why check to see the legal ownership of a property before you've confirmed with the inspection that you will actually buy it?

Days 15--25:

• Loan Underwriting (Ongoing) is now the main show, as the "underwriters" (the people at the bank who check all the financial, legal, and other documents and decide if the risk is worth it for the bank to lend you the money) have everything they need to do their jobs.
• The lender reviews financial documents, creditworthiness, and the appraisal report.
• They will likely ask for updated bank records and paystubs to ensure you haven't done something foolish like finance a new car while waiting for your house -- be ready to respond quickly to additional document requests so you aren't slowing yourself down! 

Days 26–30:

• Secure Homeowners Insurance, set up Escrow for Taxes and Insurance (7–14 Days).
• 9 times out of 10 once you've made it this far you're going to get the house: the inspection and appraisal were good, and you've passed underwriting so the bank will loan you the funds.
• This is essentially the "housekeeping" step during which the deal is going to happen, you're just "crossing 't's and dotting 'i's".
• Will typically receive the Clear to Close from the bank and make your document signing appointment.

Days 30+:

• The main task to complete is the Final Walkthrough (1–2 Days Before Closing) to confirm the property is in the agreed-upon condition. If it isn't, the seller is notified of things to be completed -- and you have an opportunity to ask for additional credits or concessions for the things they fail to complete.
• Closing (Day 30–45) will be the day that you receive the documents from the attorney to sign, you will wire money from your bank to the Escrow account, and your bank will fund the loan.
• You get the keys!
• IF YOUR PROCESS GOES BEYOND 30-35 DAYS, YOU PROBABLY WERE DELAYED BY THE VA APPRAISAL OR THE UNDERWRITING BY THE BANK, NOT BY THIS STEP.

After following this timeline and checklist of key actions, you can start to see how an unprofessional or inexperienced team (read: worst combo is a first-time homebuyer, a 25-year-old agent with 2 years experience, and a brand new loan officer in her first year at the bank) can really screw this up. They'll take steps one at a time, and won't proactively schedule the appraisal and inspection to "get left of boom."

Your job -- even if you're a first-time homebuyer -- is to ensure your lender and agent are "Johnny on the Spot" and scheduling the appraisal and inspection right away. Don't wait for one. You should also be the first one to ask the minute you receive the inspection report if the Title Report is ordered. You can see from the above that these three steps will typically take 2+ weeks, 20 days or more, if done in order. But if done at the same time, you can get them all done WITHIN ONE WEEK. In fact, I can testify as a cash buyer that I do get all of these done within the first five days, so trust me when I say it's possible!

Conclusion and Call to Action

Building a home-buying team is the difference between a smooth, stress-free transaction and one full of headaches. With the right preparation, you’ll avoid delays, save money, and close on your dream home with confidence. But don't just fire from the hip or fly by the seat of your pants, whether it's home #1, #10, or #100. Use a system (ahem, like, a checklist perhaps?) to streamline the process and make sure you don't miss any step, check, or question.

Ready to take the next step? Download our Real Estate Team Checklists. Save them to your cloud or Drive and use them to streamline your next home-buying journey! If you're stuck at any point, or if you just want to maximize your preparation now, sign up for a free coaching session with the Military Wealth Coach!