Buying a home is exciting, but what happens after the offer gets accepted? That’s where the closing process begins. In Washington, this stage is filled with important steps, timelines, and paperwork. Don’t worry—I’ll walk you through what to expect after going under contract.
Earnest Money Deposit: Your First Step
Right after your offer is accepted, you’ll submit an earnest money deposit. This shows you’re serious about buying. For instance, in Pierce County, buyers usually deposit 1–3% of the purchase price. This money stays in an escrow account until closing.
Escrow Opens and the Clock Starts
The closing process officially begins when escrow opens. Escrow is a neutral third party that handles money and paperwork. They make sure everything goes smoothly between the buyer and the seller. Additionally, in Washington, escrow usually works with a title company to manage this process.
Home Inspection: Peace of Mind for Buyers
Next, you’ll schedule a home inspection—often within the first ten days. This helps you spot issues like roof damage, plumbing leaks, or electrical problems. If you find big concerns, you can ask the seller to fix them or give a credit.
Appraisal and Loan Approval
After the inspection, your lender orders an appraisal. The appraiser checks if the home’s value matches the price. If the home doesn’t appraise, your lender may not approve the full loan amount. Otherwise, you’ll need to renegotiate or pay the difference.
At the same time, your lender finalizes your loan approval. You’ll submit updated pay stubs, bank statements, and other documents. Once everything checks out, your lender issues a final loan commitment.
Title Review and Insurance
The title company will check the home’s title history. They make sure no one has placed legal claims or unpaid debts against the property. Then, you’ll also buy title insurance, which protects you from future claims.
Final Walk-Through
Before signing the closing documents, you’ll do a final walk-through of the home. This is
your chance to make sure everything is in the same shape as when you first saw it. If repairs were agreed upon, you’ll want to check that they’ve been done.
Signing Day and Closing
Washington uses an escrow-style closing, which means buyers and sellers don’t meet. You’ll sign loan documents at a notary or escrow office. Then, the escrow company sends everything to the county for recording.
Once the county records the documents, the escrow company completes the closing process. You’ll get the keys and officially own your new home.
Final Thoughts
The closing process in Washington can move fast, but it involves many moving parts. Therefore, it’s important to work with a local expert. I guide my clients through each step, keeping everything on track and stress-free.
Ready to buy a home in Pierce County? Let’s talk and make your closing experience a smooth one.
————————
Learn more about how you can benefit from having Parkside Realty take the stress and worry out of managing your rental property. Get my free Ebook “The Ultimate Guide to Rental Property Management” with this and many other important topics about successfully managing your rental property at our website https://www.ParksideRealty.biz – or give me Lisa Racca a call or text at Parkside Realty (253) 537-0274. Our team is dedicated to providing exceptional property management services tailored to your needs. Let us help you maximize the potential of your rental property while enjoying peace of mind.
