How Long Does It Take to Buy a Home in Pennsylvania?

Once your offer is accepted, you may be wondering, "How long until I get the keys?"

For most financed purchases in Milford and Pike County, plan on approximately 45 days from an accepted offer to closing. A cash purchase can sometimes close in as little as 15 days, depending on the property, title work, inspections, and how quickly everyone can complete their part of the transaction.

Here's a quick look at what happens along the way.

1. Get Pre-Approved

Before you start seriously shopping, talk with a lender and get pre-approved. This helps you understand your price range and can make your offer stronger.

Cash buyer? You'll typically want documentation showing your available funds.

2. Find Your Home & Make an Offer

Once you find the right home, your agent will help you prepare an offer and Pennsylvania Agreement of Sale. The agreement establishes important terms, including the purchase price, financing, inspections, deposit, contingencies and proposed settlement date.

Once the agreement is properly accepted and communicated, the transaction moves forward and the clock starts.

Important: A verbal agreement is not the same as having a fully executed written agreement.

The earnest money deposit is typically due according to the terms of the Agreement of Sale and is held in an escrow account by the listing broker.

3. Inspections & Due Diligence

This is your opportunity to learn as much as possible about the property.

Depending on the home, inspections and testing may include:

• General home inspection
• Radon testing
• Termite/pest inspection
• Well inspection and water testing
• Septic inspection

This is particularly important in Pike County, where private wells and septic systems are common.

Tip: Schedule your inspections as soon as possible after the agreement is executed so you have plenty of time to address any concerns.

4. Appraisal & Mortgage Processing

If you're financing your purchase, your lender will order an appraisal and continue processing your loan.

At the same time, underwriting may require additional documentation from you.

The best thing you can do: Respond quickly to your lender and avoid making major financial changes, such as opening new credit, financing a vehicle or making large purchases, without first talking with your lender.

5. Title Work & Preparing for Closing

One difference you may notice when buying in Pennsylvania, especially if you're coming from New York, is the role of the title company.

A title company commonly handles the title search, title insurance and settlement process. They research the property's ownership history and look for liens, judgments or other issues that need to be resolved before closing.

An attorney may also be involved if the buyer or seller chooses legal representation or a legal issue arises.

6. Final Details & Walk-Through

Before closing, you'll need to have homeowners insurance in place if you're financing the purchase, and your lender will need to complete its final requirements.

You'll also receive your Closing Disclosure at least three business days before closing if you're obtaining a mortgage.

Just before settlement, you'll have a final walk-through to make sure the property is in the agreed-upon condition and that any agreed-upon repairs have been completed.

7. Closing Day!

At settlement, you'll sign the necessary documents, your funds and loan proceeds are transferred, and the transaction is completed.

Then comes the best part:

You get the keys to your new home!

Buying in Milford or Pike County?

Whether you're a first-time buyer, relocating to the area, purchasing a second home or looking for your next property, understanding the process can make buying a home much less stressful.

I'm here to help you understand what happens next, from your first showing to the day you get the keys.