Your offer was accepted. Now what? Most Spokane buyers and sellers are surprised by how much happens in the 30 to 45 days between mutual acceptance and closing day. Here is exactly what to expect, step by step.
Step 1: Mutual Acceptance and Earnest Money (Day 1 to 2)
In Washington state, the accepted offer becomes Mutual Acceptance, meaning both buyer and seller have agreed to all terms. The transaction is not final until the deed records with Spokane County.
- Earnest money is delivered to escrow within 2 business days of Mutual Acceptance
- Earnest money in Spokane typically runs 1 to 3 percent of the purchase price
- On a $400,000 Spokane home, that is $4,000 to $12,000 held in escrow
- Escrow is opened with a licensed Spokane title and escrow company, such as Spokane County Title
Step 2: Home Inspection (Day 3 to 10)
The inspection period in most Spokane purchase agreements lasts 7 to 10 days from Mutual Acceptance.
- The buyer hires a licensed home inspector to evaluate the property's condition
- Common issues found in Spokane homes include roof age, HVAC condition, crawl space moisture, and older electrical panels
- The buyer can request repairs, a price reduction, or a seller credit based on findings
- If the buyer and seller cannot agree, the buyer can terminate the contract and receive their earnest money back during the inspection period
Step 3: Loan Processing and Appraisal (Day 5 to 25)
If the buyer is using financing, the lender begins full loan processing immediately after Mutual Acceptance.
- The lender orders an appraisal to confirm the home's value supports the loan amount
- Appraisals in Spokane typically cost $400 to $600 and take approximately 1 to 2 weeks
- If the appraisal comes in below the purchase price, the buyer and seller must renegotiate or the buyer can terminate under the financing contingency
- Conventional loans in Spokane typically close in 30 to 42 days. FHA and VA loans can take 50 to 70 days due to additional requirements.
- Cash buyers in Spokane, such as a buyer purchasing a condo near Kendall Yards, can close in as little as 18 to 20 days
Step 4: Title Search and Escrow Preparation (Day 10 to 30)
- The title company searches Spokane County Auditor records at 1116 W Broadway Ave for liens, easements, and ownership history
- Any title issues must be resolved before closing
- The escrow officer prepares the Closing Disclosure, which itemizes all fees for both buyer and seller
- Buyers receive the Closing Disclosure at least 3 business days before closing
Step 5: Final Walkthrough (24 to 72 Hours Before Closing)
- The buyer conducts a final walkthrough to confirm the home is in the same or better condition as when the offer was made
- All agreed repairs must be completed before the walkthrough
- Any issues found at the walkthrough can delay closing
Step 6: Closing Day and Recording with Spokane County
- The buyer signs approximately 40 documents at the escrow company
- The closing appointment typically lasts 1 to 2 hours
- Funds are wired to escrow and the deed is recorded with Spokane County
- Keys transfer to the buyer once recording is confirmed, usually the same day
- Spokane County recording fees are approximately $303.50 per document as of 2024
What Can Delay Closing in Spokane
- Slow lender responses or missing documents from the buyer
- A low appraisal that requires renegotiation
- Unresolved title issues found in Spokane County Auditor records
- The buyer changing jobs, opening new credit accounts, or making large purchases during escrow
- Wire transfers arriving late on the last business day before a holiday weekend
Emiley and Zech Keep Spokane Transactions on Track from Offer to Close
Every step between accepted offer and closing day in Spokane requires coordination between the buyer, seller, lender, escrow officer, and title company. Emiley and Zech at Rios and Co Real Estate manage every milestone, communicate with all parties, and make sure nothing falls through the cracks between Mutual Acceptance and the day keys change hands.
Reach out to Rios and Co Real Estate before you make an offer in Spokane.
Rios and Co Real Estate · eXp Realty · Spokane, WA
