If you’re thinking about buying a home in Minnesota or just curious about the process, you’re in the right place. Today, we’re diving into the pending process—everything that happens from the moment your purchase agreement is signed to the day you close on your new home. We’ll cover this journey from both a Realtor’s perspective and a lender’s perspective, with insights from one of Minnesota’s top lenders, Peter Lindquist. Let’s get started!

You’ve signed the Purchase Agreement, now what:

Once your offer is accepted and the purchase agreement is signed, the clock starts ticking. As your Realtor, the very first thing I do, is handle the earnest money. This is a deposit—usually delivered within a couple of business days—showing the seller you’re serious about the purchase. It can be sent electronically or as a check handed over to the listing agent’s company.

Next, we schedule the home inspection. This is a critical step where we check for any issues with the property—think visual inspections, radon tests, or sewer scopes, depending on what we’ve agreed to in the contract. These contingencies are addressed early on to ensure the home meets your expectations.

While all this is happening, I’ll guide you to connect with your lender—like Peter—to kick off the mortgage process. These three big tasks—earnest money, inspections, and linking you with your lender—are the foundation of the pending process from the Realtor’s side.

The Lender’s Role Kicks In

Once the purchase agreement is in hand, the lender takes center stage. Peter Lindquist walks us through what happens next. “In the first week to 10 days, we’ve got a lot to do,” he says. Here’s how it breaks down:

  • Locking in an Interest Rate: The first priority is securing an interest rate that fits your budget. Rates fluctuate, so locking in early can save you money over the life of your loan.
  • Updating Documentation: Even if you’ve been pre-approved, some documents—like pay stubs—may need refreshing. Peter and his team collect anything missing to keep your file current.
  • Loan Disclosures and Team Introductions: You’ll receive loan disclosures to e-sign, and you’ll meet the broader team—loan processors, assistants, and insurance experts—who’ll support you through the process.
  • Ordering the Appraisal: Almost every transaction requires an appraisal, an independent evaluation to confirm the home’s value matches or exceeds what you’re paying. This step is crucial for both you and the lender.

Peter also explains the cash flow of the transaction. Let’s say you need $20,000 to close, and you’ve already put down $3,000 in earnest money—that $3,000 is credited toward the total, leaving you with $17,000 to go. Add in the appraisal fee (typically $500–$800), and that’s another credit. Inspections, however, aren’t included in this estimate since they’re optional (though highly recommended!).

From there, your file heads to underwriting. This is where the mortgage underwriter reviews everything—your documentation, the appraisal, and the loan program—to ensure it all aligns. Once they give the green light with those magic words, “Your loan is cleared to close,” the process shifts toward the finish line.

Closing—Where It All Comes Together

With the lender’s “clear to close” in hand, we circle back to the Realtor’s role and tie up loose ends. The title company has been working behind the scenes with the seller to clear the title, ensuring there are no legal obstacles to your ownership. A clear title means you could sell the home the very next day if you wanted to—total peace of mind.

Next, we schedule a final walkthrough. This is our chance to visit the property one last time before closing to confirm nothing’s changed—no vandalism, no broken screens, just the home as you expect it. It’s a fun moment—often we snap a photo with the buyer to mark the occasion.

Then comes closing day. Peter will have already told you exactly how much money to bring (or if you’re getting a refund from your earnest money). At the closing table, you’ll spend about an hour signing documents, and then—it’s official. You’re a homeowner!

For some, this is an emotional milestone. Travis shares stories of buyers crying tears of joy, one even buying a $50 pen just to sign the papers. Others dress up in suits, while seasoned investors might stroll in wearing jeans and a T-shirt. Every experience is unique, and we love being part of it.

The Pending Process in a Nutshell

The pending process is a team effort between your Realtor, lender, and title company. It starts with the Realtor securing the purchase agreement, delivering earnest money, and scheduling inspections. Then the lender steps in—locking your rate, updating paperwork, ordering the appraisal, and guiding your file through underwriting. Finally, we all come together for closing, celebrating your new home with keys in hand.

Buying a home in Minnesota—or anywhere—can feel overwhelming, but with the right team, it’s an exciting journey. If you have questions about this process or want to get started, feel free to reach out. For now, thanks for joining us on this deep dive into the pending process—we hope it’s been helpful!