How The Westerville Home Buying Process Works

Buying in Westerville should feel exciting, not overwhelming. Still, it is normal to have questions about timelines, inspections, and how to write a strong offer that gets accepted. You want a clear roadmap and a local perspective so you can move with confidence. In this guide, you will get a simple, step-by-step walkthrough of the Westerville home buying process, local norms on earnest money and inspections, and practical strategies for competitive offers. Let’s dive in.

What to expect in Westerville

Westerville follows Columbus metro norms with a few local nuances. Here is the big picture:

• Pre-approval and planning can take a few days to a week.
• The search phase ranges from days to months, depending on inventory and your criteria.
• Once your offer is accepted, most purchases close in 30 to 45 days for conventional loans. FHA and VA can run 30 to 60 days.
• You will complete inspections, appraisal, underwriting, title work, and a final walk-through before closing.

If you keep documents ready and respond quickly to your lender and title company, the process runs smoother and faster.

Step-by-step: How the Westerville process works

Step 0: Get pre-approved and set a plan

Start with a lender pre-approval. This reviews your credit, income, assets, and debts so you know your buying power and can act fast. In the Columbus area, sellers often expect a current pre-approval letter with your offer. Next, schedule a buyer consultation to map your search criteria, neighborhoods, and touring plan.

Local tip: Explore city services, public utilities, parks, and permitting updates on the City of Westerville website to align your search with life on the ground. You can review local information on the City of Westerville site.

Step 1: Tour homes and refine your criteria

Your agent will curate listings that match your needs, set up private showings, and monitor open houses. Expect differences by neighborhood and price point in days on market and competition. Use comparable sales and current market trends to focus your search and spot value.

Pro move: Keep a short list of must-haves and a longer list of nice-to-haves. Flexibility on items like closing date or minor cosmetic preferences can help you win the right home.

Step 2: Craft a competitive offer

Your offer typically includes price, earnest money, financing and inspection contingencies, preferred closing date, and any seller concessions. In Westerville and the broader Columbus metro, it is common to include a strong pre-approval and, when needed, proof of funds for your down payment and earnest money.

• Earnest money: A practical local baseline is about 1 to 3 percent of the purchase price or a fixed amount often between 1,000 and 5,000 dollars. In multiple-offer situations, buyers sometimes increase the amount to show commitment.
• Response times: Sellers often set 24 to 72 hour decision windows. High-demand homes can move faster.

Step 3: Open escrow and deposit earnest money

Once a seller accepts your offer, you will deposit earnest money with the escrow holder named in the contract, usually a local title company. In central Ohio, this is commonly due within 1 to 3 business days of contract acceptance. Make sure you get a written receipt from the escrow holder.

Step 4: Complete inspections and negotiate repairs

Schedule your general home inspection right away, along with any recommended specialized tests. In central Ohio, buyers often add:

• Radon testing, which is commonly recommended in Ohio. You can review health guidance from the EPA on radon and the Ohio Department of Health.
• Sewer line inspection for older homes or if large trees are near the line.
• Pest or termite inspection when appropriate.
• Lead-based paint disclosure for homes built before 1978.

Most central Ohio contracts provide a 7 to 10 day inspection window. Use your findings to request repairs, credits, or a price adjustment as appropriate. Your agent will help you weigh the cost and urgency of any issues.

Step 5: Appraisal and underwriting

If you are financing, your lender orders an appraisal to confirm the home’s value. The underwriter also reviews your documents and may ask for updates, such as recent pay stubs or explanations of deposits.

In competitive situations, some buyers add an appraisal gap clause, which commits them to bring extra cash if the appraisal is short up to a set amount. This can strengthen your offer but increases your financial risk. Strategies around multiple offers and valuations should be chosen based on your budget and comfort level, and guided by your agent and lender.

Step 6: Title work, survey, and insurance

The title company researches the property to confirm clear ownership, identify liens or easements, and prepare a title commitment. Many buyers choose an owner’s title insurance policy for protection against unknown title defects. You can learn why title coverage matters from the American Land Title Association.

Title work usually runs in parallel with underwriting. If curative work is needed, allow extra time for the title company to resolve it.

Step 7: Closing and recording

Before closing, your lender must provide a Closing Disclosure at least three business days in advance so you can review final loan terms and cash to close. You can read more about this timeline in the CFPB’s Closing Disclosure guide.

At closing, you will sign loan and title documents, wire funds to close, and complete your final walk-through. After funds are disbursed and the deed is recorded with the county, you receive the keys.

Security note: Wire fraud is a real risk. Always verify wiring instructions by calling the title company using trusted contact information, not email links.

What you will likely pay

• Earnest money: Credited toward your down payment and closing at settlement.
• Inspections: Budget for a general inspection plus any specialty tests you choose.
• Appraisal: Paid to your lender or charged at closing.
• Closing costs: Buyers in Ohio often pay about 2 to 5 percent of the purchase price for lender fees, title services, insurance policies, recording, and prepaid escrows. Review typical components with a lender using resources like Bankrate’s closing cost overview.
• Property taxes: Title companies prorate county taxes at closing based on the auditor’s schedule. You can explore records with the Franklin County Auditor or the Delaware County Auditor.

Local strategies to win without overspending

You want a strong, clean offer that still protects your interests. In Westerville, sellers often prioritize:

• A solid pre-approval and proof of funds.
• Reasonable earnest money and shorter contingency windows.
• Flexibility on the closing date or a post-closing occupancy if needed.
• Clear terms. Fewer surprises can beat a slightly higher price with more risk.

Tactics you might use:

• Set an escalation clause with a cap you are comfortable with.
• Shorten, but do not skip, inspections when appropriate. You can focus on critical systems and safety.
• Consider appraisal gap coverage only if your budget and the comparable sales support it.

Your agent will tailor the approach to the property, the seller’s situation, and current market conditions.

Simple checklist to stay on track

• Get pre-approved and gather pay stubs, W-2s, bank statements, and ID.
• Book a buyer consultation and confirm search criteria and touring plan.
• Ask for comps and a pricing brief before you draft an offer.
• Decide on earnest money, inspection timelines, and your preferred closing date.
• Order inspections early in the inspection window. Get written estimates for any repairs.
• Keep funds available in case you choose an appraisal gap or need to increase earnest money.
• Review your Closing Disclosure at least three business days before closing. Confirm wiring instructions by phone with the title company.

Helpful local resources

• City information, utilities, and community services: City of Westerville
• Licensing and state rules: Ohio Division of Real Estate & Professional Licensing
• Closing day and consumer protections: CFPB closing guide
• Title insurance basics: American Land Title Association
• Closing cost insights: Bankrate overview
• Radon testing guidance: EPA and Ohio Department of Health
• Property records and tax proration: Franklin County Auditor and Delaware County Auditor

Ready to buy in Westerville with a steady guide by your side? Our team provides curated tours, pricing and offer strategy, and hands-on coordination from contract to keys. For a private consultation, connect with Nick Vlasidis and the GPS Home Team.

FAQs

How much earnest money is typical in Westerville?

• Many buyers use about 1 to 3 percent of the price or a fixed amount near 1,000 to 5,000 dollars as a starting point, increasing in competitive situations based on comfort and guidance from your agent.

How long does it take to close after an accepted offer?

• Most conventional loans close in about 30 to 45 days, with FHA or VA sometimes taking 30 to 60 days depending on appraisal, underwriting, and title work.

Who holds my earnest money and when do I deposit it?

• The contract names the escrow holder, often a local title company, and you typically deposit within 1 to 3 business days after acceptance; always request a receipt.

Should I test for radon or do a sewer scope in Westerville?

• Radon testing is commonly recommended in Ohio and is affordable, and sewer scopes are smart for older homes or where large trees are near the line.

What if the appraisal comes in lower than my offer?

• Options include bringing extra cash for an agreed appraisal gap, renegotiating the price, or canceling if you kept an appraisal contingency; discuss the safest route with your lender and agent.

What closing costs will I pay as a buyer in Ohio?

• Expect lender fees, title services and insurance, recording, and prepaid escrows that often total 2 to 5 percent of the price; get a personalized estimate from your lender and title company.