Buying a home in the Dayton area — Beavercreek, Kettering, Centerville, Oakwood, Bellbrook, or anywhere else in Montgomery or Greene County — follows a fairly consistent sequence once you know what’s coming. This guide walks through the whole road map: the contract, the inspection period, Ohio’s disclosure rules, the appraisal (including what happens if it comes in low), and exactly what you’ll pay at closing.
Get Pre-Approved Before You Look
A pre-qualification is a quick, informal estimate based on what you tell a lender. A pre-approval is different — the lender actually pulls your credit and verifies your income and assets, and hands you a letter stating how much you’re approved to borrow. In the Dayton market, sellers and their agents take pre-approved offers far more seriously than pre-qualified ones, and in a multiple-offer situation a real pre-approval can be the difference between winning and losing the house. It’s the first thing I’ll ask about before we start touring homes, and I can point you toward local lenders who close on time.
The Road Map: Offer to Closing
Most financed purchases in the Dayton area close somewhere between 30 and 45 days after the seller accepts your offer. Cash deals can close in two to three weeks since there’s no lender underwriting to wait on; government-backed loans (VA, USDA) sometimes run a little longer because of extra appraisal and processing steps. Once your offer is accepted, you’re “under contract,” and a set of deadlines starts running at the same time — your inspection period, your loan application and appraisal, and your title search all move in parallel, not one after another, which is why a 30–45 day timeline is realistic even though a lot has to happen.
Your earnest money — typically 1–2% of the purchase price, though this is negotiable — is usually deposited into an escrow or title company account within a few business days of acceptance. It isn’t a separate payment on top of your down payment; it’s credited back to you at closing. If you terminate the contract for a reason your contingencies actually cover (inspection, financing, appraisal), you get it back. If you back out for a reason the contract doesn’t cover, the seller may be entitled to keep it — which is exactly why the contingency deadlines below matter.
Your Purchase Contract & Contingencies
Ohio purchase agreements (most Dayton-area agents, myself included, use the standard Ohio REALTORS® form) are built around a handful of contingencies — conditions that have to be satisfied, or you can walk away with your earnest money intact:
- Financing contingency — you have a set window to get final loan approval. If your financing falls through despite a good-faith effort, you’re protected.
- Inspection contingency — covered in detail below.
- Appraisal contingency — covered in detail below.
- Title contingency — protects you if the title search turns up a lien, easement, or ownership issue the seller can’t clear before closing.
The Home Inspection & the Remedy Period
Once you’re under contract, you’ll typically have somewhere in the range of 5 to 10 business days to have the home professionally inspected. If the inspection turns up problems, your agent submits a written repair request — usually called an amendment or addendum — asking the seller to fix specific items, credit you cash at closing, or reduce the price. This is the “remedy period.”
The seller then has their own short window (often 3–5 days) to accept, reject, or counter. If you can’t reach an agreement within the timeline your contract sets, the inspection contingency generally lets you walk away and get your earnest money back — but only if you terminate in writing before the deadline passes. Missing that deadline is one of the most common ways buyers accidentally forfeit this protection, so it’s not a step to let slide.
Ohio’s Required Seller Disclosures
Ohio law (Revised Code 5302.30) requires most sellers of 1–4 unit residential property to fill out a Residential Property Disclosure Form before you sign, listing known material defects: roof condition, foundation and structural issues, water intrusion or a wet basement, the age and condition of the HVAC and electrical systems, the water and sewer/septic system, and known environmental hazards. Homes built before 1978 also require a separate federal lead-based-paint disclosure.
Two things worth understanding about this form: it only covers what the seller actually knows — it’s not a substitute for your own inspection, it’s a starting point for questions. And certain transfers are exempt from it entirely, most commonly foreclosures, estate or probate sales, and brand-new construction that’s never been occupied — so if you’re buying one of those, don’t expect the form and don’t skip the inspection because of its absence.
The Appraisal — and What a Low Appraisal Actually Means
If you’re financing, your lender orders an independent appraisal to confirm the home is worth at least what you’ve agreed to pay — it protects the lender from loaning more than the collateral is worth. Most of the time the appraisal comes in at or above the contract price and nothing changes. But in a competitive market, it’s common enough for the appraisal to land below the price you agreed to. That gap between the contract price and the appraised value is what people mean by an “appraisal gap,” and if your contract includes an appraisal contingency, you generally have a few ways to handle it:
- Renegotiate the price down to match the appraised value — sellers often agree rather than restart the process.
- Cover the gap in cash — you pay the difference between the appraised value and the contract price out of pocket, since your lender will only finance based on the appraisal.
- Split the difference with the seller — a common middle-ground outcome.
- Walk away and get your earnest money back, if your contract has an appraisal contingency and you terminate within its deadline.
What You’ll Actually Pay at Closing
Buyer closing costs in Ohio typically run 2–5% of the purchase price, on top of your down payment — though seller concessions negotiated into the contract can offset some or all of it. Here’s the typical breakdown:
| Item | What it is |
|---|---|
| Lender/origination fees | Your mortgage lender’s charge for processing and underwriting the loan |
| Appraisal fee | Pays the independent appraiser your lender orders |
| Credit report fee | Pulling your credit as part of underwriting |
| Lender’s title insurance | Protects the lender’s interest in the property’s title |
| Owner’s title insurance | Protects you — often negotiated between buyer and seller in the contract |
| Recording fees | Paid to the county to officially record the new deed and mortgage |
| Prepaid property tax & insurance escrow | Your lender collects the first few months up front to fund your escrow account |
| Prepaid interest | Interest from your closing date to the end of that month |
Montgomery & Greene County Specifics
Ohio charges a real property conveyance fee whenever a deed transfers — a mandatory $1 per $1,000 of the sale price set by state law, plus a permissive fee of up to an additional $3 per $1,000 that each county’s commissioners set individually. In Montgomery and Greene County transactions this is customarily a seller-paid cost, collected by the county auditor and recorder as part of closing. Because the permissive portion is set at the county level and can change, I’ll confirm the exact current combined rate for your specific county with the title company on your transaction rather than quote a number here that could be out of date by the time you close.
Underwriting & Loan Conditions
Once your loan application, the appraisal, and the title work are all in, your file moves to underwriting — the lender’s final review before issuing a “clear to close.” It’s common for an underwriter to come back with a handful of conditions: an updated pay stub, an explanation for a bank deposit, an updated homeowner’s insurance quote. None of that is unusual, and most conditions can be cleared within a day or two of your lender asking. This is also the stage where it matters most not to make any big financial moves — don’t open a new credit card, finance a car, or make a large unexplained deposit between your accepted offer and closing, since any of those can slow down or jeopardize your final approval.
The Final Walkthrough & Closing Day
Shortly before closing — usually within 24 to 48 hours — you and your agent will walk through the home one more time. This isn’t a second inspection; it’s a confirmation that the home is in the same condition it was when you agreed to buy it, that any negotiated repairs were actually completed, and that nothing was removed that was supposed to stay (fixtures, appliances included in the sale, and so on).
By the time you get to the closing table, the heavy lifting is done: financing is approved, the appraisal came in, the title is clear, and any inspection repairs are resolved. At closing itself you’ll sign your loan documents, wire or bring your remaining funds, and receive your keys once the deed is recorded with the county.
Frequently Asked Questions
- How much do I need for a down payment in Ohio?
- It depends entirely on your loan program — conventional loans can go as low as 3% down, FHA around 3.5%, and VA/USDA loans can require $0 down for eligible buyers. I can walk you through what you qualify for.
- How long does it take to close on a house in Dayton?
- Most financed purchases close in 30–45 days from an accepted offer; cash purchases can close in two to three weeks.
- What happens if the home doesn’t appraise for the offer price?
- With an appraisal contingency in place, you can typically renegotiate the price, cover the gap in cash, split the difference with the seller, or walk away with your earnest money back.
- Do I have to accept the seller’s disclosure at face value?
- No — Ohio’s disclosure form only covers what the seller knows and is not a substitute for a professional home inspection, which you should always get regardless of what the disclosure says.
- Who pays the conveyance fee when I buy a home in Ohio?
- It’s customarily a seller-paid cost in Montgomery and Greene County transactions, though this is negotiable and should always be confirmed in your specific contract.
- Can I back out after the inspection?
- Yes, if you terminate in writing within your inspection contingency deadline and the reason falls within what the contingency covers.
- What’s the difference between pre-qualified and pre-approved?
- A pre-qualification is a quick estimate based on what you tell the lender; a pre-approval involves the lender verifying your credit, income, and assets, and carries far more weight with sellers.
- Should I do anything differently with my finances while under contract?
- Avoid opening new credit, financing a large purchase, or making unexplained large deposits between your accepted offer and closing — any of these can complicate your final loan approval.
Prefer to save it? Download the printable version.
The same guide as a PDF you can save, print, or read offline — just tell me where to send it.
Have questions before you start?