Every state has a slightly different process, and time frame for each step, so you may want to consult a Realtor for your state process. But I think you are asking for a standard timeline for a basic transaction @Kiryl Ulanovich. So, here are the basics based on my market, which is AZ.
I will start from the offer stage. Keep in mind, you should have already had a conversation with the hard money Lender to know their terms and process, and be ready to perform. Most hard money Lenders can't give you final approval without the property because they do an analysis to determine what their risk is. That is usually how they determine your LTV (Loan To Value).
1. You write an offer. The Seller has 3 choices; Accept, Reject, or Counter. If they Accept, you move to Step 2. If they reject, you either start again with better terms, or move on. If they Counter, you have the same 3 options to respond. This goes on until you have final agreement. This is a fully executed contract. Now, some states require an attorney to review contracts. In my state, Realtors negotiate and navigate Contracts. So, check with your Realtor about whether this is required.
2. You Open Escrow, deposit your Earnest Money Deposit and your due diligence period starts (unless otherwise written into the contract). You should also receive Seller disclosures if offered during this period. This is your time to comb over the property and inspect everything that is important to you. Refer to your state, city and county resources for any required items, or recommended inspections. Additionally, some states hold Escrow and Title services differently. In my state they are the same. So, this will be something to double check.
3. At the completion of your due diligence, you have 3 choices; accept the property as-is and move to step 4, reject the property and walk away, or ask the Seller to correct any items that you request. You can also assess a dollar amount that you value the cost of these requests to be, and ask for these as a discount from the purchase price or a concession to you for closing costs. The Seller has the option to reject your items, accept your items and make repairs, or select which items they will complete. Then you have the ability to accept or reject their response.
4. During the escrow/title process, you are finalizing loan documents, reviewing title documents (HOA disclosures if applicable, title reports, etc), obtaining homeowner's insurance, and preparing to wire your funds to title. This would also be where an appraisal would be ordered in a traditional sale, but if using a hard money Lender, they have probably already evaluated the value before offering you terms.
5. Sign documents and wire your funds to Title/Escrow. Make sure to speak with the Title/Escrow officer directly to verify their wiring instructions to avoid being a victim of wire fraud.
6. The closing is the recording of the deed. Once that is complete, the property is yours.
Now all that being said, it makes me EXTREMELY nervous that you don't understand the process and your only go-to is a wholesaler. This is a recipe for disaster. While there are great wholesalers out there (not dissing the wholesale community per se), they are not in this for you. Wholesalers are USUALLY not licensed (some are, and I am not speaking to them). They find properties and approach Sellers and secure a price, then they seek out an end Buyer (you) and sell it to you at a higher price. That is how they make their money. It is right on the fringe of being legal/illegal, and lawmakers have been talking about how to regulate it for years because it can be a dangerous process that leaves end Buyers feeling like they weren't represented.....especially when they see the closing statement and find out how much the wholesaler made just by getting to the Seller first. Again....not judging. Good for them for making that kind of money just for making the introductions.
The other thing about working with a wholesaler is that you are likely working off of their Contract timeline, not your own, since they likely secured a contract before you came along. So, their due diligence period already started. And you may not get much of a repair request process as the wholesaler can't agree to repairs themselves. They have to go back to the Seller and request them. So, you are working through 2 decision makers, not one.
A Realtor can really provide you value in a transaction....especially your first one! Take good notes, ask good questions and then, and only then, after you have completed a transaction and feel confident, should you ever try and venture off on your own.
Think of it like this...... you can drive without car insurance. Many people do. For weeks/months/years it could be totally fine, without incident. However, at some point, you might get in an accident, or pulled over and found out. The cost to repair your vehicle, and perhaps the other person's car, will be WAY MORE than the cost of the insurance premiums you saved by not having insurance. In Real Estate, you can have smooth transactions for sure. However, when you don't know what you don't know, this is an incredibly dangerous and risky position to be in with such an expensive investment.
Just my 2 cents.
