Making an offer to buy real estate in Northern Virginia: this is part 2 of a 2 part blog series. You can read Part 1 here
What Happens After an Offer to Buy Real Estate is Accepted?
After an offer to buy real estate has been made and a property goes under contract, the closing period begins, during which a buyer’s home inspection happens, their appraisal happens, and their loan is funded (if it’s a financed purchased). During this time, the title company goes to work to prepare all of the closing documents that are necessary. Typical closing periods in Northern Virginia are anywhere from 30 to 45 days, although they are often shorter for cash purchases, sometimes as short as 14 days. If you’d like a particularly short closing period and the seller agrees to it, you’ll need to make sure that your lender can take care of your loan that quickly. Some banks are quicker and more efficient than others when it comes to the processing of home loans.
After the closing period, settlement occurs, during which the buyer and seller sign closing documents and the property officially changes hands. Settlement is also when the keys to the property are exchanged.
Read more about the process of making an offer to buy real estate…
Are you thinking of buying real estate in Northern Virginia? Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com and I’ll prepare a list of the top 10 real estate deals in the area of your choice.