Closing a real estate deal is the final step in a property sale in Virginia. The final meeting between the buyer and seller is the chance to get the keys to your new home. There is no definite timescale for completing a home purchase, with the buyer’s mortgage lender controlling the timetable.
What is Closing?
From the moment a buyer has their offer to buy a property accepted, the closing process has begun. The buyer and seller will agree on a sale contract that stipulates the terms of the sale. The buyer’s mortgage lender will work toward completing its work at a rate they choose. Real estate closings can be the subject of clauses in the sale contract. The mortgage lender does not need to stick to the buyer’s timetable.
What happens during closing?
These are the final hurdles to jump before taking possession of a new home. Certain tasks need to be completed to complete a real estate deal. A loan preapproval will speed the buying process up. The home you have agreed to buy will be inspected and appraised for value and condition. Your mortgage lender will judge the value of the property compared to your sale offer. A mortgage lender’s appraisal can limit the size of the mortgage you are offered.
The length of time closing takes
The closing process has become longer over the last few years. In 2020, a buyer could expect closing a property deal to take between 30 and 45 days. In 2021, the process takes an average of 50 days. Specialist FHA loans take an average of 52 days to complete.
Getting all the necessary information for a real estate deal together can help you to limit the time it takes to close on your new home.