How Long Does It Take to Close on a House in Northern Virginia?

Did you find the home of your dreams in Northern Virginia? Do you have an accepted offer? Have you already picked out the furniture for your new living room?

Not so fast! The closing process can be somewhat involved, and it is rare that buyers move right in.

How long does it take to close on a house in the birthplace of a nation?

Let’s take a look.

Why Northern Virginia?

Northern Virginia has everybody talking.

Government work and technology opportunities in the nearby Washington D.C. metro area have led to steadily increasing housing prices. Amazon is breaking ground in the area this year, bringing with it jobs at every income level.

Northern Virginia schools constantly rank among the highest in the nation. It is the home of countless museums and galleries. Fans of music, craft, and beer festivals will find endless cultural experiences throughout the year.

Northern Virginia offers plenty of history, diversity, and local flavor. Local breweries, farmers’ markets, and wineries make it an excellent locale for foodies.

Those who can’t decide between city and country life will find their haven in the suburbs. While D.C. is easily accessible, it is only a short drive to biking and walking trails, mountain views, and parks.

How Long Does It Take to Close on a House?

Real estate in Northern Virginia is in high demand. You may have had to bid on a few homes before you found the right unit at the right price. But you may not be able to move in right away.

The closing process can take as long as forty-five days unless you are paying cash.

Much of the exact amount of time it takes to close will depend upon your lender. Buyers who have a loan preapproval are in a position to close faster.

Many federal-related mortgage loans can take up to thirty days to close. Special loans that require help with the buyer’s downpayment require two underwriting processes and can take even longer.

The requirements for closing vary from state to state. In most cases, however, you will need a signed purchase agreement with the required addendums.

A home inspection is usually required. If the seller is told to complete something, such as a roof certification or pest inspection, these must get provided as well.

You will likely be required to have home insurance and title insurance before your lender will agree to help you finance the purchase. Your real estate agent or lawyer can probably make recommendations.

You will need to complete a final walk-through before you close.

Closing Day

The closing itself could get executed by a title company or real estate lawyer. Your real estate agent may or may not attend. Get ready to sign a lot of papers.

The seller will sign and notarize a deed conveying the title of the home to you. Both the buyer and seller have to sign a notarize a deed of trust and executed promissory note. All loan documents will have to get signed.

The closing day requires a deposit of funds from your lender. You will need to pay the balance of your downpayment, as well as closing costs.

Common Holdups

The closing process can take longer than expected. Many holdups are common and even expected.

When this happens, listen to the advice of an experienced lawyer or realtor about the amount of delay time you can anticipate to wait. Remember that this time is negligible in the long run if you have found your dream home!

If, for example, there are new liens filed against you or the seller during the title process, they will need to get settled before you close.

If there are problems found on your credit report or missing financial documents, your closing could get delayed.

Occasionally, there are appraisal disparities and the price will need to get reworked through the mortgage lender. There may be contingencies, such as selling your current home, that will need to get settled. A change in your marital status can also slow down the closing.

If the home you are purchasing is a short sale, the seller must pay off the lender for the original mortgage agree to accept a pay-off amount lower than the remaining mortgage balance. This could potentially drag out the process.

Moving It Along

If you are eager to close quickly, make sure you have your paperwork in order. Get your title companies copies of satisfaction before they begin the title search in order to avoid any red flags.

If required repairs are discovered during the inspection, you could wait until the seller makes them before closing. If, however, you want to speed up the process, you can simply have them reduce the price on the home or give you a tax credit so you can make the repairs once you move in.

It is important that you communicate any concerns that you have to your realtor or attorney early on in the process. If you have questions about the walk-through or the closing itself, ask them right away so you can walk into your closing with a clear head.

You should feel confident in your purchase when you are signing lots of documents committing yourself to the new home.

Closing in Northern Virginia

How long does it take to close on a house? Much will depend upon where you are buying one, and how straightforward the process is. With good communication and careful thinking, you will settle into your new home in no time!

For more information on buying a home and living in the DC metro area, read these ten facts to know today.



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