How long does it take to buy a home in Northern Virginia once my offer has been accepted?
For the purposes of answering this question, we are going to assume you are not writing an offer on a Short Sale, as those have entirely different, and sometimes unpredictable time frames.
Once your offer is accepted by the Sellers, it is considered a Ratified Contract. So the question is really, how long does it take to go from Ratified Contract to Settlement? Well, let's take a look at what has to happen between contract ratification and settlement.
Appraisal: An appraisal will be ordered on the property by your lender to determine the value of the home. This can take three days or three weeks, but bank on the latter.
Survey: The title company will order a survey, unless specified otherwise by the Buyer. These can take about seven to ten days to get in.
Termite Inspection: A termite inspection will need to be ordered unless you are paying cash. Your agent or the Listing Agent will order this within 30 days of settlement. They are usually done within four days of placing the order with the termite company.
HOA Documents: An HOA Resale Package will need to be ordered if the home is in an HOA. That takes a maximum of two weeks.
Loan Underwriting: Your loan paperwork will need to go to underwriting, where it is given final approval. Most of the time, underwriters will ask for updated documents or additional paperwork. No biggie, but be prepared to get it to them. The final piece needed by underwriters is usually the appraisal. Once that is in, the underwriters will determine if it is a valid appraisal.
Title Work: The title company will need to complete a certain number of years of title history to be able to offer title insurance on the property you are buying. This process can be lengthy on older properties, or ones that have been through a recent foreclosure. Plan on two weeks for this.
All of these things go on simultaneously. In most cases, a Buyer in Northern Virginia can settle withing thirty to forty-five days of having their offer accepted. Again, this is assuming you are not attempting to buy a Short Sale. The time frames above can be two to six months longer in that case.
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