You’ve found it. Your new home. Maybe it’s “the one”—your dream home. Perhaps it’s an investment property. No matter what purpose your new home serves, the process has been an investment in and of itself. You have one step left: closing.
It’s common for first-time homeowners to go blindly into closing. A Virginia resident and business owner who has purchased a number of homes over the years recalled the first time—a blur of numbers, dates, and paperwork: “I didn’t know what to expect. The formality of picking a closing date, scheduling the buyer and seller to meet with the real estate attorney, preparing all the documents that need to be reviewed, signed, and initialed—I’ve never signed my name so many times!”
First-time homebuyers inevitably find there’s more to the process than they initially expected. With a little planning, closing can go off without a hitch, reducing stress and saving time.
You can use these four commonly-asked questions for guidance:
1. How Long Does Closing Take?
The closing date is the day you officially, legally become the owner of your new home. Closing dates can vary widely depending on the type of transaction. For example, short sales are notorious for having unpredictable closing dates that can stretch out for months. Conversely, your average closing takes anywhere in the ballpark of 30-45 days after your offer is formally accepted, though OVM offers an expedited 20-day close timeline.
2. How do I know what money I’m bringing to closing?
This is a very common question we receive. OVM will let you know the exact dollar amount you’ll need to have on hand ahead of time so that you will be fully prepared.
3. What Should I Do to Prepare?
On the day before closing, you’ll want to talk to your Agent and Loan Officer to make your game plan. In working with an experienced team, they’ll be the ones doing the heavy lifting and working on your behalf to ensure all goes smoothly.
You’ll also work with any or all of these:
- Mortgage broker
- Escrow officer
- Title insurance agent
As mentioned, your real estate agent will be a key player in communication with each of the companies, and good Title companies will keep you informed about what you’ll need to bring along to close.
4. When Can I Move In?
This is one of the most straightforward parts of the process. On your closing date, you’ll sign the required documents and get your keys the same day! From there, you can move in whenever you’re ready.
Keep in mind that you’ll do a final walkthrough of your new home typically one day before your closing date, to be scheduled by your real estate agent. By this point, the seller should have cleared all personal belongings from the property. As you walk through, you’ll want to make sure the home is in the condition stated between you and the seller.
Ready to buy? Contact us to get started on your closing checklist, or begin your loan application online here!
Written by: Danielle Costello