From Accepted Offer to Closing in Virginia
Real Estate, Virginia Home Buying
Your Offer Was Accepted. What Happens Before Closing in Virginia?
Your offer was accepted. Now what? A plain-English look at the steps between a signed contract and closing day in Virginia.
What happens between an accepted offer and closing in Virginia?
After both sides sign, you usually have an inspection, an appraisal, loan approval, and a final walk-through before settlement. Your contract sets the dates.
An accepted offer feels like the finish line. It is not. It is the start of the last stretch.
The Mike Webb Team (Mike and Claudia Webb, RE/MAX Allegiance) helps homeowners in Arlington, Northern Virginia, Maryland, and Washington, DC get their homes ready to sell and sold. We also help buyers find the right home.
What are the steps?
Earnest money. You put down a deposit, usually within a few days. Your contract says when.
Home inspection. An inspector checks the home. You may ask for repairs or a credit, within the time your contract allows.
Loan work. Your lender collects papers, checks your finances, and orders the appraisal. Do not change jobs or open new credit during this time.
Appraisal. An appraiser gives an opinion of value for the lender.
Title work. A title company checks that the seller can legally sell the home.
Insurance. You line up homeowner's insurance.
Final walk-through. You look at the home just before closing to confirm it is in the agreed condition.
Settlement. You sign the papers, pay the money due, and get the keys.
Each step, from earnest money to keys, follows the dates in your contract.
What can go wrong?
The appraisal comes in lower than the price.
The inspection finds a big problem.
The loan hits a delay.
Most of these can be worked through if everyone talks early. Ask questions as soon as something feels unclear.
How long does it take?
Many sales close about 30 to 45 days after a contract, but your contract and loan decide it.
FAQ
Can I back out after my offer is accepted?
Only in the ways your contract allows. Read the contingencies with your agent.
What is a contingency?
A condition that must be met for the sale to move forward, like a satisfactory inspection or loan approval.
Who chooses the title company?
Ask your agent and lender how that works for your purchase.
Buying soon? Call or text Claudia at 703-350-3884 or visit claudiawebb.com.
The Mike Webb Team, RE/MAX Allegiance. Arlington, Virginia. Equal Housing Opportunity.
