What to Expect When You’re Under Contract

For first-time homebuyers, understanding the real estate transaction timeline can be crucial. Here’s what typically happens from the time you go under contract until settlement:

Earnest Money Deposit: Shortly after going under contract, usually within the first couple of days, you’ll submit your earnest money deposit. This deposit is held in escrow, typically by the title company.

Home Inspection: Within the first week or so, you’ll schedule a home inspection. This step allows you to uncover any potential issues with the property and negotiate repairs with the seller.

Appraisal: Around 10 to 14 days into the process, an appraisal will take place. The appraiser assesses the property’s value to ensure it meets or exceeds the agreed-upon purchase price.

Lending Process: The lending process typically takes 21 to 30 days. Your lender will work to finalize your mortgage, ensuring you receive the necessary financing for the purchase.

Title Work: Throughout the transaction, the title company conducts title searches to ensure there are no outstanding liens or claims against the property. This step is crucial for transferring clear title to the buyer.

Agent Coordination: Behind the scenes, your real estate agent is working tirelessly to coordinate various aspects of the transaction. They negotiate on your behalf, address any concerns, and ensure everything runs smoothly.

The entire process usually takes around 30 days, but it can vary depending on factors such as financing and inspection results. Having a knowledgeable agent by your side can help streamline the process and alleviate any concerns you may have.

If you’re considering a move or investment in Virginia or beyond, I’m here to assist you every step of the way. Whether you’re buying, selling, or investing, don’t hesitate to reach out for personalized guidance and support.