Your Guide to Closing on a Home in Ashville Park Virginia Beach (Questions/Answers)

Are you getting ready to close on a house? Or maybe you’re looking at homes for sale in Ashville Park Virginia Beach and want to be prepared for when you find the perfect home. When you’re looking for a new home, it takes time, patience, and a lot of effort. We get that. All of the hard work leading up to closing day makes it that much better! From scouring home listings to giving a competitive offer to jumping through financing hoops, it’s a lot to get to the point where your offer is accepted. What can you expect when closing day arises? 

What is Closing? 

Closing is the final step in the home buying process. The closing is when the seller and the buyer meet to sign papers and officially seal the deal, so to speak. This is when ownership of the property is transferred over to you and you become the legal owner of your home. It’s an exciting time for both the buyer and the seller. As a buyer, you’re one step closer to getting that long-awaited set of keys! 

What Does Closing Happen? 

During the contract negotiation phase, you and the seller will agree on a closing date. This closing date will be listed on the purchase agreement contract. Ideally, your agents will assist you to ensure your closing date works with your lender and title agency’s schedules so they can execute their end of the deal beforehand. Keep in mind, they may need several weeks to get everything done. 

How Long Does Closing on a House Take? 

On average, closing on a house takes approximately 41 days. Why is the process so lengthy? 32% of transactions encounter delays of some type before closing. More often than not, these delays involve financing issues. Remember our latest blog on getting approved for a mortgage loan? You don’t want to take on more credit before the closing date. 

If you end up taking on more credit before closing day, your lender will have to adjust your mortgage agreement – resulting in a significant delay. Buyers who have received loan preapproval instead of loan pre-qualification are able to close sooner as there’s no need to further verify their employment, credit report or bank accounts. 

What Potential Issues Can Delay Closing on a House? 

As mentioned above, 32% of transactions encounter delays of some type before closing. Usually, financing issues are at the bottom of the delay. Let’s take a look at some of the most common issues resulting in the delay of closing on a house: 

  • Additional debt added to the buyer’s credit report. 
  • Mistakes found in the buyer’s credit report. 
  • Marital status change on the buyer’s part. 
  • Employment change on the buyer’s part. 
  • Missing bank statements or other financial documents. 
  • Missing insurance information. 

Any of the common issues listed above can delay closing on a house significantly, so try to make sure all information is accurate and up-to-date with no looming changes on the horizon. 

Who Will Be Present at Closing? 

Typically, there will be quite a few parties present on the closing day. The following individuals will be there to ensure the process goes smoothly: 

  • Your seller’s real estate agent
  • Your closing agent
  • Your attorney 
  • The title company representative
  • The current homeowner
  • The future homeowner (you!) 
  • The lender 

The closing agent will act as the meeting organizer – ensuring all documents have been signed and all closing fees/escrow fees have been paid. 

How Much Does Closing on a House Cost? 

Before you close on a house, try to prepare yourself for some extra added costs associated with the closing. These fees are charged for the home inspection bill, appraisal fee, attorney expenses, credit report charges, and various other factors that were involved with the house sale. Typically, most people pay between 3% and 4% of the purchase price of their home in closing fees. 

Fortunately, your lender will send you a closing disclosure a minimum of three days before the closing day. This will outline all of the closing costs you’ll need to prepare for come closing day. If anything on the closing disclosure is different from your original loan estimate, feel free to ask your lender why. 

What Should You Bring with You on Closing Day? 

Your title company representative or mortgage loan officer will send you a checklist of everything you should bring with you on closing day, however, this checklist will likely include: 

  • Government-issued photo identification
  • A certified or cashier’s check made payable to the closing company/title 
  • Any outstanding documents for the title company/mortgage loan officer 

What Happens on Closing Day? 

Now that you’re getting closer to closing day and you’ve gathered all the documents and/or information you need to bring with you, you’re probably wondering what happens on closing day. As long as you have everything you need, it’ll be an exciting time for you and the seller. What should you expect? 

  1. Any remaining closing costs will be paid
  2. Property ownership will be signed over to you
  3. The title company will register the deed in your name 

You will also sign a mortgage note stating your promise to pay the loan back, as well as a mortgage/deed of trust that secures the note. Sounds fairly straightforward, right? It’s a lot of paperwork, and keep in mind, it’s your last opportunity to make changes to the transaction if you wish to do so. 

Why Choose Ashville Park Virginia Beach for Your Next Home? 

Ashville Park Virginia Beach is a fairly new, yet expansive neighborhood that’s luxurious and filled with lush nature, as well as various amenities for residents of the community. You’ll have easy access to a range of beaches on the coast. Homes for sale in Ashville Park Virginia Beach are stunning in the mid to high price range. 

The community features 7.5 miles of 5 ft. wide walkways lined with beautiful trees. There’s also 3.5 miles of multi-purpose trails – offering benches all throughout so you can sit down and relax while you’re strolling through the neighborhood. If you’re ready to move, this is the place to be. 

Interested in learning more about Ashville Park Virginia Beach? Check out our spotlight about the community to find out everything you need to know before you choose a home and get closer to that long-awaited closing day! 

Ashville Park, Virginia Beach is a great place to move – so why wait? Click here to contact us, give us a call at 757-350-1149 or send us an email at joshuabritthomesllc@gmail.com to start planning your next move now! I’m here to answer any questions you may have about your real estate goals.