What Buyers Need to Know After Going Under Contract: Key Steps and Timeline

Congratulations—you’re officially under contract! This is a huge milestone in your homebuying journey, but there’s still plenty to do before you get the keys. Here’s what to expect, step by step, so you can move forward with confidence.

1. Schedule Your Home Inspection 🕵️‍♂️

Once you’re under contract, time is of the essence. Most contracts include a specific period (often 7-10 days) for you to complete a home inspection. This is your opportunity to uncover any hidden issues and negotiate repairs or credits with the seller if needed.

2. Finalize Your Loan Application

Even if you’re pre-approved, you’ll need to work closely with your lender to submit all required documents and lock in your mortgage rate. Expect requests for pay stubs, bank statements, and more. Prompt responses will help keep things on track.

3. Appraisal Ordered by Lender

Your lender will order an appraisal to confirm the home’s value matches the agreed price. If the appraisal comes in lower than expected, you may need to renegotiate or bring extra funds to closing.

4. Title Search and Insurance

A title company will research the property’s history to ensure there are no legal issues, such as unpaid taxes or liens. Purchasing title insurance protects you from future claims against your ownership.

5. Address Contingencies

Most contracts include contingencies—conditions that must be met for the sale to proceed. These might include financing, appraisal, or the sale of your current home. Stay in close contact with your agent to ensure all contingencies are satisfied on time.

6. Final Walk-Through

Usually scheduled a day or two before closing, the final walk-through lets you confirm the home’s condition hasn’t changed and that agreed-upon repairs are complete. Bring your contract and inspection report for reference.

7. Closing Day!

On closing day, you’ll sign all the necessary documents, pay your down payment and closing costs, and officially become the new owner. Don’t forget to bring a valid ID and any required funds—usually in the form of a cashier’s check or wire transfer.

Tips for a Smooth Process

• Stay in regular contact with your real estate agent and lender.
• Respond quickly to document requests.
• Don’t make big financial changes (like switching jobs or buying a car) before closing.

With the right preparation and support, you’ll be unlocking your new front door before you know it!