What Happens After My Home Goes Under Contract?
Accepting an offer is a big milestone, but there are still several important steps between going under contract and handing over the keys. Here's what sellers can generally expect during that time.
You accepted an offer.
Congratulations!
For many sellers, there's an immediate feeling of relief:
“We did it. The house is sold!”
You're certainly much closer—but there's still work to do before the sale is complete.
Once your home goes under contract, we move into a new phase of the transaction. There may be inspections, financing requirements, an appraisal, title work, repairs or other agreed-upon items, and plenty of communication leading up to closing.
This is also when deadlines really matter.
Our job is to help keep track of what's happening, communicate with the people involved, and keep you informed as we work toward closing.
Quick Takeaways
Going under contract is a major milestone, but the sale isn't complete yet.
The purchase agreement determines many of the next steps and deadlines.
The buyer may have inspections or other due-diligence rights.
Financed purchases usually involve additional lender requirements and may include an appraisal.
Title and closing work happens behind the scenes while the transaction moves forward.
Additional questions or negotiations can sometimes arise before closing.
Sellers still have responsibilities while the property is under contract.
We'll stay in communication with you and help keep the transaction moving toward closing.
First, What Does “Under Contract” Mean?
Your home is under contract when you and a buyer have reached an agreement and the applicable purchase agreement has been properly executed.
At that point, you have more than an interested buyer.
You have a contractual agreement.
That means both you and the buyer have responsibilities, deadlines, and rights established by the contract.
The exact process from this point forward depends on your particular agreement, so we don't assume every transaction will follow exactly the same path.
What Happens Immediately After We Have a Contract?
Once we have an executed contract, we make sure the appropriate parties receive the information and documents they need.
Depending on the transaction, that can involve communication with:
The buyer's agent
The closing company or closing attorney
The buyer's lender, when applicable
Inspectors and other professionals as needed
Other parties involved in completing the transaction
We'll also begin tracking the important dates and deadlines contained in your contract.
Meanwhile, you should continue taking care of the property just as you did before it went under contract.
Will the Buyer Have a Home Inspection?
That depends on the contract, but many buyers choose to have the property inspected.
If the buyer has inspection rights under the agreement, we'll coordinate access to the property as needed.
The inspector works for the buyer and will evaluate the home and prepare a report for them.
Depending on the contract and what the inspection reveals, the buyer may later submit requests concerning repairs or other items.
We'll go through any request with you and discuss your options before you decide how you want to respond.
You don't need to assume that every item an inspector identifies automatically becomes something you're required to repair.
We'll cover this much more thoroughly in What Repairs Can a Buyer Ask For?
What Happens With the Buyer's Financing?
If the buyer is obtaining a mortgage, their lender continues working on the loan after the contract is accepted.
The lender may be verifying the buyer's financial information, reviewing documents, ordering required services, and completing underwriting.
Most of that happens on the buyer's side of the transaction, but there may be times when the lender needs information or documentation related to the property.
We'll help coordinate property-related requests that come through the appropriate parties.
Will My Home Be Appraised?
If the buyer is financing the purchase, an appraisal may be required by their lender.
The appraiser provides an independent opinion of value for the lender's purposes and may also note certain property conditions depending on the loan and circumstances.
We'll coordinate access to the home when an appraisal is required.
Once it's completed, what happens next depends on the results and the terms of your contract.
We'll explain appraisals in more detail in What Is a Home Appraisal?
What's Happening With the Title and Closing Company?
While inspections, financing, and appraisal matters may be more noticeable to you, other work is happening behind the scenes.
The closing professionals will be working on the items necessary to prepare the transaction for closing.
That can include reviewing title, gathering information, preparing documents, coordinating payoff information when applicable, and handling other closing requirements.
If they need something from you, we'll help make sure you know what has been requested and where it needs to go.
What Should I Be Doing During This Time?
One of the biggest things is:
Keep taking care of your home.
You're still the owner until the sale closes.
Continue normal maintenance and keep the property in the condition required by your agreement.
This is also a good time to begin preparing for your move—but don't leave important contractual responsibilities until the last minute.
As closing gets closer, we'll remind you about the things that need to happen before you turn the property over to the buyer.
What If Something Breaks Before Closing?
Tell us.
Don't assume it's unimportant because you're moving soon.
If something changes materially at the property or a significant problem develops before closing, let us know as soon as possible.
What needs to happen next can depend on the situation and your contract.
We'll help determine the appropriate next steps and, when necessary, involve the closing professional, insurance provider, attorney, or other appropriate professional.
Can the Buyer Still Back Out?
There can be circumstances in which a buyer has contractual rights that allow them to terminate.
Whether a buyer can terminate—and what happens to earnest money or other obligations—depends on the contract, applicable contingencies, deadlines, and circumstances.
That's why we pay close attention to the agreement rather than making broad promises that a transaction is guaranteed to close simply because it's under contract.
Most importantly, don't panic every time the buyer has an inspection, appraisal, or lender requirement.
Those are normal parts of many transactions.
We'll let you know if something arises that needs your attention.
Could We Have More Negotiations?
Possibly.
The original offer isn't necessarily the last time something may need to be discussed.
Depending on the contract and circumstances, additional issues can sometimes arise involving:
Inspection findings
Repairs
Appraisal
Closing timing
Property-related matters
Other contractual issues
If something comes up, we'll explain what's being requested and discuss your options with you.
You make the decisions about what you're willing to agree to.
How Will I Know What's Going On?
We'll stay in communication with you.
We don't want you wondering whether anything is happening simply because several days have passed without something requiring your attention.
Some portions of a transaction are busy.
Others involve waiting while the lender, closing professionals, or other parties complete their work.
We'll keep track of the transaction, communicate with the other professionals involved, and let you know when something needs your attention.
And if you have a question along the way, call us.
When Can I Start Feeling Like the Sale Is Really Done?
When it closes.
We absolutely celebrate going under contract—it's a big step.
But we also know there are still several moving pieces between an accepted offer and a completed sale.
Our focus during this stage is getting you from:
UNDER CONTRACT → CLOSED
with as few surprises as reasonably possible along the way.
The Bottom Line
IIf you only remember one thing from this article, let it be this:
Going under contract is a major milestone, but it isn't the finish line.
There are still important steps, deadlines, and responsibilities before closing.
We'll help keep track of the transaction, communicate with the people involved, explain what comes up, and help you navigate each step until the sale is complete.
From Dana & John
Once we get your home under contract, our job isn't finished.
In many ways, this is when a different part of our job begins.
There are deadlines to watch, people to communicate with, questions to answer, and sometimes unexpected things to work through. We'll stay involved throughout the transaction and keep you informed about what's happening and what we need from you.
Our goal is for you to never have to wonder, “What am I supposed to be doing now?” We'll help you know what comes next as we work our way toward closing day.
Continued Learning
Now that you're under contract, these guides will help you understand what comes next:
→ What Repairs Can a Buyer Ask For?
Have Questions?
If you're preparing to sell and wondering what happens after you accept an offer, we'd be happy to explain the process and what you can expect as we work from contract to closing.
Dana & John Martin – Team Martin
Waters Edge Realty
318-504-9925 | 504-450-2714
ALGulfCoastAgents@gmail.com
