What Happens After You’re Under Contract?

Posted by : Moneek-2

So you’ve found your dream home, made an offer, and it’s been accepted—congratulations! But what happens next? While going under contract is a major milestone, there’s still a lot to do before closing day. Here’s a look at what buyers can expect after going under contract.

📝 1. Home Inspection

Soon after your offer is accepted, you’ll schedule a home inspection. This step uncovers any potential issues with the home’s structure, systems, or safety. If significant concerns are found, you may negotiate repairs or credits—or in some cases, walk away.

📊 2. Appraisal

Your lender will order an appraisal to verify the home’s market value. If the appraisal comes in lower than the purchase price, it may affect your financing—though there are solutions, like renegotiating or covering the difference.

📁 3. Finalizing Your Loan

Even if you’re preapproved, your loan still needs to go through underwriting. You’ll submit updated documents (like pay stubs or bank statements), and your lender will verify everything before issuing final approval.

🏦 4. Title Work and Insurance

The title company will ensure the home is legally clear to transfer ownership, and you’ll need to secure homeowners insurance before closing.

💰 5. Closing Disclosure and Final Walkthrough

At least three business days before closing, you’ll receive your Closing Disclosure, which outlines all the final numbers. You’ll also do a final walkthrough to ensure the property is in expected condition.