Welcome Home Wednesday - What happens between under contract and closing.
You're Under Contract.
Now What?
Everything that happens between "offer accepted" and getting the keys — demystified, step by step.
Getting your offer accepted is one of the best feelings in real estate — but for many buyers, what comes next feels like a black box. The weeks between going under contract and sitting at the closing table are busy, full of paperwork, professionals, and decisions. This week's post walks you through every major milestone so you're never left wondering, "What's supposed to happen now?"
Earnest Money Deposit
Within one to three days of your offer being accepted, you'll wire your earnest money deposit (EMD) — typically 1–3% of the purchase price — into an escrow account held by the title company or closing attorney. This deposit signals to the seller that you're serious and financially committed.
This money isn't lost. It will be applied toward your down payment or closing costs at the end. However, if you back out of the contract without a valid contingency, you could forfeit it.
The Home Inspection
One of your first and most important tasks is scheduling a home inspection — usually within the first 7–10 days of going under contract, depending on your contract's inspection contingency window. A licensed inspector will spend 2–4 hours examining the home from roof to foundation.
You'll receive a detailed report covering the home's systems: HVAC, electrical, plumbing, roof, windows, foundation, and more. This is your opportunity to understand exactly what you're buying.
Inspection Negotiations & Additional Inspections
After reviewing the inspection report with your agent, you'll decide whether to request repairs, a price reduction, or seller credits — or simply accept the home as-is. This negotiation can take a few days back and forth.
If the inspection raises specific concerns — a suspicious roof, an aging HVAC system, a wet basement — your agent may recommend ordering a specialty inspection (roof, sewer scope, radon, mold, etc.) to get a clearer picture.
The Appraisal
If you're using a mortgage, your lender will order an appraisal — typically within the first week or two. A licensed appraiser will visit the property and compare it to recent sales in the area to determine its market value.
The lender will only loan you money based on the appraised value, not the purchase price. If the home appraises below your offer price, you'll need to negotiate with the seller, cover the gap in cash, or exercise your appraisal contingency to exit the contract.
Mortgage Underwriting & Loan Processing
While all of the above is happening, your lender is deep in the process of underwriting your loan. They'll verify every element of your financial picture: income, assets, employment, credit, debts, and tax history.
Expect to receive requests for additional documentation — sometimes multiple times. These "conditions" must be met before the loan can be approved. Staying responsive here is critical to keeping your closing timeline on track.
The Closing Disclosure & Final Walk-Through
At least three business days before closing, your lender is required to send you the Closing Disclosure (CD) — a detailed breakdown of every cost involved in your transaction. Compare it carefully to your Loan Estimate to make sure numbers line up.
Within 24 hours of closing, you'll also do a final walk-through of the property. This is your chance to confirm that any agreed-upon repairs were completed, the home is in the expected condition, and the sellers have moved out.
The Closing Table
Closing day! You'll sign a large stack of documents — often 100+ pages — at the title company or closing attorney's office. This process typically takes 1–2 hours. You'll need to bring a government-issued photo ID and, if required, a cashier's check or confirm your wire transfer for closing costs and any remaining down payment.
Once all documents are signed and funds are received, the deed is recorded with the county and you are officially a homeowner. The keys are yours.
Your Under-Contract Checklist
Keep this list handy as you move through the process.
The period between contract and closing is a marathon, not a sprint. Stay organized, stay responsive, and trust your team.
It can feel overwhelming in the moment — there are a lot of moving parts, a lot of people involved, and a lot of money on the line. But with the right agent and lender by your side, every step is completely manageable.
The most important thing you can do during this time? Communicate. Respond to your agent and lender quickly, ask questions when something is unclear, and don't make any major financial moves without checking first. If you do those three things, you'll be signing at the closing table before you know it.
See you next Wednesday for another edition of Welcome Home Wednesday — where we break down the real estate process one step at a time.
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