From Under Contract to Sold: What Every Home Seller Should Know
Selling your home as a homeowner can feel exciting, overwhelming, and uncertain all at once. You are not just completing a transaction; you are closing one chapter and opening another. Fortunately, choosing Beycome means you are not navigating this process alone. Understanding what happens after your home goes under contract will help you stay confident and prepared all the way to closing.
What “Under Contract” Really Means
A property goes under contract once the buyer and seller agree on the price and terms and sign a purchase agreement. At that point, the home is marked as a pending sale. While this is a major milestone, the sale is not final yet. Several important steps must still happen before ownership officially transfers.
Understanding Contract Contingencies
Before closing can occur, all contingencies in the contract must be satisfied. Contingencies are conditions that protect the buyer and sometimes the lender. After the buyer deposits earnest money into escrow, the most common contingencies usually include financing, appraisal, inspection, and occasionally the sale of the buyer’s current home.
Financing Contingency
When a buyer plans to use a mortgage, the financing contingency becomes critical. Even if the buyer has a pre-approval letter, final loan approval has not happened yet. This contingency allows the buyer to move forward only if the lender officially approves the loan.
Appraisal Contingency
The appraisal contingency protects the lender by confirming the home’s value. A licensed appraiser compares your property to recent sales to determine fair market value. If the appraisal comes in lower than the agreed price, the buyer may renegotiate, bring extra cash, or cancel the contract.
Inspection Contingency
Most buyers order a home inspection shortly after going under contract, often within 7 to 10 days. The inspection may uncover issues that lead to repair requests or price negotiations. While this stage can feel stressful, it helps ensure transparency and fairness for both sides.
Home Sale Contingency
Some buyers must sell their current home before purchasing yours. This contingency ties their purchase to the successful sale of their existing property. While less common, it still appears in many transactions.
What Happens Next Before Closing
Home Inspection and Negotiations
After the inspection, negotiations may follow. Buyers can request repairs, credits, or price adjustments. Clear communication during this phase helps prevent delays and misunderstandings.
Appraisal and Loan Approval
Next, the appraisal takes place. If the value supports the price, the buyer moves forward with final mortgage approval. During this time, lenders review documents closely. Any delays here can affect the closing date.
Title Search and Insurance
A title company then performs a title search to confirm clear ownership and identify any liens or legal issues. Title insurance protects the buyer and lender from future claims. Beycome Title offers this service for a $199 flat fee.
Final Walkthrough and Utilities
A few days before closing, the buyer completes a final walkthrough to confirm the home’s condition. At the same time, you should schedule utility shutoff or transfer for electricity, water, gas, internet, and cable.
Closing Day and Final Steps
Closing is the final step. All documents are signed, funds are transferred, and keys change hands. After closing, contact Beycome and provide your executed closing statement or ALTA so the sale can be finalized and the MLS updated.
In short, going under contract is a big win, but patience and preparation carry you the rest of the way. By understanding each step and staying proactive, you move smoothly from under contract to sold.
