Close
Under Contract Is Not the Finish Line — It Is the Starting Line
From accepted offer to closing day, there are critical milestones, deadlines, and decisions that require attention and coordination.
Once you accept an offer, the contract phase begins. This period typically lasts 30 to 45 days and includes inspections, appraisal, title work, and buyer financing. Each step has deadlines and potential negotiation points. This module covers what happens between accepted offer and closing day so you know exactly what to expect at every stage.
Accepted Offer Overview
The moment you sign the accepted offer, the clock starts. The contract contains specific deadlines for every milestone — earnest money deposit, inspection, appraisal, financing approval, and closing. Missing a deadline can give the other party leverage or even void the contract. My job during this phase is to track every date, coordinate with all parties, and keep the transaction moving toward a successful close. You will hear from me regularly with updates, and I will flag any issues the moment they arise so we can address them proactively.
Contract-to-Close Timeline
While every transaction is slightly different, the general sequence of events follows a predictable pattern. Here is a typical timeline from accepted offer to closing day.
Earnest Money Deposit
Buyer deposits earnest money into escrow as a show of good faith.
Home Inspection
Buyer schedules and completes a home inspection of the property.
Inspection Response
Buyer submits repair requests. You and I review and negotiate the response.
Appraisal
If the buyer is financing, the lender orders an appraisal to confirm value.
Underwriting & Clear to Close
Buyer's lender completes underwriting and issues clear to close.
Closing Day
Final walk-through, document signing, fund transfer, and key handoff.
Inspections from the Seller Side
The buyer's home inspection is one of the most common stress points in a transaction. Most inspections reveal findings — that is normal. A professional inspector is paid to identify every issue, no matter how minor. What matters is how we categorize and respond to the findings. Not every item requires action, and not every request is reasonable.
Normal Findings
Minor maintenance items, cosmetic wear, and age-appropriate conditions are expected in any home. These findings do not typically warrant repair requests and are considered part of normal homeownership. Most experienced buyer agents will not include these in their request.
Negotiable Items
Moderate repairs like a malfunctioning HVAC component, a minor plumbing issue, or an electrical concern are common negotiation points. We evaluate each request based on cost, reasonableness, and whether a credit or repair makes more sense for your situation.
Deal Breakers
Major structural issues, foundation problems, significant water intrusion, or safety hazards can threaten a deal. These are rare in well-maintained homes, but if they arise, I help you understand your options — repair, credit, price adjustment, or allowing the buyer to terminate if the cost is prohibitive.
Appraisal and Financing Risks
If the buyer is using a mortgage, their lender will order an appraisal to confirm the home's value supports the loan amount. This is a standard part of the process, but it can introduce uncertainty if the appraisal comes in below the contract price. Understanding the possible outcomes helps you prepare for any scenario.
Appraisal Meets Price
When the appraised value meets or exceeds the contract price, the transaction moves forward without interruption. This is the most common outcome when the home is priced based on solid comparable sales data.
Low Appraisal
If the appraisal comes in below the contract price, the buyer may ask you to reduce the price, the buyer may cover the gap with additional cash, or you may meet somewhere in the middle. I help you evaluate the options and negotiate the best resolution based on the data and the buyer's flexibility.
Buyer Financing Falls Through
In rare cases, the buyer's financing is denied during underwriting. If this happens, the buyer typically exits the contract under their financing contingency and receives their earnest money back. I help you re-list quickly and re-engage backup buyers if available.
Title, Deadlines, and Coordination
Title, Deadlines, and Coordination
The contract-to-close phase involves multiple professionals working in parallel. Deadlines are legally binding, and missing one can jeopardize the transaction or give the other party grounds to terminate. I serve as the central coordinator, ensuring every party delivers on time.
Title Company
The title company conducts a title search to confirm clear ownership, handles escrow funds, prepares closing documents, and records the transaction with the county. They are the neutral third party that manages the financial side of closing.
Lender
The buyer's lender manages the mortgage application, orders the appraisal, completes underwriting, and issues the clear-to-close. Lender delays are the most common cause of closing postponements, and I stay in contact with the loan officer to monitor progress.
Attorneys
If legal questions arise during the contract period — about disclosures, title issues, inspection disputes, or contract interpretation — a real estate attorney provides the guidance you need. I always recommend consulting an attorney for any legal concerns.
Your Agent
I coordinate communication between all parties, track every deadline, negotiate on your behalf when issues arise, and keep you informed at every step. My goal is to anticipate problems before they become obstacles and ensure nothing falls through the cracks.
Frequently Asked Questions
I review every repair request with you and categorize items by severity, cost, and reasonableness. We can agree to make specific repairs, offer a credit in lieu of repairs, negotiate a price reduction, or decline requests that are cosmetic or unreasonable. My recommendation depends on the specific items, the buyer's flexibility, and current market conditions.
You have several options: reduce the price to the appraised value, ask the buyer to cover the difference in cash, meet in the middle with a shared adjustment, challenge the appraisal with additional comparable sales data, or allow the buyer to terminate if you cannot reach agreement. I advise you on the best approach based on your situation and the strength of the buyer.
Closing delays happen, most often due to lender processing issues. If the buyer requests an extension, we evaluate whether to grant it based on the reason for the delay and the buyer's track record during the transaction. You are not obligated to extend, but in most cases a short extension is preferable to starting over with a new buyer.
Most transactions close 30 to 45 days after the offer is accepted. Cash purchases can close in as few as 14 to 21 days since there is no lender involvement. The timeline depends on the contract terms, lender processing speed, and whether any issues arise during inspections or appraisal.
Questions? (317) 660-5745 or sheldon@mycarmelrealty.com
Questions? (317) 660-5745 or sheldon@mycarmelrealty.com