By Elizabeth Putnam, Real Estate Broker | Mosaic Community Lifestyle Realty | Asheville & Western North Carolina
Yay—you are under contract! Go ahead and enjoy that happy moment. Having a home under contract is an exciting milestone. Now we move into the investigations, financing, and coordination needed to prepare for closing.
This is where I become something of your cruise ship director, helping you navigate the activities and deadlines ahead. You will not need to memorize the entire itinerary! We will keep track of what needs to happen and when. The schedule comes from your contract; every transaction is a little different.
Keep Your Financing Moving
If you are obtaining a mortgage, work closely with your lender. Complete the application, discuss rate-lock timing, provide requested documents promptly, and arrange the appraisal as directed.
Consult your lender before major purchases, new credit, or employment changes. Keep checking for requests even after you believe you have submitted everything.
Investigate the Home and the Transaction
I will help coordinate inspections and introduce appropriate professionals. Depending on the property, we may need a home inspector, radon or pest testing, well and septic evaluations, a surveyor, or specialist contractors. Your attorney will handle legal questions and title work.
Get insurance information early as well. Coverage availability and cost may affect your decision.
I make every effort to attend inspections with my buyers. We will review the findings, distinguish maintenance from concerns requiring further evaluation, and discuss possible repair requests or concessions.
Make Decisions Before the Deadline
The due diligence period covers more than inspections. Financing progress, appraisal, access, restrictions, and other important questions also need attention.
Under the standard contract, unresolved loan approval does not automatically protect your earnest money after due diligence ends. We need to assess your readiness to proceed before that deadline.
If we request additional time or repairs, we need the seller's agreement. Keep decisions and any agreed changes properly documented rather than relying on an ongoing conversation.
My job is to help you organize the information and understand your options. Your job is to decide whether the purchase still works for you.
Need help understanding what comes next? Reach me at (828) 301-6374.
Related reading: Due Diligence Explained · Step 8: Closing Day · Homebuying Overview
Additional resource: NCREC: Financing and Earnest Money Risk.
- Homebuying Guide
