You’re Under Contract – Now What?

Congratulations! You’ve found the perfect home, your offer has been accepted, and you’re officially under contract. 🎉 But what happens next? For first-time buyers, the process after going under contract can feel overwhelming. Don’t worry—I’ll break it down step by step so you know exactly what to expect in North Carolina.

1. The Due Diligence Period

In North Carolina, the due diligence period is one of the most important parts of the homebuying process.

• What it is: A negotiated time frame (often 2–4 weeks) where you, the buyer, can investigate the home.

• What you’ll do:

  • Schedule a home inspection (general inspection, plus additional ones for pests, radon, septic, or well if needed).

  • Order an appraisal if financing with a mortgage.

  • Work with your lender to finalize the loan approval.

• Why it matters: During this period, you can back out of the contract for any reason—but you’ll forfeit the due diligence fee (a negotiated, non-refundable payment made upfront to the seller for taking their home off the market).

2. Earnest Money Deposit

Along with your due diligence fee, you’ll likely pay an earnest money deposit.

• This is held in escrow and applied toward your down payment or closing costs.

• If you back out after the due diligence period, you risk losing both your earnest money and your due diligence fee.

3. Loan Process & Appraisal

Your lender will order an appraisal to confirm the home’s value matches the purchase price.

• If the appraisal comes in low, you may need to negotiate with the seller, bring additional funds, or reconsider the purchase.

• At the same time, your lender will process your financial documents for final loan approval (a step called underwriting).

4. Repair Requests & Negotiations

After inspections, you and your agent can request repairs or credits from the seller.

• The seller is not obligated to agree, but negotiations are common.

• Your agent will guide you through prioritizing repairs that affect safety, structure, or major systems.

5. Preparing for Closing

Once inspections and loan approval are on track, the home is nearly yours!

• Title search: Ensures there are no liens or ownership disputes.

• Homeowners insurance: Required by your lender. You’ll need to secure coverage before closing.

• Final walkthrough: Usually the day before or morning of closing, to make sure repairs are done and the home is in agreed-upon condition.

6. Closing Day in North Carolina

In NC, closings are typically handled by a real estate attorney.

• You’ll sign your loan documents, closing disclosures, and the deed.

• Your funds are wired (down payment + closing costs).

• Once everything is recorded with the county, you get the keys—and the home is officially yours! 🏡

Final Thoughts

Being under contract is exciting, but it’s also a time for careful due diligence. With the right agent and attorney guiding you, you’ll move through inspections, financing, and negotiations with confidence.

👉 Call to Action:
If you’re a first-time buyer in North Carolina and want expert guidance every step of the way, let’s connect. I’ll walk you through the process from contract to closing so you can focus on the joy of becoming a homeowner.

📞 (336) 567-5843
📧 jessicajbrealtor@gmail.com
🌐 www.jessicajbrealtor.net