Buying a home · Stage
Under contract
Inspections, contingencies, appraisals, and the period when the deal is at most risk of falling apart.
The clock-running stage. After offer acceptance, the home inspection, appraisal, title search, and full mortgage underwriting all run on contractual timelines, typically 30–45 days. Roughly 5–10% of pending sales fail to close, with that rate higher in stressed markets and lower in clean transactions with strong buyers.
- Scheduling and attending the home inspection within the contract's inspection-period window
- Negotiating any inspection findings — repairs, credits, walking away, or accepting as-is
- Tracking the appraisal outcome and responding if it comes in below contract price
- Working with the lender to clear underwriting conditions and avoid issues that would delay closing
Questions to ask at this stage
Ask yourself
- For findings in the inspection report, which are dealbreakers, which warrant negotiation, and which are reasonable to accept?
- What insurance quote needs to be in place by closing, and is the property insurable at a reasonable price?
Ask your buyer's agent
- What's the negotiation strategy for the inspection findings — repairs, credits, walking away, or accepting as-is?
- What does the appraisal contingency say about what happens if the appraised value comes in below contract price?
Ask the lender
- What time-sensitive documents and responses do you still need before closing?
- Are there any conditions on the file that could surface late and delay closing?
Articles in this stage
- How the appraisal contingency works, and what waiving it actually gives upIn a market where buyers are increasingly asked to waive contingencies to compete, the appraisal clause is often the most consequential, and the least understood.
- The inspection contingency, what it actually protects buyers fromThe inspection contingency gives the buyer the right to renegotiate, walk away, or accept the home as-is based on findings from a professional inspection. The exact rights vary by contract, and the negotiation that follows the inspection is where most under-contract drama happens.
- What loan underwriting actually checks, between contract and closingUnderwriting is the lender's verification process, confirming the buyer's income, debts, credit, assets, and the property itself before funding the loan. Most underwriting issues show up in the under-contract period, and most of them are resolvable if caught early.
More in the buyer journey
- 01Getting startedDeciding whether to buy, sizing up affordability, and understanding what the next year looks like.
- 02FinancingHow mortgages work, what lenders look at, and how to compare loan products honestly.
- 03SearchingHow to read listings critically and how the market actually moves in any specific area.
- 04Making an offerWhat goes into a contract, how negotiation typically works, and which terms carry the most weight.
- 05 · You are hereUnder contract
- 06ClosingThe legal mechanics of transferring ownership, the closing disclosure, and the day itself.
- 07AfterThe first year of ownership, the homestead exemption, and the tax basics buyers commonly miss.