What happens after a Richmond home goes under contract?
Buying
After ratification, inspections, financing, appraisal, title work, insurance, final walkthrough, settlement documents, and closing must be coordinated before ownership transfers.
August 25, 2026
From Pending to Closing: What Happens After You Go Under Contract
Curt Reichstetter
Going under contract begins the most deadline-sensitive part of a Richmond real estate transaction. Buyers and sellers still need to complete inspections, financing, appraisal, title and settlement work, insurance, final walkthrough, document signing, and funding before the sale is complete.
What This Covers
Frequently Asked Questions
What deadlines matter after we are under contract?
Inspection, financing, appraisal, HOA, title, and closing deadlines all matter. We keep a visible timeline and make sure you understand the decisions due before each date passes.
What should I not do before closing?
Do not open new credit, move money without telling your lender, change jobs, make large purchases, or change loan details on your own. Ask your lender and us first.
When do I get the keys?
Typically after closing is complete and the deed is recorded, unless the contract says otherwise. We confirm the exact plan before closing day.
How long does it take to close after going under contract?
The timeline depends on the contract, financing, property, and settlement requirements. Cash purchases may move differently from financed purchases. The dates written into the ratified contract control the transaction.
Is a home inspection the same as an appraisal?
No. An inspection evaluates visible property conditions for the buyer. An appraisal provides an opinion of value, commonly for the lender. Each serves a different purpose.
Can a buyer make a large purchase before closing?
A major purchase or new debt can affect loan approval. Buyers should ask their lender before changing credit, employment, accounts, or large balances during the transaction.
What happens if the appraisal is low?
Possible next steps depend on the contract and loan. They may include reviewing the appraisal, renegotiating, using agreed appraisal-gap terms, contributing additional funds, or exercising a contractual option.
What is the final walkthrough for?
It helps the buyer confirm that the property is in the expected condition and that agreed items remain or work was addressed as required. It is not a replacement for the earlier inspection.
When should buyers confirm wiring instructions?
Before sending funds, confirm instructions directly with the settlement company using a trusted phone number. Treat emailed changes as suspicious until independently verified.
Who keeps the transaction on schedule?
The buyer, seller, agents, lender, settlement professional, inspectors, and other participants each have responsibilities. Experienced agents and organized transaction coordination help everyone understand deadlines and next steps.
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