For many buyers and sellers, getting “under contract” feels like the finish line.
In reality, it’s the beginning of the most detailed phase of the transaction.
Between Gilbert, Chandler, Mesa, Queen Creek, Scottsdale, Phoenix, and Paradise Valley, I’ve guided many clients through this stage — and it’s often where the most questions arise.
Here’s what really happens between contract acceptance and closing day.
1. Earnest Money Is Deposited
Shortly after the contract is signed, the buyer submits earnest money to the title company.
This shows commitment to the purchase and is held in escrow until closing.
Deadlines matter here — missing them can create unnecessary risk.
2. The Inspection Period Begins
One of the first major milestones is the inspection window.
During this time, the buyer may schedule:
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General home inspection
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Roof inspection
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HVAC evaluation
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Pool inspection (if applicable)
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Sewer scope (in some cases)
The purpose is not to renegotiate the entire deal — it’s to uncover material issues.
After inspections, buyers may:
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Request repairs
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Ask for credits
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Accept the home as-is
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Cancel within the inspection period
This stage often shapes the tone of the rest of the transaction.
3. The Appraisal Is Ordered
If the buyer is financing the home, the lender orders an appraisal.
The appraiser evaluates:
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Comparable sales
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Condition
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Features
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Market trends
If the home appraises at or above contract price, the deal moves forward smoothly.
If it comes in lower, the parties may:
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Renegotiate price
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Adjust down payment
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Challenge the appraisal
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Cancel if protections exist
Appraisals are about value — not emotion.
4. Loan Processing and Underwriting
Behind the scenes, the buyer’s lender is reviewing:
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Income documentation
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Assets
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Credit
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Debt-to-income ratios
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Employment verification
Even after pre-approval, underwriting is more detailed.
Buyers are typically advised:
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Not to open new credit accounts
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Not to make large purchases
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Not to change jobs
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To keep financial activity stable
Small financial changes can affect loan approval.
5. Title and Escrow Work
The title company:
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Researches ownership history
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Verifies there are no liens or claims
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Prepares title insurance
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Coordinates funds
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Drafts settlement documents
If title issues arise, they must be resolved before closing.
Most transactions move smoothly, but this step ensures legal clarity.
6. Repair Negotiations (If Any)
If repairs were requested, sellers may:
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Agree to complete them
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Offer credits instead
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Negotiate partial solutions
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Decline requests
Once agreements are made, documentation is updated accordingly.
Clear communication prevents last-minute friction.
7. Final Walk-Through
Shortly before closing, buyers complete a final walk-through.
This is not another inspection.
It confirms:
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Agreed repairs were completed
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The property condition is the same
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No new damage has occurred
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Agreed items remain in the home
It’s a final confirmation step.
8. Signing Day
Depending on the transaction structure, buyers and sellers may sign:
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In person
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At separate times
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Remotely (in some cases)
Buyers wire funds for:
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Down payment
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Closing costs
Sellers sign transfer documents.
Once all funds and documents are received, the transaction records with the county.
At that moment — it’s officially closed.
Common Questions During This Phase
Q: Can the deal still fall apart after going under contract?
Yes. Missed deadlines, loan denial, appraisal issues, inspection disputes, or title problems can derail a transaction — though most close successfully.
Q: How long does this process usually take?
In Arizona, many transactions close in 30–45 days, though timelines vary depending on financing and negotiation terms.
Q: Is this the most stressful phase?
Often yes — because there are more moving parts. But with proper guidance, it becomes manageable.
Why This Phase Matters So Much
This stage determines:
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Whether financing clears
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Whether repairs are resolved
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Whether title is clean
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Whether all deadlines are met
It’s detailed, deadline-driven, and paperwork-heavy.
But it’s also where preparation pays off.
The Bottom Line
“Under contract” means agreement — not completion.
From inspections to underwriting to final signatures, every step requires coordination, communication, and careful timing.
When handled correctly, this phase feels organized and predictable.
When mishandled, it can feel overwhelming.
The difference is guidance.
Buying or Selling in the Phoenix Metro Area?
If you’re preparing to go under contract in Gilbert, Chandler, Mesa, Queen Creek, Scottsdale, Phoenix, or Paradise Valley, I’ll guide you through every step between contract and closing — clearly and strategically.
📞 480-980-4400
📧 [email protected]
🌐 www.denisehurd.com
Because the details between “yes” and “closed” matter more than most people realize.