08/11/2025
WHAT HAPPENS AFTER YOUR HOME
GOES UNDER CONTRACT
Congratulations! Your home is now under contract or in real estate your home is “Pending”. What happens next and how should your realtor help you navigate the process until your home is officially SOLD?
Pending with no backups. This means your home is under contract and you are no longer looking for any backup offers. You and your realtor have vetted the buyer(s) contract and lender and feel reasonably confident that in approximately 30 days you will have sold your home.
Pending but its contingent. The buyer of your home needs to get their current home under contract. Your realtor will continue to market the property and accept additional showings and new offers that are NOT contingent. You can only have one contingent offer. Some contingent offers look better than others.
Several things occur after you accept an offer and go under contract. They include:
• Home Inspections. Typically occur within 3-10 days after pending. They can include, whole house, septic/aerobic, well, pool, structural and perhaps other evaluations at the buyer’s cost. Generally speaking, those get coordinated by the buyer realtor.
• TRR Submitted by Buyer(s) via their realtor post inspections. TRR stands for Treatment, Repair and Replace. These are the items that the Buyer(s) are requesting the seller treat, repair or replace. Treat is in reference primarily to termites. If termites or evidence of termites are found the seller is virtually obligated to treat the entire home barrier.
• Appraisal Value Evaluation. If there is a loan, its likely the home will be subject to an evaluation by a licensed appraiser. Sometimes they get waived on Conventional Loans if the buyer is putting a lot down, credit score is high and perhaps previous professional relationship. The appraisal does not typically occur until for a week or two post contracts.
• Mortgage Inspection Certificate. Referred to as the MIC. It’s nothing more than a survey of the property. Typically occurs late in the process. Perhaps a week prior to closing. A sketch of the home as it sits on the lot. It displays all set backs and easements. Are their encroachment issues? Structure built over utility easements? The buyer generally pays for the survey. They do not enter a home. They generally will not announce in advance of their intent to walk around your property. If you have a fence with a gate lock you will want to unlock it to allow the surveyor to walk the property.
• Title Company Info Requests. The Title Company is where you will close the sale. They will want your names, email address and if you have a mortgage balance, they will require the name of lender, loan number and permission to order a payoff amount for balance. This request typically occurs very early in the process. Secure portals are used to protect sensitive information.
The Listing Realtor has several important functions from the date of pending to actual closing of the sale. They include:
• Attendance at the Home Inspection is in my view critical. At the very least they should be available should the buyer’s realtor or inspectors have questions. Some features and benefits of a home need to be shown or explained. Having the sellers available to answer any questions you cannot address is very helpful. At the end of the inspections, it’s typical for the inspector to provide a recap of their findings. I like to hear that readers digest version. Most sellers appreciate knowing how it went. Anything of consequence get called out.
• Attendance at the Appraisal Evaluation. Appraisers will reach out to the listing Realtor requesting a date to conduct the appraisal value. This one individual will determine the VALUE of the home. Does their value support the contract price? What homes did we use that support the list price and contract price? I share those with the appraiser. I provide them with additional information that we believe supports the value. I answer any questions they may have and point out things that I want to make sure they are aware of.
• Negotiate the TRR. The buyers submit their request for items they want treated, repaired or replaced. If you have properly prepared your home for sale this should not be a lengthy request. If you have not done the prep work and things have not been maintained or do not work the list of items can be significant. The best approach is to find common ground. You want to sell your home and the buyers want to buy it. Sellers are not obligated to do anything but most are willing to address things clearly not working or in need of repair. Contracts can “bust” when one party or the other is unreasonable. Sometimes buyers or sellers would prefer $$ rather than fix or replace the items agreed to. An experienced realtor will in many cases coordinate and recommend contractors to perform items agreed to in the TRR.
• Coordinate with Title and Lender. I never assume anything. I am checking with title to obtain Earnest Money receipt. In coordination with buyer realtor and buyer we want to schedule the actual time to close. I may have to help title with an HOA contact. I ask where we are with the MIC being ordered. As things get closer to actual closing, I am asking title for preliminary closing statement to make sure nothing has been left out and that the sellers get a chance to review the final numbers. If there is a trust involved or a death in the family, I am making sure those documents have been provided. With the lender, I am hoping the lender is routinely keeping everyone in the loop. Some do a great job of that and others require me inquiring to see where they are getting final loan approval. When there is an appraisal to be conducted, I like to know when that appraisal is “due back”. Reminding the lender of our date to close. Seems obvious but asking and inquiring keeps the ball rolling or at least lets me know things are not moving along and a delay might occur.
• Routine communication with Sellers. I find it very helpful to routinely pick up the phone, send an email or text a client to make sure there are no surprises. Never too early to make arrangements for moving. Local or long-distance move? Make sure they know about the MIC so they are not concerned about someone walking around outside their home. Making sure they understand that inspection reports generally read like a horror story. They are inspecting a home based off current code in 2025. I want to properly set expectations if we have any concerns about appraisal value.
Alan Van Horn is your Keller Williams Central Realtor and I can be reached at 405-823-6766 or at [email protected]