Congratulations! Your offer on a Saint Augustine home has been accepted, and you're officially under contract. The excitement is real, but I want you to know that this is actually when things get busy on the back end. You're not crossing the finish line just yet, but the big events that will get you there are about to kick into motion. Let me walk you through exactly what to expect over the coming weeks.
The Under Contract Timeline: What to Expect
Most homes stay under contract for 30 to 60 days, though your specific timeline depends on a few factors. The good news is that this period is structured around specific milestones. It typically takes four to eight weeks to go from an accepted offer to closing day, and understanding each stage will help you feel much more in control of the process.
The First Few Days: Get the Wheels Turning
The first few days after going under contract are critical. This is when we set everything in motion.
Your earnest money deposit (typically around 3% of the purchase price) is normally due within the first five days after going under contract, and it shows the seller you're serious about moving forward. This money will be held in escrow and later applied toward your closing costs or down payment.
You'll also want to handle these items right away:
- Complete your full mortgage application with your lender
- Choose a title company
- Schedule your home inspection
- Provide any documents your lender needs
Your lender will require items like W2s and other identifiable tax-related information as they will need to verify your income, and the list of items needs to be delivered to your lender as soon as possible, or you will be unable to close on time. I can't stress this enough, especially in the Saint Augustine market where we want to keep your closing date on track.
The Home Inspection: Your First Major Checkpoint
This is one of the most important steps in the entire process. It is recommended to schedule a home inspection within 3-7 days of going under contract.
During the inspection, some of the main items you'll want to be on the lookout for include foundation, roof, HVAC, plumbing, and electrical issues. In Saint Augustine, with our older homes and coastal climate, roof conditions and foundation integrity are especially important to evaluate.
If significant issues are discovered, you can negotiate repairs, request a price reduction, or withdraw from the deal. After the inspection, you'll typically have a window of time to work with the seller on any necessary repairs or price adjustments. This negotiation phase is where having a knowledgeable local agent really matters, and I'm here to help guide you through it.
The Appraisal: Protecting Both You and Your Lender
After your inspection is complete, the appraisal comes next. The time between a home inspection and an appraisal typically ranges from one to two weeks, and this timeline can vary based on market conditions, lender schedules, and appraiser availability.
Here's what the appraisal does: Your lender will order an appraisal to confirm the home's value supports the loan amount, and if the appraisal comes in lower than the purchase price, this can create challenges that require renegotiation.
From the day the lender orders the appraisal, total turnaround is most commonly 10 to 14 calendar days. The appraiser will visit the property, inspect both the inside and outside, and research comparable sales in the area to determine the home's fair market value.
The good news? This is the most common outcome and the cleanest path when the appraisal comes in at value, and the lender uses the report to finalize underwriting, issues a clear-to-close, and most files close within 1 to 2 weeks.
Financing and Underwriting: The Behind-the-Scenes Work
While your inspection and appraisal are happening, your lender is busy working on underwriting. The lender reviews and moves into underwriting, where they look closely at the buyer's income, assets, debts, and job stability.
This is where your early responsiveness in submitting documents pays off. The faster you get the lender what they need, the faster this stage moves. Your mortgage application is being vetted, and if everything looks good, you'll get clear-to-close status, which is a major milestone. This means your financing is approved and you're cleared to proceed to closing.
Contingencies: What They Mean for You
Before the sale is finalized, all contingencies in the contract must be met. These are the conditions built into your purchase agreement that protect you as a buyer. The most common contingencies are:
- Inspection contingency: You have the right to have the home professionally inspected, and if significant issues are discovered, you can negotiate repairs, request a price reduction, or withdraw from the deal.
- Financing contingency: If you can't get approved, you can typically exit the contract without penalty.
- Appraisal contingency: The home must appraise at or above the agreed purchase price for the loan to be approved at the expected terms.
- Title contingency: The property must have a clear title with no outstanding liens or legal issues.
Meeting these contingencies is essential. If you or the seller fails to meet them, the contract could fall apart. This is why staying organized and responsive during this phase is so important.
Final Walk-Through: Your Last Chance to Check Things Out
As closing day approaches, you'll get to do a final walk-through of the property. The buyer will take a final walk-through of the home to verify the home's condition and check that any agreed-upon repairs are complete. This is your opportunity to make sure everything is as expected and that any repairs you negotiated have actually been done.
Closing Day: The Grand Finale
Finally, it's closing day. A home is only sold once the closing documents are signed, funds are released, and the deed transfers, which usually happens 30 to 60 days after the contract is signed. You'll sign a stack of documents, your lender will transfer funds, and you'll receive the keys to your new Saint Augustine home.
A Few Things to Remember
Going under contract doesn't mean the deal is guaranteed to close. About 14.3% of pending deals fell through in January 2025, most often because of financing, appraisal, or inspection issues. This is why staying engaged throughout the process and working with a real estate agent who understands your local market is so valuable.
The period between contract and closing can feel overwhelming if you don't know what to expect. But now you do. You know the sequence, you know the timelines, and you know what each step is designed to accomplish.
If you're buying a Saint Augustine home and want a guide who will keep you informed every step of the way, I'm here to help. You can reach me through my website at lesliepfieffer.housejet.com or reach out directly. Let's get you to closing day smoothly and on schedule.
