What Happens After You Go Under Contract in Virginia?

Getting your offer accepted is a major step. But it’s not the finish line—it’s the start of the most important part of the process.

This is where details matter, timelines matter, and decisions matter.

Here’s exactly what happens next.

Step 1: Earnest Money Deposit

Once you’re under contract, you’ll submit your earnest money deposit.

This is typically 1%–3% of the purchase price and shows the seller you’re serious.

In most cases:

• It’s applied toward your closing costs
• You don’t lose it unless you walk away outside of your contractual protections

Step 2: Home Inspection

This is your first major decision point.

You’ll schedule a home inspection within a few days of ratification. The goal is to understand the true condition of the property.

From there, you have options:

• Move forward as-is
• Negotiate repairs or a credit
• Walk away if significant issues are uncovered (within your contingency period)

In competitive markets, some buyers waive inspections. That’s a risk—and one you should fully understand before making that decision.

Step 3: Appraisal

If you’re using financing, your lender will order an appraisal.

This determines whether the home supports the contract price.

Possible outcomes:

• The home appraises at value: you move forward
• The home appraises above: you gain instant equity
• The home appraises below: you may need to renegotiate, bring additional funds, or reassess the deal

This is where having a strong offer strategy upfront matters.

Step 4: Loan Processing and Underwriting

Your lender will now fully review your financial profile.

They will verify:

• Income
• Employment
• Assets
• Credit

During this phase, consistency is critical.

Avoid:

• Changing jobs
• Opening new credit accounts
• Making large purchases

Even well-intentioned decisions can impact your loan approval if made at the wrong time.

Step 5: Contingencies and Deadlines

Your contract includes specific timelines tied to your contingencies, such as:

• Home inspection
• Appraisal
• Financing

These deadlines protect you—but only if they are managed correctly.

Missing a deadline can reduce your leverage or put your deposit at risk. This is where having someone detail-oriented matters.

Step 6: Final Walkthrough

Typically scheduled one to two days before closing.

This is your opportunity to confirm:

• The home is in the expected condition
• Any agreed-upon repairs have been completed
• The property is ready for transfer

Step 7: Closing

At closing, you’ll sign the final documents and complete the purchase.

You’ll bring:

• Your remaining closing funds
• Identification

Once everything is signed and recorded, the home is officially yours.

What Most Buyers Don’t Realize

The period between contract and closing is where deals are most vulnerable.

This is not the time to go on autopilot.

It’s the time to:

• Stay organized
• Respond quickly
• Make informed decisions

Straight Talk

Getting under contract is important—but getting to the closing table is what matters.

The difference is in how the process is managed.

Need Guidance Through the Process?

If you want clear expectations, strong communication, and someone managing the details so nothing gets missed, I’ll walk you through every step.

No confusion. No guesswork. Just a process that stays on track.