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When Your Franklin Home Goes Under Contract: What Actually Happens Next The phone call you've been waiting for finally comes. Your Franklin home has an ...
The phone call you've been waiting for finally comes. Your Franklin home has an accepted offer, and you're officially "under contract." If you're like many homeowners, you might think the hard part is over. In reality, you've just entered a new phase with its own timeline, requirements, and potential surprises.
Understanding what happens between contract acceptance and closing helps you stay prepared and avoid unnecessary stress during these critical weeks.
Once both parties sign the purchase agreement, the buyer typically has 24-48 hours to submit their earnest money deposit. This money goes into an escrow account, showing they're serious about the purchase. You won't see this money yet—it stays in escrow until closing.
During this same window, your agent coordinates with the buyer's agent to ensure all parties have fully executed contracts. This might seem like a formality, but having every signature, initial, and date properly documented protects everyone involved.
Your listing likely changes status to "under contract" or "pending" on the MLS, which means other agents know the home is no longer available for new offers.
Most Franklin buyers request a 7-10 day inspection period, and this tends to be the most nerve-wracking time for sellers. Professional inspectors examine everything from the HVAC system to the foundation, looking for issues that could affect the home's value or safety.
You'll need to provide access for the inspection, which typically takes 2-4 hours depending on your home's size and age. The inspector may be accompanied by the buyer, their agent, and potentially specialists for specific systems like HVAC or electrical.
Here's what many sellers don't realize: finding some issues is normal. Even well-maintained homes built in Franklin's popular neighborhoods like Westhaven or Liberty Park will have inspection items. The question isn't whether issues exist, but whether they're significant enough to affect the sale.
After the inspection, buyers can respond in three ways: accept the property as-is, request repairs, or withdraw from the contract. If they request repairs, you'll receive a list that might include everything from major systems to minor cosmetic items.
You have options for handling repair requests. You can agree to fix everything, negotiate which items you'll address, offer a credit toward closing costs, or decline to make any repairs. Your decision often depends on your timeline, budget, and how the current Franklin market favors buyers versus sellers.
Many sellers find success focusing on safety and major system issues while declining cosmetic requests. For example, fixing a malfunctioning HVAC unit makes sense, while replacing perfectly functional light fixtures the buyer doesn't like may not.
Simultaneously with the inspection process, the buyer's lender orders an appraisal. This independent assessment determines whether your home's value supports the loan amount. The appraiser considers recent sales of similar homes in Franklin, your home's condition, and neighborhood factors.
If the appraisal comes in at or above the contract price, this milestone passes smoothly. If it comes in low, you'll need to navigate another negotiation. Options include lowering your sale price to match the appraisal, asking the buyer to bring more cash to closing, or meeting somewhere in the middle.
Appraisal challenges have become more common in Franklin's competitive market, where bidding wars can push contract prices above what appraisers support with recent comparable sales.
Even pre-approved buyers sometimes encounter additional lender requirements after going under contract. They might need to provide updated bank statements, explain large deposits, or document income changes. While frustrating, these requests are normal parts of the underwriting process.
Your main responsibility here is patience and flexibility. If the buyer needs a few extra days to satisfy lender requirements, working with them often leads to a successful closing rather than starting over with a new buyer.
Meanwhile, the title company researches your home's ownership history, looking for liens, easements, or other issues that could affect the transfer. Most title searches reveal no problems, but occasionally issues surface that need resolution.
Common title concerns include unpaid contractor liens, boundary disputes, or clerical errors in previous transfers. Your real estate agent and the title company typically handle resolving these issues, but they may require your involvement or documentation.
As you approach closing, several final steps occur nearly simultaneously. The buyer conducts a final walk-through, usually 24-48 hours before closing, to confirm the home's condition matches their expectations and any agreed-upon repairs were completed.
The lender issues final loan approval and sends closing documents to the title company. Your agent coordinates with all parties to schedule the actual closing appointment and ensures you know exactly what to bring and expect.
The timeline from contract to closing typically runs 30-45 days, but delays happen. Weather might postpone inspections, lenders might need additional documentation, or title issues might require extra time to resolve. Building some flexibility into your expectations helps you handle these common hiccups without panic.
Remember that both you and the buyer want this transaction to succeed. When challenges arise, they're usually solvable with patience, communication, and sometimes minor compromise from both sides.
Your agent plays a crucial role in managing this entire process, coordinating between all parties and keeping you informed of progress and any issues that need your attention.