Under Contract in Boston: What Happens Next?

You're Under Contract! What Now?

Finding your dream home in Boston is a huge achievement! Whether you’ve been searching for a cozy spot in the North End or a family home in Mattapan village / Lower Mills, getting an offer accepted is a moment to celebrate. But what exactly does “Under Contract” mean, and what happens next?

Simply put, “Under Contract” means that both the buyer and seller have agreed to the terms of the sale. This doesn't mean the deal is done, but it does mean you’re officially moving forward!

The Next Steps for Buyers

For buyers, the “Under Contract” period is a busy but important time. You’ll be working closely with your real estate agent to make sure everything is in order before the big closing day. Here’s what you can generally expect:

Home Inspection

• A professional inspector will check the home from top to bottom. They look for any issues with the roof, foundation, plumbing, electrical systems, and more.
• This step protects you by uncovering potential problems before you finalize the purchase. You might be able to negotiate repairs or a credit from the seller based on the inspection report.

Appraisal

• If you're getting a loan, your lender will order an appraisal. This is an official estimate of the home's value.
• The appraisal ensures that the home is worth at least the amount you're borrowing. This protects both you and the lender.

Loan Approval & Paperwork

• Your lender will be busy making sure your loan is fully approved. You’ll need to provide many documents, like bank statements and pay stubs.
• Be ready to sign lots of papers! Your real estate agent and lender will guide you through this process.

Final Walk-Through

• Just before closing, you'll get to do a final walk-through of the home. This is to make sure everything is still in good condition and any agreed-upon repairs have been made.

The Next Steps for Sellers

Sellers also have important tasks during the “Under Contract” phase. Your main goal is to ensure a smooth transition and prepare your home for the new owners.

Prepare for Inspection

• Be ready for the buyer's home inspector. Make sure all areas of your home are accessible.
• If the inspection reveals issues, you might need to negotiate repairs or offer credits. Your agent will help you decide the best path forward.

Gather Documents

• Your agent will help you gather all necessary documents for the sale, such as property surveys, past repair records, and utility bills.

Start Packing!

• It's never too early to start packing non-essential items. This will make your move easier closer to the closing date.
• Consider hiring movers or getting packing supplies well in advance.

Plan Your Move

• If you're moving to another home, like a charming townhouse in Beacon Hill or a vibrant apartment in Cambridge, now is the time to finalize those plans. Coordinate moving dates and make sure utilities are switched over properly.

Why Communication is Key

During this entire process, clear and regular communication with your real estate agent is super important. They are your guide through every step, helping to answer questions, negotiate, and keep things on track. This phase can feel like a waiting game sometimes, but your agent is working hard behind the scenes to ensure a successful closing.

Almost There!

Reaching the “Under Contract” stage means you’re on the home stretch! While there are still steps to complete, you've overcome the biggest hurdles. By understanding what to expect, both buyers and sellers can navigate this period with confidence and get ready for the exciting day when the keys are exchanged and the deal is officially closed.