What does under contract mean? Follow our guide through the under-contract period until closing on your new home. Free Downloadable Printable resource from The White Coat Wife to buyers around the United States below.

As a Relocation Specialist, I enjoy helping buyers have the easiest experience. I have heard many local stories of people putting in fiveteen or more offers on homes before their offer was accepted is alarming. Since last year, my clients have only had to search for an average of 32 days for their new homes. It’s only taken on average two offers before my clients’ offer has been accepted. Whether you are moving to Roanoke, Virginia or anywhere else in the country, The White Coat Wife is able to help you relocate with ease and connect you to a top agent in your area.

Once our top agents will help you through the offer process. After your offer is accepted they will walk you through what being under contract means. Once under contract, our agent and office personnel will schedule the inspections. Our agents will often be present at the inspections and can walk through the report with you and the inspector if negotiations for repairs are needed during the remedy period.

Secure Financing

Our agents have a long history of working with local lenders who have reputations for competitive rates and quality execution. We encourage you to talk to several lenders but to always work with someone local. We have seen online lenders fail in communication after they lock clients in and it’s contractually important to be able to close on time.

After you choose your preferred lender you will lock in a mortgage rate. If you are concerned rates will rise, make sure to lock in quickly. The lender will ask you to choose a homeowners insurance company and within three days send you an estimate of closing costs. The estimate is not a final number and lenders will often overestimate but expect 2-5% in closing cost depending on the type of loan and downpayment percentage. Have loan questions? Make sure to go through the closing costs and understand each item and ask your lender for clarity when needed.

Lender Schedules Appraisal

The lender (bank) will also order a third party to schedule the appraisal with the listing agent of the property for sale. This may take several weeks to come back to the lender as it goes through underwriting. Appraisals should be very close to the list price. Under appraised means the offer price is higher than the bank will be willing to lend. Either as the buyer you will have to make up the difference in the downpayment or further negotiations to lower the offer price will be needed. The lender will only lend up to the appraised price.

Remedy Period

If the house appraises over the offer price, congratulations! This means you have instant equity or value above what you are paying! Once your lender sends final approval for the home loan, the closing date will be finalized.

Final Walkthrough

The day before closing or the morning of your realtor will take you through a final walkthrough of the property. The sellers should have removed all items so that you can inspect for unforeseen damage that was covered by rugs or furniture during the inspection. All repairs agreed upon should be satisfactory. Any items on the offer that was to convey, stay, in the home should be present. Sellers are entitled to take any personal property that was not secured, or mounted. In most cases, this excludes electronics and towel rods, and shelving. However, we have seen it all: holes in the wall from sellers taking light bulbs, switching light fixtures, and taking kitchen shelving. Be prepared to notice something unexpected and consult your realtor for the remedy. This is also an ideal time to take measurements needed for ordering furniture or window coverings.


At closing, your realtor will be present, and the closing title company or closing attorney’s office. The closer will walk through each document. At this point, the title company should have made known any liens on the property. The seller will come in before the buyer to sign over the title of their home and pay off any loan, closing costs, etc. The seller will then come in and sign all documentation to take on ownership of their new home.

Congratulations again on becoming a homeowner and here at The White Coat Wife we look forward to referring you to the best realtors to help you close on your dream home!

*Note, pricing for contractors, inspections, and services may vary.

Ready to Talk to A Local Roanonke Lender?

Here are two lenders that work with doctors/physician loans, in addition to other types of loans in the Roanoke area.

Pinnacle Financial Partners

Lori Belling


First Citizens Bank

Yvette Ewers


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