What Happens After My Long Island Home Goes Under Contract?

Getting an accepted offer is a big milestone, but it’s not the finish line. Once your Long Island home goes under contract, several important steps still need to happen before closing. Knowing what comes next helps reduce stress and keeps the sale on track.

Attorney Review and Contract Execution

In New York, attorneys handle residential real estate contracts.

After an offer is accepted:

  • Attorneys review and negotiate contract terms

  • A formal contract is prepared

  • Both parties sign

  • The buyer submits their deposit

Once contracts are fully executed, the deal becomes legally binding.

Eric Berman REALTOR® coordinates closely with attorneys to keep timelines moving.

Buyer’s Home Inspection

Most buyers schedule an inspection shortly after contracts are signed.

Inspectors typically review:

  • Roof, structure, and foundation

  • Plumbing and electrical systems

  • HVAC and mechanicals

  • Attic and basement conditions

Inspection findings may lead to repair requests or credits, which Eric helps sellers evaluate strategically.

Appraisal Ordered by the Buyer’s Lender

If the buyer is financing, the lender orders an appraisal.

Possible outcomes include:

  • Value meets or exceeds the contract price

  • Value comes in low, triggering negotiations

Eric prepares sellers for this step and helps address appraisal issues if they arise.

Mortgage Commitment and Final Approvals

The buyer works toward a formal mortgage commitment.

This stage includes:

  • Income and asset verification

  • Final underwriting conditions

  • Issuance of a commitment letter

Eric tracks these milestones so sellers know the deal is progressing as expected.

Final Walkthrough and Closing

Before closing:

  • The buyer conducts a final walkthrough

  • Attorneys confirm closing figures

  • Documents are prepared

At closing:

  • Ownership transfers

  • Funds are distributed

  • Keys are handed over

Eric ensures sellers understand each step and timeline leading up to closing day.

Final Thoughts

Going under contract is an exciting step, but the process isn’t over yet. With the right guidance, each phase moves smoothly toward a successful closing.

Eric Berman REALTOR® helps Long Island sellers navigate every step from contract to closing with clarity and confidence.

FAQs

How long does it take to close after going under contract?

Timelines vary, but Eric can help you estimate based on your deal 👉 https://www.theericbermanteam.com/contact-us

Can a deal fall apart after contracts are signed?

It’s uncommon but possible. Learn how to protect your sale 👉 https://www.theericbermanteam.com/contact-us

What happens if the appraisal comes in low?

There are negotiation options. Eric can walk you through them 👉 https://www.theericbermanteam.com/contact-us

Do I need to be present at closing?

Not always. Eric can explain alternatives 👉 https://www.theericbermanteam.com/contact-us

What should I do to prepare between contract and closing?

Stay responsive and organized. Get a checklist 👉 https://www.theericbermanteam.com/contact-us

Eric Berman, REALTOR®
Compass Greater NY
917-225-8596
eric@ericbermanre.com
www.theericbermanteam.com