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
