The Biggest Mistakes Home Buyers Make After Going Under Contract
Getting your offer accepted is an exciting milestone, but your journey to homeownership is not over yet. In fact, the period between going under contract and closing is one of the most important parts of the home-buying process. During this time, buyers can unintentionally make decisions that delay or even jeopardize their closing.
Fortunately, most of these mistakes are easy to avoid with the right guidance. If you are buying a home in Macon, Warner Robins, Forsyth, Gray, Perry, or anywhere throughout Middle Georgia, here is what you should know after your offer is accepted.
Celebrate, But Stay Focused
Going under contract is a major accomplishment, but it is not the finish line. Your lender still needs to complete the mortgage approval process, inspections must take place, and several important deadlines must be met before closing day.
Now is the time to stay organized, responsive, and patient.
Do Not Make Major Purchases
One of the biggest mistakes home buyers make after going under contract is taking on new debt before closing.
It may be tempting to buy furniture, appliances, or even a new vehicle once you know which home you are purchasing. However, large purchases can increase your debt-to-income ratio and potentially affect your mortgage approval.
Even if your loan has already received preliminary approval, your lender may review your credit and financial information again before closing.
Before making any significant purchase, speak with your lender.
Do Not Open New Credit Accounts
Many buyers begin shopping for their new home before they receive the keys. A furniture store credit card or home improvement financing offer may seem convenient, but opening a new credit account can temporarily lower your credit score and change your financial profile.
Wait until after closing before applying for new credit cards, personal loans, or store financing.
Do Not Change Jobs Without Speaking to Your Lender
A new job can be an exciting opportunity, but changing employers during the mortgage process may create complications.
Your lender approved your loan based partly on your current income and employment history. A change in employer, income structure, work hours, or employment status may require additional documentation and could delay closing.
Some job changes may not create a problem, but your lender needs to know about them immediately.
Do Not Ignore Requests from Your Lender
Mortgage lenders often request updated documentation throughout the underwriting process.
You may be asked to provide recent pay stubs, bank statements, tax documents, employment verification, or explanations for certain deposits and withdrawals.
Responding quickly helps keep your loan moving forward and reduces the chance of closing delays.
Avoid Moving Large Amounts of Money
Your lender must verify where your funds are coming from, especially the money being used for your down payment and closing costs.
Large deposits, transfers between accounts, or unexplained cash deposits may raise questions and require additional documentation.
Avoid making significant financial changes without first discussing them with your lender. Keep clear records of any necessary transfers.
Do Not Miss Important Contract Deadlines
Real estate contracts contain important dates for inspections, financing, appraisals, earnest money, and other requirements.
Missing one of these deadlines can create unnecessary stress and may affect your contractual protections.
Your REALTOR® will help track these important dates, but buyers should also remain responsive and involved throughout the transaction.
Do Not Skip the Home Inspection
A home may look beautiful during a showing and still have issues that are not immediately visible.
A professional home inspection can identify concerns involving the roof, HVAC system, plumbing, electrical components, foundation, drainage, moisture, and other important areas.
The inspection gives buyers valuable information about the condition of the property and allows them to make informed decisions before closing.
Do Not Assume Every Repair Will Be Made
A home inspection does not automatically require the seller to repair everything the inspector identifies.
Depending on the contract and the results of the inspection, buyers may request certain repairs, negotiate a credit, accept the property as it is, or consider other available options.
Your REALTOR® can help you determine which concerns are most important and how to approach the negotiation.
Do Not Make Financial Changes Without Asking Questions
During the mortgage process, even routine financial decisions can have unexpected consequences.
Before paying off an account, co-signing for someone else, withdrawing retirement funds, transferring money, or changing bank accounts, speak with your lender.
A quick conversation can prevent a financial decision from affecting your loan approval.
Do Not Forget About Homeowners Insurance
Most lenders require buyers to secure homeowners insurance before closing.
Waiting too long to shop for coverage may create delays. Insurance costs can also vary depending on the age, location, roof, condition, and features of the property.
Begin comparing insurance options early enough to make an informed decision.
Do Not Skip the Final Walkthrough
The final walkthrough usually takes place shortly before closing.
It gives buyers an opportunity to confirm that the property remains in substantially the same condition as when the offer was made, agreed-upon repairs have been completed, included appliances and fixtures remain in place, and no unexpected damage has occurred.
The final walkthrough is not a second home inspection, but it is an important final step before ownership transfers.
Do Not Wire Money Without Verifying the Instructions
Real estate wire fraud is a serious concern.
Buyers should never rely solely on wiring instructions received by email. Criminals may attempt to impersonate lenders, attorneys, title companies, or real estate professionals.
Always verify wiring instructions directly using a trusted phone number before sending funds. If instructions suddenly change, stop and confirm them before taking any action.
Stay in Close Contact With Your REALTOR®
Questions are normal during the home-buying process. It is always better to ask than to make an assumption that could affect your purchase.
Your REALTOR® helps coordinate with the lender, inspector, closing attorney, listing agent, and other parties involved in the transaction.
Staying in communication helps everyone address concerns early and keep the closing process moving forward.
Buying a Home in Middle Georgia
Whether you are purchasing your first home or your next home in Macon, Warner Robins, Perry, Gray, Forsyth, or another Middle Georgia community, the period between contract and closing requires careful attention.
Avoiding major purchases, protecting your credit, meeting deadlines, responding to your lender, and staying connected with your REALTOR® can help reduce delays and protect your path to homeownership.
Let Patti Chapman Guide You From Contract to Closing
Buying a home involves much more than finding the right property and submitting an offer. The decisions you make after going under contract can have a direct impact on your financing and closing.
Patti Chapman helps buyers navigate every stage of the home-buying process, from the initial property search and offer negotiation through inspections, financing, the final walkthrough, and closing day.
If you are planning to buy a home in Middle Georgia, contact Patti Chapman at 478-714-2133 for knowledgeable guidance and personalized support throughout your real estate journey.