Getting an offer accepted is exciting, but it doesn’t mean the home is officially sold. Between signing the contract and receiving the keys, several important steps must take place.

This blog explains that process for both buyers and sellers, with a particular focus on North Carolina’s due diligence rules. It brings today’s Tom Time discussion, The 10 Days Between Contract & Panic, into a reassuring, practical consumer guide.

Under Contract in North Carolina: What Happens Next?

From the excitement of an accepted offer to the keys at closing, here’s what buyers and sellers should expect.

Congratulations! You’ve made it under contract on a home. Whether you’re buying your first house, purchasing a mountain getaway in Maggie Valley, or selling a property you’ve owned for years, reaching this milestone is exciting.

But there’s an important distinction: Under contract doesn’t mean sold.

The time between an accepted offer and closing is when buyers investigate the property, lenders finalize financing, inspections take place, and buyers and sellers sometimes negotiate repairs or other terms.

At Better Homes and Gardens Real Estate Heritage, we help clients navigate this process throughout Waynesville, Maggie Valley, Canton, Clyde, and the surrounding Western North Carolina communities.

And while the process can sometimes feel overwhelming, understanding what comes next makes everything much easier.

1. Your offer was accepted. What happens first?

Once the buyer and seller have reached an agreement and the contract has been properly executed and acceptance communicated, the property is officially under contract.

Now the clock starts ticking.

The contract establishes several important details, including the purchase price, due diligence period, settlement date, any due diligence fee, earnest money deposits, and other negotiated terms.

Two payments that frequently cause confusion in North Carolina are the due diligence fee and earnest money deposit.

What’s the difference?

Neither payment has a universal required dollar amount, and the terms of the signed agreement control.

North Carolina’s standard contract provides important protections, but it also creates responsibilities for both parties.

2. The due diligence period: your opportunity to investigate

One of the most important parts of buying a home in North Carolina is the due diligence period.

Think of it as the buyer’s opportunity to learn as much as possible about the property and determine whether to move forward with the purchase.

The period is negotiated as part of the offer. It might last 10 days, two weeks, or another agreed-upon length of time.

During this period, buyers may investigate virtually anything that could affect their decision to purchase the property.

Typical activities include:

• General home inspection and specialized inspections

• Termite and other wood-destroying insect inspections

• Well-water testing and septic evaluations

• Radon testing

• Roof, HVAC, electrical, and plumbing evaluations

• Property surveys, boundary concerns, and access

• Financing, appraisal, insurance, and title matters

The buyer generally has the right under the standard North Carolina contract to terminate for any reason or no reason before the due diligence period expires, provided the contractual requirements are satisfied. The due diligence fee is generally not returned, although exceptions apply.

Important: The due diligence deadline is not simply a suggestion. Missing it can significantly change a buyer’s options and potentially place earnest money at risk.

3. The home inspection: don’t expect a perfect report

Here’s something we remind buyers regularly:

Almost every home inspection identifies something that needs attention.

That doesn’t necessarily mean there’s a serious problem.

Homes require maintenance, and even newer homes can have items that need adjustment or repair.

Inspectors may uncover anything from a loose handrail or minor plumbing leak to more significant issues involving roofing, moisture intrusion, structural components, or electrical systems.

The key is understanding the difference between routine maintenance and problems that could affect safety, function, insurability, or the property’s long-term value.

For buyers, an inspection is an opportunity to learn about the home, not simply a list of reasons to walk away.

For sellers, receiving a lengthy inspection report doesn’t automatically mean the transaction is in jeopardy.

A knowledgeable real estate professional can help keep the findings in perspective and coordinate further evaluation by qualified specialists when necessary.

Mountain homes require a little extra attention

Here in Western North Carolina, certain considerations are especially important.

Properties may have private wells, septic systems, steep driveways, retaining walls, crawl spaces, private roads, or drainage concerns.

For example, a beautiful mountain home might have a septic system that requires additional investigation or a shared road maintenance agreement that needs to be reviewed.

These aren’t necessarily reasons to avoid purchasing a property. They’re reasons to complete thoughtful due diligence.

4. What happens when an inspection reveals problems?

This is often where emotions begin to run a little higher.

A buyer may discover an issue they didn’t anticipate. A seller may feel that the buyer is requesting improvements to a home that was already priced appropriately.

The important thing to remember is that repair negotiations are simply that: negotiations.

Under North Carolina’s standard residential purchase contract, a seller generally isn’t required to agree to repairs just because the buyer requests them.

Depending on the situation, the parties might agree to have specific repairs completed, negotiate a financial concession, adjust the purchase price, or leave the property in its current condition.

For example, suppose an inspection identifies roofing concerns.

The buyer may request that the seller replace the roof. The seller may prefer to offer a negotiated credit at closing, subject to lender approval and contract requirements.

Or the parties might agree on a different solution.

The goal isn’t necessarily to win every item in a negotiation. It’s to find an agreement that makes sense for both sides and allows the transaction to move forward.

Any agreement should be properly documented in writing.

5. What is a seller credit, and how does it work?

Sometimes offering a seller credit is more practical than having repairs completed before closing.

A seller credit is an agreed-upon contribution from the seller toward allowable buyer expenses at closing.

For example, instead of completing a particular repair, a seller might agree to provide a $3,000 credit toward the buyer’s eligible closing costs.

This may give the buyer additional flexibility, but it’s important to understand that credits aren’t unrestricted cash payments.

Mortgage programs have rules about seller contributions, and the lender and closing attorney must ensure the agreement is properly handled.

A seller credit must fit within those rules and may not cover the entire cost of repairs after closing.

Buyers should always confirm the available options with their lender before committing to a credit arrangement.

6. The lender is working behind the scenes

While inspections and repair discussions are taking place, the lender is completing another important part of the transaction.

Even if a buyer has received a mortgage preapproval, the lender still needs to verify the final details of the loan.

This often includes an appraisal, updated financial documentation, employment verification, underwriting, and confirmation that the property meets the loan program’s requirements.

An appraisal is especially important because the lender wants to confirm that the property provides sufficient collateral for the mortgage.

If the appraisal comes in below the agreed-upon purchase price, the buyer and seller may need to discuss possible solutions.

Buyers should avoid making major financial changes while under contract. Purchasing a vehicle, opening new credit accounts, or changing jobs can potentially affect loan approval.

And sellers should remember that even when inspections have been completed and repair negotiations are behind them, the buyer’s financing may still be in progress.

One important North Carolina distinction: Under the standard Offer to Purchase and Contract, the due diligence period is also the buyer’s opportunity to investigate financing. There generally isn’t a separate automatic financing contingency protecting the buyer after due diligence expires.

7. What happens when the due diligence period ends?

This is a major milestone in the transaction.

As the deadline approaches, the buyer must decide whether to continue with the purchase or exercise the contractual right to terminate.

If the buyer properly terminates during the due diligence period, the earnest money is generally refundable, while the due diligence fee is generally retained by the seller, subject to the contract’s exceptions.

If the buyer moves forward, the contract remains in effect and the transaction progresses toward closing.

The buyer’s risk can increase significantly after this deadline. A buyer who later fails to complete the purchase without a contractual or legal justification may forfeit the due diligence fee and earnest money.

That’s why prompt communication among the buyer, seller, real estate agents, lender, and closing attorney is so important.

And if more time is needed? The buyer and seller can negotiate a written extension, but neither party should assume one will be granted.

8. The final days before closing

As closing approaches, the focus shifts from investigating the property to finalizing the transfer.

The closing attorney coordinates the legal aspects of the transaction, including title matters, loan documents, settlement figures, and preparation of the deed.

Buyers who are obtaining most types of residential mortgages must receive a Closing Disclosure at least three business days before consummation of the loan. This document summarizes the loan terms, closing costs, and other financial details.

Buyers also typically conduct a final walkthrough shortly before settlement.

This is an opportunity to confirm that the home’s condition is consistent with the contract, agreed-upon repairs have been completed, and included appliances or other agreed-upon items remain at the property.

A final walkthrough isn’t meant to be a new inspection or an opportunity to begin additional negotiations. It helps identify any last-minute concerns before closing.

For sellers, this is the time to make sure the property is ready for transfer, moving arrangements are complete, and any contractual obligations have been fulfilled.

9. Closing day: from under contract to sold!

Closing day is the milestone everyone has been working toward.

In North Carolina, a closing attorney oversees the legal closing process. The parties sign the necessary documents, funds are handled, and the deed is recorded.

An important detail: Signing the paperwork doesn’t necessarily mean the buyer can immediately take possession.

Under the standard North Carolina contract, possession is generally delivered after closing is completed, including recording of the deed, unless the parties have agreed otherwise.

Once the transaction is properly completed and possession is available, the buyer can receive the keys and begin enjoying the new home.

For the seller, it’s the completion of a major transaction and often the beginning of an exciting next chapter.

10. A simple timeline: what to expect after going under contract

Every transaction is different, but here’s an illustrative look at a typical process using a 10-day due diligence period.

Frequently asked questions about going under contract in North Carolina

Can a buyer back out after going under contract?

Generally, yes, under North Carolina’s standard residential contract, a buyer who satisfies the contractual requirements can terminate during the due diligence period for any reason or no reason. The due diligence fee is generally nonrefundable, while earnest money is generally refundable if the termination is timely and proper. After the due diligence period, terminating can have additional financial consequences.

Does the seller have to fix everything on the inspection report?

No. Repairs are negotiable. A seller may agree to some repairs, offer an allowable closing-cost credit, propose another solution, or decline a request. Buyers should understand their options before the due diligence deadline.

What happens if the home doesn’t appraise for the purchase price?

The lender may require the buyer to contribute additional funds, or the buyer and seller may negotiate a different price or solution. Under North Carolina’s standard contract, a low appraisal does not automatically give the buyer the right to terminate after due diligence and recover deposits.

Can a buyer lose their earnest money?

Yes. If a buyer fails to fulfill the contract after the due diligence period, earnest money may be at risk. The outcome depends on the contract terms and circumstances.

How long does it take to close on a home in Western North Carolina?

Many financed transactions are planned around a 30- to 45-day closing window, but the actual timeline varies. Cash transactions may move faster, while title issues, lender requirements, inspections, and other complications may require additional time.

Is the home sold when the seller accepts the offer?

No. The home is under contract. The sale isn’t completed until the required closing steps have occurred, including funding and recording of the deed.

The value of an experienced real estate professional

Real estate transactions involve much more than simply finding a buyer or choosing a home.

From scheduling inspections and tracking deadlines to coordinating with lenders, attorneys, and contractors, there are many moving parts.

And sometimes an unexpected issue arises.

An inspection reveals a problem. An appraisal comes in lower than expected. A lender asks for additional information. A repair estimate takes longer than anticipated.

These are situations where communication, practical experience, and attention to detail can make a meaningful difference.

At Better Homes and Gardens Real Estate Heritage, we believe our responsibility extends well beyond helping buyers and sellers negotiate an offer.

We help our clients understand the process, evaluate their options, stay informed, and work toward a successful closing.

Whether you’re purchasing your first home in Waynesville, selling a mountain retreat in Maggie Valley, or relocating to Haywood County, our goal is to make the experience as organized and straightforward as possible.

Because getting under contract is an exciting first step. Getting successfully to closing is the goal.