Signing a purchase contract is exciting—it means the seller has agreed to your offer and you’re on the path to homeownership! But what happens next depends on the type of home you’re buying. While most of the steps are the same for resale or new construction homes, there are a few differences.

Let’s break it down!

New Construction Homes

To-Be-Built Homes: If you’re starting from the ground up, like you’ve literally just picked your empty lot, your “under contract” phase could be several months long. And you’ll see it all!

You’ll move through everything from groundbreaking and design selections to all of the construction milestones. Many builders will schedule walkthroughs for you and your agent to attend at key stages (foundation, framing, mechanical systems, and final).

Inventory Homes: Often referred to as “Spec homes”, these homes that are already built (or close to it). The builder has already picked out the finishes of the home and has an estimated completion date. You’ll skip most of the design studio and construction updates and focus mainly on inspections, lender milestones, and closing prep for these homes.

*Pro Tip: Even if your home is brand new, you still have the option of hiring a third-party inspector at different phases. This extra set of eyes can give you peace of mind and catch items before the builder hands over the keys…”new” does not always = perfect.

Resale Homes

For resale properties, the under-contract phase is usually shorter…about 30-45 days depending on the seller’s and your lender’s needed timelines. This is when inspections, negotiations for repairs, finalizing financing, and the appraisal all take place. While it does not involve construction updates, there’s still plenty to keep track of. Don’t worry, that’s MY job!

For Every Buyer

Financing: Your lender will be working hard behind the scenes. It’s important that you stay in close touch with them as they may need you to provide additional documents as they get your loan through underwriting, and eventually receive “clear to close.” Clear to Close is your ticket to homeownership!

Title & Closing Prep: Title companies research property records and prepare the paperwork that makes the transfer official.

Final Walkthrough: Right before closing, you’ll do a walkthrough to make sure everything is in order. We usually plan for this the day before closing and we are looking to make sure that all the “blue tape” (if you’re buying new construction) is gone or that the sellers of a resale home have completed everything we negotiated.

Overall, after you sign the contract, the process looks a little different depending on the type of home—but every buyer moves through similar key milestones that get you closer to the finish line: closing day!

If you’re even thinking you may want to buy a home, reach out to me! I’d love to chat through things and help you determine whether a resale or a new construction home would be a better fit for you, your budge, and your timeline.