What happens after you go under contract on a house in Georgia

Your offer got accepted. Congratulations! Now what?

Most people think the hard part is over. Realistically, the next few weeks are where deals get won or lost. Not because anything scary is supposed to happen, but because Georgia contracts run on deadlines, and missing one can cost you real money.

Here's the roadmap, in the order it usually plays out.

Day zero is the Binding Agreement Date

Everything gets counted from one date: the Binding Agreement Date. That's the day the final, signed contract gets back to the other side. In the standard Georgia REALTORS® Purchase and Sale Agreement, that date is day zero, and a "day" ends at 11:59 p.m.

Every deadline in your contract counts from it. If you don't know your Binding Agreement Date, you don't know your deadlines.

Earnest money

Earnest money is the deposit that shows the seller you're serious. The amount, who holds it and how many days you have to deliver it are all written into the contract. They aren't set by law. They're negotiated.

You can technically still pay it by check, but most people don't anymore. These days it almost always goes through an online payment portal or a wire. Whichever way you pay, two things matter:

1. The deadline is real. Deliver it late and you've handed the seller a problem you didn't need to create.
2. The money has to clear. If a check bounces, the current form says you have to immediately reimburse the holder for any bank fees. If you're wiring it, call the holder at a number you already know to confirm the instructions before you send a dime. Wire fraud is real, and that money doesn't come back.

The due diligence period

This is the big one. During the due diligence period, the Georgia contract gives the buyer the right to walk away for any reason or no reason at all, as long as notice goes to the seller before the period ends. Do that, and you get your earnest money back.

So this is when everything gets checked: inspections, insurance quotes, HOA rules, all of it. If something comes up, this is when we negotiate repairs or price, usually with an Amendment to Address Concerns.

I am going to say this for those in the back. The due diligence period is NOT the time to "think about it." It's the time to find out everything you need to know, because once it ends, that walk-away-for-any-reason right ends with it.

Financing and the appraisal

If you're getting a loan, your contract is usually subject to financing. That contingency gives you a set number of days to get approved, and if the loan is denied in that window, you're protected. It works for conventional, FHA, VA and USDA loans alike. What changes from loan to loan is mostly how the appraisal is handled.

Notice I said "denied." To use the financing contingency, you need the denial in writing from your lender, and your notice has to go out before the contingency ends. The denial also can't be something you caused. If you quit your job, bought a new truck or never sent the lender the documents they asked for, that's on you, and your earnest money is at risk.

Your lender orders an appraisal to make sure the house is worth what you're paying. Most of the time it comes in fine. When it doesn't, the protection is already built into the financing contingency. It isn't a separate document you have to remember to add.

With a conventional loan, the appraisal protection runs for the number of days we write into the financing contingency. With an FHA loan, the FHA amendatory clause protects you all the way through closing.

In my honest opinion, most financing problems are avoidable. No new credit cards, no new car, no job changes and no moving money around without talking to your lender first.

Closing

Closing is when you sign, the money moves and you get keys. In Georgia, closings are handled by a closing attorney.

Can the date move? Only for a few specific reasons. The contract lets either side extend closing once, by up to eight days, with notice before 8:00 p.m. on the closing date, and only if:

1. The seller can't fix a valid title problem in time (one that can't just be paid off or bonded off).
2. The buyer's lender or the closing attorney is delayed and can't be ready, and the buyer didn't cause the delay.
3. The buyer hasn't received the disclosures federal law requires before closing, so they legally can't close yet.

"I need another week to pack" isn't on the list. Anything outside those reasons takes an agreement signed by both sides.

If you're the seller

Sellers, "under contract" doesn't mean "sold." During due diligence the buyer can still walk away. Keep the house show-ready, keep utilities on, don't start moving big furniture out yet, and answer repair requests quickly. The faster we respond, the less time a buyer has to get nervous.

Questions people ask

How long is the due diligence period in Georgia?

There's no set number. It's negotiated and written into each contract. In a competitive situation buyers often offer a shorter period. Your agent should help you pick a number you can actually get your inspections done in.

Do I get my earnest money back if I back out?

If you terminate with proper notice before the due diligence period ends, the Georgia contract says yes. After that, it depends on whether another contingency, like financing, still applies.

What happens if the house appraises low?

You usually have three options: the seller lowers the price, you cover the difference in cash, or you meet in the middle. If your financing contingency is still in effect, you may also be able to walk away. For a conventional loan that's the number of days written into the contract; for FHA, the amendatory clause covers you through closing.

Can the closing date be moved?

Yes, but only for specific reasons: a title problem the seller can't fix in time, a lender or closing attorney delay the buyer didn't cause, or required federal disclosures the buyer hasn't received. That's one extension of up to eight days, with notice before 8:00 p.m. on the closing date. Anything else takes an agreement signed by both sides.

Planning to buy or sell and want someone who'll keep you ahead of every one of these deadlines? Call or text me at (770) 837-1969.