Ohio Home Buying Guide
What Happens After a Home Goes Under Contract in Ohio?
A step-by-step expert breakdown of the 30–60 day closing process — from earnest money to keys in hand — by The Haney Group at Coldwell Banker Heritage.
By
Doug Haney,
Lisa Ackerman &
Brad Shuman —
The Haney Group | Coldwell Banker Heritage
You just signed the purchase agreement. Champagne moment? Almost. What comes next is actually where deals are won — or lost. The 30–60 days between "under contract" and "keys in hand" is the most consequential stretch of the entire home-buying journey. Knowing exactly what to expect makes the difference between a smooth closing and a stressful scramble.
At The Haney Group | Coldwell Banker Heritage, serving Springfield, Dayton, Columbus, and surrounding Ohio communities, our team has guided hundreds of buyers through every twist this process can throw.
| The 30–60 Day Closing Timeline at a Glance |
| Phase |
Typical Timeline |
Who Drives It |
| Earnest Money Deposit | Within 2–3 business days | Buyer |
| Home Inspection | Days 1–10 | Buyer (hires inspector) |
| Inspection Negotiation | Days 7–14 | Both parties |
| Appraisal Ordered | Days 5–14 | Lender |
| Appraisal Completed | Days 14–21 | Appraiser / Lender |
| Mortgage Underwriting | Ongoing, Days 1–45 | Lender |
| Title Search | Days 10–30 | Title Company |
| Clear to Close Issued | ~Days 40–55 | Lender |
| Final Walkthrough | 24–48 hours before closing | Buyer |
| Closing Day | Day 30–60 | Title Company / Lender |
| 1 |
Earnest Money Deposit — Your Skin in the Game |
|
Earnest money — typically 1–3% of the purchase price in Ohio — is deposited into escrow within a few business days of going under contract. It signals to the seller you're serious, and it's credited toward your down payment or closing costs at the table.
What most buyers overlook: Earnest money is only refundable under specific contingencies spelled out in your contract. Miss an inspection deadline by even one day and you could forfeit it entirely. Your agent should track every deadline obsessively — this is built into The Haney Group's transaction management process from day one.
| Earnest Money Scenario |
Refundable? |
| Inspection contingency exercised within deadline | ✓ Yes |
| Financing contingency — loan denied | ✓ Yes |
| Appraisal contingency — home appraises low | ✓ Yes (if contingency included) |
| Buyer gets cold feet with no contingency reason | ✗ No |
| Buyer misses a contingency deadline | ✗ Typically No |
| 2 |
Home Inspection — Don't Skip This, Ever |
|
Within the first 7–10 days, buyers hire a licensed inspector to evaluate the home's structure, systems, roof, electrical, plumbing, and HVAC. The inspection report becomes your negotiating playbook. According to the American Society of Home Inspectors (ASHI), a thorough general inspection typically costs $300–$500 and takes 2–4 hours.
| What You Find |
Strategic Options |
| Minor cosmetic issues | Accept as-is, move forward |
| Moderate repairs needed | Request a seller credit at closing |
| Significant structural or safety issues | Negotiate repairs or price reduction |
| Severe undisclosed defects | Walk away and reclaim earnest money |
Beyond the general inspection, consider these specialists:
| ✓Radon testing — Ohio has elevated radon levels in many areas; a $150 test can save thousands. See the EPA's radon zone map. |
| ✓Sewer scope — especially for homes over 30 years old |
| ✓Mold inspection — if any moisture damage is visible |
| ✓Chimney inspection — if the home has a fireplace |
Expert move: Request the seller's disclosure documents before your inspection. Ohio law requires sellers to complete a Residential Property Disclosure Form — review it carefully with your agent before the inspector arrives.
| 3 |
The Appraisal — Where Numbers Have to Match Reality |
|
If you're financing the home, your lender orders an independent appraisal to confirm the property's value supports the purchase price. In competitive Ohio markets — including Springfield and the broader Dayton metro — appraisal gaps have become more common as prices rise faster than comparable sales data.
| Appraisal Result |
What Happens Next |
| Appraises at or above purchase price | ✓ Clear to proceed |
| Appraises below purchase price | Buyer/seller must renegotiate, or buyer covers gap in cash |
| Lender doesn't accept property condition | Repairs required before loan closes |
Pro move: If your offer included an appraisal gap clause, you've already agreed in writing to cover a shortfall up to a certain amount. The Haney Group's deep knowledge of Springfield, Dayton, and Columbus comparable sales means they know what the numbers will support before your offer is ever written.
| 4 |
Mortgage Underwriting — The Quiet Anxiety Phase |
|
Underwriting is the lender's deep-dive into your financial life — income, debts, assets, employment, credit. The goal is "Clear to Close" (CTC) status. The Consumer Financial Protection Bureau (CFPB) offers helpful resources on what lenders evaluate during this phase.
| Underwriting Risk Factor |
How to Prevent It |
| New credit inquiry or large purchase | Don't open new credit or buy a car before closing |
| Job change or gap in employment | Notify your lender immediately if anything changes |
| Large unexplained bank deposits | Document any gift money or wire transfers now |
| HOA financial instability (condos) | Lender reviews HOA financials — ensure they're healthy |
| Insufficient cash reserves post-closing | Some loan types require reserves; confirm amounts early |
Need help navigating financing options before or during this process? The Haney Group works closely with trusted local lenders across Springfield and Dayton to keep transactions on track.
| 5 |
Title Search & Title Insurance — Boring but Critical |
|
A title company combs through public records to confirm the seller has the legal right to sell — and that no liens, back taxes, judgments, or competing claims exist. The American Land Title Association (ALTA) has excellent consumer resources explaining what title insurance actually protects against.
Title issues that can — and do — surface:
| ✓Unpaid contractor liens from a previous owner's renovation |
| ✓Estate disputes where an heir wasn't properly included in the sale |
| ✓Old mortgages that were never formally discharged |
| ✓Boundary or easement disputes with neighboring properties |
Don't skip owner's title insurance. Lender's title insurance (usually required) only protects the bank. Owner's title insurance — a one-time premium — protects you indefinitely. In Ohio, who pays is negotiable. The Haney Group raises this during offer strategy, not as an afterthought at closing.
| 6 |
Final Walkthrough — Your Last Line of Defense |
|
Conducted 24–48 hours before closing, the final walkthrough is not a formality. It's your opportunity to confirm everything is exactly as agreed.
| Walkthrough Checklist Item |
Why It Matters |
| Agreed repairs were completed | Catch incomplete work before the deed transfers |
| All included appliances still present | Ensure nothing was quietly removed |
| No new damage during move-out | Leaks, wall damage, broken fixtures |
| All systems (HVAC, water heater) operational | Test everything — don't assume |
| Home left in broom-clean condition | Seller is legally responsible for this |
If something is wrong at the walkthrough, don't close until it's resolved or a financial remedy is agreed upon. Your agent should be there with you — not a transaction coordinator.
| 7 |
Closing Day — The Finish Line |
|
In Ohio, closing typically takes place at a title company or lender's office. Plan for 1–2 hours of document signing. Bring a government-issued photo ID, certified or wired funds, and proof of active homeowner's insurance.
| Closing Cost Category |
Typical Range |
| Lender origination fees | 0.5–1% of loan amount |
| Appraisal fee | $400–$600 |
| Title insurance (lender's) | $500–$1,000 |
| Title insurance (owner's) | $300–$800 |
| Recording fees | $100–$200 |
| Prepaid taxes & insurance (escrow setup) | 2–3 months of payments |
| Total estimated closing costs | 2–5% of purchase price |
Request your Closing Disclosure (CD) at least 3 business days before closing. Review every line item against your original Loan Estimate — errors happen more often than buyers expect, and catching them before you sit down at the table saves time and leverage. The CFPB's mortgage tools can help you decode every line.
| Common Questions After Going Under Contract |
| Can the seller back out after we're under contract? |
| Rarely, and not without legal consequences. Once both parties sign, the seller is bound. Contracts have contingencies both ways — know yours inside and out before signing. |
| What if the inspection reveals major issues? |
| You have options: negotiate repairs, request a credit, reduce the price, or walk away under your inspection contingency. A skilled agent turns a bad inspection into leverage — not a dead deal. |
| What happens if my loan falls through? |
| If your financing contingency is intact, you get your earnest money back. This is why full pre-approval — not just pre-qualification — matters from day one. See our financing resources for guidance. |
| How do I know if I'm getting a fair deal on closing costs? |
| Compare your Loan Estimate to your Closing Disclosure line by line. Costs should not increase significantly without explanation. Your agent and lender should welcome every question. |
| Should I search for homes in specific Ohio communities? |
| Absolutely — market conditions vary significantly. Explore our guides for Springfield, Dayton, Beavercreek, Centerville, and more communities. |
Trusted Ohio Home Buying Resources
Ready to Navigate Ohio's Closing Process with Experts by Your Side?
The Haney Group at Coldwell Banker Heritage has guided buyers from contract to close across Springfield, Dayton, Columbus, and surrounding Ohio communities. Doug Haney has been investing in and managing Ohio properties since 2005 — which means the advice you get isn't just agent experience, it's owner experience.
Contact The Haney Group →
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