Don't Go It Alone: A First-Time Buyer's Guide to the 30 Days After You're Under Contract

Getting your offer accepted feels like the finish line. It isn't. It's the starting gun.

Buying your first home isn't just a transaction. It's a 30-day sprint with your life savings on the line. If you don't have a guide you trust, it isn't just stressful. It's risky.

Here's what happens after you're under contract, the language you'll need to learn quickly, and the two things your real estate and mortgage team must get right.

The "moving parts" problem

Once you're in contract, deadlines start running immediately. In less than a month, you'll juggle inspections, disclosures, appraisal, loan approval, insurance and closing. You'll also hear a whole new vocabulary. Here are the three terms that matter most.

EMD (Earnest Money Deposit)

Your "skin in the game." Shortly after acceptance, you deposit money (often a percentage of the price) into escrow to show the seller you're serious.

Why it matters: your EMD is generally protected while your contingencies are active, such as inspection, appraisal and loan. Miss a deadline or remove a contingency too early, and that deposit can be at risk if things go sideways. Know your dates.

Escrow (two meanings)

First-time buyers often get confused because "escrow" means two different things:

1. The escrow process. A neutral third party holds the money and documents and makes sure everyone does what the contract says before the home changes hands.
2. Your escrow (impound) account. After closing, many loans collect property taxes and homeowners insurance with your monthly payment and pay those bills for you. Set up properly, it means no surprise tax bills later.

Mortgage mechanics

It's not just your rate. You need to understand how your total monthly payment breaks down:

• Principal and interest
• Property taxes
• Homeowners insurance
• Mortgage insurance (if your down payment is under 20% on many loans)
• HOA dues (if applicable)

Ask your lender for this breakdown in writing, and ask what could change it before closing.

A rough map of the 30 days

Every contract is different, but a typical San Diego escrow looks something like this:

• Days 1–3: Deposit earnest money, open escrow, send your lender the signed contract
• Days 1–10: Home inspection, any specialist inspections, review seller disclosures
• Days 7–17: Negotiate repairs or credits, then remove or keep the inspection contingency
• Days 10–21: Appraisal ordered and completed. Loan underwriting.
• Days 17–21: Appraisal and loan contingency deadlines (per your contract)
• Final week: Final loan approval, final walkthrough, sign documents, fund and record

Your job: know every deadline on your contract, respond quickly to your lender and keep your finances frozen. No new credit cards, car loans or job changes without talking to your lender first.

The two must-haves for your team

You need a real estate and mortgage team that checks two non-negotiable boxes.

1. Trust over commission

You need to know they have your best interest at heart, even if that means telling you to walk away from a bad deal. A good agent or lender would rather lose a paycheck than put you in the wrong house or the wrong loan.

2. The "teacher" mentality

It's not enough for them to know how it works. They need to be able to explain it to you. If your pro can't simplify the alphabet soup of real estate (EMD, PITI, CTC, COE), they aren't the right fit.

When the money gets real, the person standing next to you makes all the difference.

Questions you might be afraid to ask (ask them anyway)

• "What happens to my deposit if the appraisal comes in low?"
• "What's my exact cash to close, and when do I need to wire it?"
• "What's my total monthly payment, including taxes and insurance?"
• "Which deadline is coming up next, and what do I need to do?"

There are no dumb questions when your savings are on the line.

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Buying your first home? Our San Diego Homebuyer Class walks you through every step, from pre-approval to keys. Have a question you're afraid to ask? Ask us. We'll clear it up.

Related reading: 10 Questions to Ask at Every Home Inspection · 10 Things Buyers Forget to Check During a Showing