I just accepted an offer on my house in Tennessee — what happens now, and how long until closing?
Once you accept an offer in Tennessee, most sales close in about 30 to 45 days when the buyer is financing. That window covers the due diligence period, inspection, appraisal, and title work — and as your agent, I manage each step so nothing falls through.
Accepting an offer feels like the finish line. It isn’t — it’s the starting line of the part most Knoxville sellers have the most questions about. You signed, everyone shook hands, and now your house is “under contract.” So what actually happens between that moment and the day you hand over the keys?
Here’s the honest version. The next few weeks are a series of deadlines, and most of them belong to the buyer and their lender, not to you. Your job is to stay ready, respond quickly, and keep the deal on track. My job is to see the whole board and make sure no deadline slips. Let’s walk the road to closing so you know exactly what to expect.
What “under contract” really means in Tennessee
When you accept an offer, you have a binding purchase and sale agreement. The buyer typically deposits their earnest money — a good-faith deposit — with a title company or brokerage, usually within a few business days of the binding agreement date. That money is held by a neutral third party, not handed to you, and it signals the buyer is serious.
Being under contract does not mean the sale is guaranteed. Tennessee contracts are built around a due diligence period, and understanding that window is the single most important thing for a Knoxville seller to grasp. Everything else on the road to closing hangs off of it.
The due diligence period: the buyer’s window to investigate
The due diligence period is a negotiated block of time — commonly 7 to 14 days in a Tennessee residential contract — during which the buyer inspects the home and confirms they still want to move forward. There is no state-mandated length; it’s whatever you and the buyer agreed to in the contract.
Here’s the part that surprises a lot of sellers: during due diligence, the buyer can terminate for almost any reason and get their earnest money back. That’s how Tennessee’s due diligence structure works, and it’s spelled out clearly by Tennessee real estate attorneys. Once that window closes, the buyer’s earnest money is generally at risk if they walk without a contractual reason — which is exactly why the due diligence deadline is the moment the deal gets real.
During this window you can expect:
- A home inspection. The buyer hires an inspector to walk the house. In East Tennessee, expect attention to the crawlspace, moisture, the roof, and HVAC — the usual suspects in our market.
- A repair request or renegotiation. After the inspection, the buyer may ask you to make repairs, offer a credit, or adjust the price. This is a negotiation, not a demand — you have room to counter.
- The buyer’s decision to proceed. If everything checks out, the buyer moves forward and we head toward closing.
The appraisal and the lender’s timeline
If your buyer is financing — most are — their lender orders an appraisal to confirm the home is worth the contract price. This usually happens during or right after due diligence. The appraiser visits the property and delivers a value the lender relies on to fund the loan.
When the appraisal comes in at or above the contract price, you keep moving. When it comes in low, you have options, and it’s worth knowing them before you panic. I break those down in a separate post on what sellers can do when a Knoxville appraisal comes in low.
Alongside the appraisal, the buyer’s lender is working through underwriting — verifying income, employment, and the final loan approval. This is often the slowest part of the road to closing, and it’s largely out of your hands. What you can control is responding fast to any request that comes your way.
How long does it take to close in Knoxville?
For a financed purchase, plan on roughly 30 to 45 days from accepted offer to closing. Nationally, mortgage lenders have been closing purchase loans in the low-to-mid 40-day range, and recent data from ICE Mortgage Technology shows averages tightening — HomeLight’s summary of the lender data puts typical purchase closings in that 30-to-45-day window, with well-prepared files moving faster.
A cash buyer can close much faster — sometimes in a week or two — because there’s no lender, no appraisal requirement, and no underwriting to wait on. Government-backed loans like FHA and VA can run a little longer. Here’s a rough map of the timeline for a typical financed Knoxville sale:
| Stage | Typical timing | Who drives it |
|---|---|---|
| Earnest money deposited | Within a few business days of acceptance | Buyer |
| Due diligence / inspection | Roughly the first 7–14 days | Buyer |
| Appraisal ordered and completed | Weeks 2–3 | Buyer’s lender |
| Underwriting and final loan approval | Weeks 3–5 | Buyer’s lender |
| Title search and closing prep | Weeks 3–5 | Title company |
| Closing day | Around day 30–45 | All parties |
Title, escrow, and closing day
While the loan is processing, the title company runs a title search to confirm you can convey clear ownership and to surface any liens or issues that need resolving. In Tennessee, closings are typically handled by a title company or closing attorney, who acts as the neutral party that collects documents, holds funds in escrow, and coordinates the final signing.
On closing day, the buyer’s funds are wired, both sides sign, the title transfers into the buyer’s name, and the keys change hands. If you have a mortgage on the property, it gets paid off from the proceeds, and your net equity is disbursed to you. That’s the day the sale becomes final — not the day you accepted the offer.
What you should be doing between now and closing
You’re not just a spectator during these weeks. A few things keep the deal healthy:
- Respond quickly. Repair requests, document signatures, and access for the appraiser and inspector all move on deadlines. Fast responses keep the timeline tight.
- Keep the home in the same condition. The buyer will do a final walkthrough before closing, expecting the house to look as it did when they offered.
- Don’t make big financial moves that affect the property. Keep utilities on, keep the home insured, and hold off on anything that could complicate the title.
- Lean on your agent. The between-the-lines work — chasing the lender, coordinating the title company, keeping every deadline visible — is where a good agent earns their keep.
Selling a home in the Knoxville metro comes with more moving parts than most people expect, and the stretch between accepting an offer and closing is where deals either glide or get stuck. That’s the part I manage closely for every Castillo Realty client, so you can plan your move with confidence instead of guessing.
FAQ
How long does it take to close on a house in Tennessee after accepting an offer?
For a financed purchase, most Tennessee sales close in about 30 to 45 days from accepted offer to closing. A cash buyer can close faster — sometimes within a week or two — because there’s no lender appraisal or underwriting to wait on.
What is the due diligence period in a Tennessee real estate contract?
It’s a negotiated window — commonly 7 to 14 days for a residential sale — when the buyer inspects the home and confirms they want to proceed. There’s no state-mandated length, and during this period the buyer can typically terminate and recover their earnest money.
Can a buyer back out after going under contract in Tennessee?
Yes, generally during the due diligence period a buyer can terminate for nearly any reason and get their earnest money back. After that window closes, walking away without a contractual reason usually puts their earnest money at risk.
Ready to sell in the Knoxville metro?
From accepted offer to keys, I manage every step so nothing falls through. Call or text Hilmar Castillo, Realtor®/Broker at Castillo Realty, at (865) 437-9539 or visit castillorealtytn.com to get started — or request a free home value review while you’re planning your move. Hilmar serves sellers, buyers, and relocation clients across the Knoxville metro, in English and in Spanish.