What Does “Under Contract” Actually Mean in Charleston?

You are scrolling Zillow, you find the Mount Pleasant house that finally checks every box, and the status line reads “under contract.” Now what.

The short answer: the seller has accepted an offer and the buyer has begun their due diligence period. The house is not sold. It is committed. There is a big difference.

Here is what actually happens during that window in Charleston, and what it means for you if you are still shopping.

Day zero to fourteen: due diligence. In South Carolina, buyers typically negotiate a ten to fourteen day due diligence window after their offer is accepted. During that window they inspect the home, get insurance quotes, order a survey if needed, and confirm the numbers work. They can walk away for any reason and get their earnest money back.

Day fifteen to thirty: financing and appraisal. Once due diligence closes, the buyer is locked in on inspection issues but the loan and appraisal contingencies still exist. The lender orders an appraisal. If the appraisal comes in below the contract price, the buyer can renegotiate, cover the gap in cash, or walk (depending on how the contingency was written).

Day thirty to forty-five: closing prep. Title work, insurance binding, final walkthrough, closing disclosure review. In Charleston, this is where insurance can still kill deals. Wind and flood binding surprises are the most common last-minute derailment.

When can you still make a backup offer. Legally, always. Practically, sellers only accept backup offers when there is a signal the primary deal is shaky. If a home has been “under contract” for more than 45 days without closing, ask the listing agent about backup position. If the answer is “already have three backups” the ship has sailed.

If you want a real-time view of Charleston homes that just went under contract or just came back on market, save a search at chshomeguide.com and let the alerts tell you. Faster than checking Zillow every morning.

Questions on a specific listing? (843) 530-7001.

Michael Teibert
Carolina One Real Estate