What Happens After Your Offer Is Accepted?

Getting an offer accepted is a big milestone, but it is not the finish line. Once the seller accepts your offer and the contract is signed, you move into the part of the homebuying process where the details of the transaction are finalized.

So what actually happens between “your offer was accepted” and “here are your keys”?

First, the purchase agreement becomes the roadmap.

Once the contract is fully executed, it establishes the terms of the sale, including the purchase price, closing date, and any contingencies or other conditions that need to be met. Your earnest money deposit may also be collected and held according to the terms of the contract.

Next is the home inspection.

A home inspection gives you a closer look at the property's physical condition than you can get during a showing. If the inspection identifies problems, what happens next depends on your contract. You may be able to negotiate repairs, request a credit, or, if you have an applicable inspection contingency, cancel the contract without the same financial consequences you could face if you simply changed your mind. The important thing is to understand your inspection deadline and exactly what your contract allows.

At the same time, your mortgage moves into the next stage.

Your lender will continue reviewing your income, assets, debts, employment, and other documentation as it processes your loan. You may receive additional requests for paperwork along the way, so it is important to respond promptly. This is also a good time to avoid making major financial changes or purchases that could affect your loan application.

If you are financing the purchase, the lender will generally also arrange for a property valuation, often through an appraisal.

An appraisal provides an independent opinion of the home's value for the lender. If the appraised value comes in below the contract price, the situation may require further discussion between the buyer, seller, and lender. Depending on the contract and financing, the parties may renegotiate the price, change other terms, or pursue another solution.

You will also need to finalize other pieces of the transaction.

That can include getting homeowners insurance, completing title and closing work, and providing any remaining documents your lender or closing professional needs. If you are financing the purchase with a mortgage, you will generally receive a Closing Disclosure at least three business days before closing. It shows the final terms and costs of your loan, so it is worth reviewing carefully and comparing with your most recent Loan Estimate.

Then comes the final walkthrough.

Shortly before closing, you typically have an opportunity to look at the home again. This is a chance to make sure the property is in the condition you agreed to purchase, that agreed-upon repairs have been completed, and that anything the seller agreed to leave behind is still there.

Finally, you close.

At closing, you sign the documents for the purchase and your mortgage, provide the required funds, and complete the transaction. Once the closing is completed according to the applicable state and transaction procedures, ownership of the home transfers to you and you can get the keys.

Getting your offer accepted is exciting. Knowing what comes next can make the weeks between the accepted offer and closing feel a lot more manageable.