What Happens After My Offer Is Accepted?

Start by making sure you understand the agreement you have entered into, including:

• Purchase price
• Earnest money requirements
• Inspection provisions
• Financing or loan deadlines
• Appraisal provisions
• Closing date
• Possession date
• Seller-paid costs or credits
• Contingency deadlines
• Any additional conditions or agreements

The dates and obligations in the contract matter. Missing a deadline can affect your rights or create problems later in the transaction.

If your contract requires earnest money, you will generally need to deliver it according to the terms and deadline specified in the agreement.

Earnest money is typically held by an escrow or other authorized party rather than simply being paid directly to the seller.

What happens to the earnest money if the transaction does not close depends on the contract, applicable law, and the circumstances surrounding the termination.

If your contract includes an inspection contingency, this is generally the time to complete the inspection and evaluate what the inspector finds.

An inspection can reveal issues involving:

• Roofing
• Electrical systems
• Plumbing
• Heating and cooling
• Structure
• Moisture
• Safety concerns
• Appliances
• Other components of the property

The inspection process may lead to additional discussions with the seller, depending on the contract and applicable state rules.

If you are obtaining a mortgage, an accepted offer does not mean the lender is finished.

The lender may continue working through:

• Loan documentation
• Income and asset verification
• Property information
• Underwriting
• Appraisal
• Final loan approval

It is important to respond promptly to requests from your lender because financing deadlines can be part of the purchase contract.

If financing requires an appraisal, the lender will generally order one to help determine the property's value for lending purposes.

If the appraisal comes in below the purchase price, the transaction may require additional discussion or action depending on the contract and financing terms.

The title or settlement process typically involves confirming ownership, identifying liens or other title issues, preparing closing documents, and coordinating the transfer of the property.

Your lender, title company, escrow company, closing agent, and real estate professionals may each have responsibilities during this stage.

One of the most important things you can do after acceptance is keep track of the dates in your contract.

A transaction can involve several deadlines rather than one single closing date.

For example, there may be deadlines for:

• Earnest money
• Inspections
• Financing
• Appraisal
• Contingency decisions
• Disclosure reviews
• Closing
• Possession

The exact deadlines depend on the contract.

Don't assume that an accepted offer means you can simply wait until closing day.

Review the contract, understand your deadlines, communicate with your lender and other professionals, and address required steps promptly.

Once the seller accepts your offer, the focus changes. You are no longer trying to convince the seller to accept your terms—you are working through the requirements necessary to complete the transaction.

Having professional guidance during this stage can help you understand what each deadline means, what decisions may require attention, and how different parts of the transaction fit together.