When your real estate agent calls to say the seller accepted your offer, you feel like you’ve just won the lottery. But here’s the thing: the deal isn’t done yet. In fact, a typical home purchase has several steps left that can take 30 to 45 days or more. Knowing what happens after your offer is accepted can make the difference between a smooth closing and a stressful, costly surprise.
Let’s walk through the entire process, from the moment your offer is signed to the afternoon you get the keys.
1. Earnest Money Deposit and the Sales Contract
Within one to three days after an accepted offer, you’ll need to wire or deliver your earnest money deposit. This is usually 1-2% of the purchase price. A $400,000 home might require between $4,000 and $8,000. This money sits in escrow and tells the seller you’re serious.
You’ll also receive a fully executed sales contract. Read every page. The contract sets the closing date, lists your contingencies, and spells out exactly who pays for what. Look for the line about which party covers title insurance, transfer taxes, and attorney fees. Small details here can shift your out-of-pocket costs by thousands of dollars.
2. The Home Inspection
Next, you’ll schedule a home inspection. This typically happens within 7 to 10 days of the accepted offer. Plan to pay between $300 and $500 for a standard inspection, and more if you add radon testing, termite inspection, or a sewer scope.
Attend the inspection in person. A good inspector will explain what they find, and you can ask questions. That rattling furnace or damp corner in the basement might be nothing or a red flag. Seeing it yourself beats reading a 30-page report later.
Interpreting the Report
No house is perfect. The inspector will likely find minor issues like worn outlet covers or a leaking faucet. Don’t let that scare you. Instead, focus on structural defects, safety issues, active water damage, or problems with the roof and HVAC system.
If the inspection reveals major problems, you have options. You can ask the seller to fix the issue, request a price reduction, or in some cases, back out without losing your earnest money. Most contracts allow a negotiation period after the inspection.
3. Negotiating Repairs and Credits
Here’s where many buyers make a strategic mistake. They ask the seller to fix every small blemish. Sellers often refuse, and the deal can stall. Instead, focus your request on defects that show up in the report as material or unhealthy.
Ask for a credit at closing rather than having the seller do the work. The seller might fix a leaky roof with the cheapest contractor possible, and you’ll have no say. A credit lets you hire your own pro and get quality repairs.
Be realistic with your deadline. The seller needs time to review and respond. Expect at least 48 hours for a decision.
4. The Appraisal
Unless you’re paying cash, your lender requires an appraisal to confirm the house is worth what you promised to pay. This process takes one to two weeks and costs around $400 to $700. The appraiser compares your home to recent sales of similar properties in the neighborhood.
If the appraisal comes in at or above your offer, you’re clear. But what if it comes in low? That’s when things get complicated.
Low Appraisals and What to Do
If the home appraises for $375,000 when you agreed to pay $400,000, you face a $25,000 gap. Without that extra money, the lender won’t lend the full amount. You have a few choices.
- Negotiate with the seller to lower the price to the appraised value.
- Pay the difference in cash. You’d need to bring $25,000 more to closing.
- Request a reconsideration of value from your lender if you believe the appraisal was wrong.
- Walk away if your contract has a financing contingency.
In a hot market, buyers often offer above asking price. Make sure you have a plan if the appraisal doesn’t match your offer. Some buyers include an appraisal gap clause that says they’ll cover a certain amount over the appraised value. That makes your offer stronger in a bidding war.
5. The Underwriting Process
While the appraisal is happening, your lender’s underwriting team is verifying every detail of your application. Two years of tax returns, bank statements, pay stubs, and maybe a letter explaining a recent large deposit in your account. It feels like a background check, because it is one.
Do not make any major financial moves during this period. Do not buy a car, open a new credit card, or switch jobs. Your lender pulls your credit again before closing. A change in your debt-to-income ratio can delay your loan or sink it entirely.
Common Underwriting Conditions
Underwriters often issue a conditional approval. That means they want more documentation before giving the final green light. You might need to provide proof of homeowner’s insurance, a satisfactory home inspection, or a copy of your divorce decree if that’s part of your financial history. Respond to these conditions as fast as possible.
6. Title Search and Insurance
Your title company will do a search to confirm no one else has a claim on the property. Problems like unpaid property taxes, easements, or a contractor’s lien can surface here.
Buy lender’s title insurance. It protects the mortgage company. It’s also a smart idea to purchase owner’s title insurance. The one-time fee, usually a few hundred dollars, protects you for as long as you own the home. If someone suddenly appears with a claim to the property, the insurance company covers your legal costs.
7. The Final Walkthrough
A day or two before closing, you’ll do a final walkthrough of the property. This is your last chance to ensure that the seller has made the agreed-upon repairs and left the home in the condition specified in the contract.
Check the walls for new holes, test the faucets, and flip on the light switches. If the seller agreed to leave the refrigerator or washer, confirm they’re still there. The lawn should be maintained if the contract said so. Bring your agent and your phone. Take photos or video of anything that looks off.
8. Closing Day and What to Bring
Closing typically happens at a title company’s office or an attorney’s office. The process takes about an hour, mostly spent signing documents. You’ll receive a Closing Disclosure at least three business days before settling. This shows your final loan terms, interest rate, monthly payment, and all closing costs.
Bring a government-issued photo ID and a certified or cashier’s check if you’re making a down payment. Some title companies allow wire transfers. Be cautious with wire fraud, a common scam where criminals send fake instructions in an email that looks like it’s from your title company. Call your title company directly to confirm any wiring information.
You’ll see the total cash you need to bring to closing, which includes your down payment and all fees minus your earnest money deposit. Have those numbers ready in advance. If something feels off, ask questions before putting pen to paper.
9. Moving Past the Paperwork: Physical Keys and Possession
After signing everything and receiving the keys, many buyers think the process is over. In some ways, it has just changed shape. The first month in a new home brings utility setups, address changes, and paperwork you forgot, like sending the new address to your insurance company.
Your real estate agent can give you a list of important dates, including when your first mortgage payment is due. It usually happens about 30 days after closing. Budget for it now, along with moving costs and any immediate repairs you found during the walkthrough.
Keep your closing paperwork in a safe place. You’ll need it at tax time and potentially when you refinance or sell the home. Store the final settlement statement, your deed, and your loan documents together.
The days between a signed offer and the moment you close are full of deadlines and details. But if you handle each step with patience and open communication with your agent, the process goes smoothly. And yes, holding that key in your hand for the first time feels different.