What Happens After You Accept an Offer

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What Happens After You Accept an Offer

So, you’ve accepted an offer—congratulations! But before you pop that champagne, know this: the journey isn’t over yet. In fact, it’s just beginning. Accepting an offer is like saying “yes” to a first date. There’s a lot to explore, a bunch of paperwork to handle, and plenty of boxes to check before it’s truly official. Let’s break down what really happens after that magical “we accept” moment.


Immediate Steps After Offer Acceptance

Notify Relevant Parties

Once an offer is accepted, your real estate agent will notify all parties involved—title company, escrow officer, buyer’s agent, etc. This kicks off the official transaction process wjhpropertygroup.com.

Stop Other Negotiations

All other offers and showings should be halted. Your listing status may be updated to “under contract” or “pending” on the MLS. From this point forward, your focus is on closing with the accepted buyer.

Celebrate (But Stay Alert)

Sure, celebrate—but keep one eye open. The deal isn’t final until everything is signed and funds are transferred. Surprises still happen.


Due Diligence Period Begins

What Is Due Diligence?

This is the buyer’s opportunity to inspect the home, confirm value, and make sure everything is up to snuff before moving forward.

Common Buyer Checks

Property Inspection

A certified inspector will check the property’s condition—roof, foundation, plumbing, electrical systems—you name it. This is where red flags may pop up.

Appraisal

If the buyer is getting a loan, the lender will order an appraisal to ensure the home is worth the agreed price. If it comes in low, that could mean renegotiation.

Title Search

A title company checks for liens, ownership claims, or other legal issues. Any hiccups here must be resolved before closing.


Escrow Process Starts

What Is Escrow?

Escrow is a neutral third party that holds funds and important documents until everything is completed. Think of it like a safety deposit box monitored by an unbiased referee.

Role of Escrow Agent

The agent ensures all conditions of the sale are met before funds change hands. They coordinate with both parties, lenders, and title companies.

Buyer’s Earnest Money Deposit

The buyer typically deposits 1–3% of the purchase price into escrow. This shows they’re serious and gives the seller some security.


Loan and Financing Phase

Final Mortgage Approval

The buyer’s lender will now dig deep—verifying income, debt, credit, and employment.

Underwriting Process

Underwriters comb through every financial detail. This can be nerve-wracking but necessary.

Importance of Stable Finances

Buyers should avoid opening new credit cards, changing jobs, or making big purchases during this period. One wrong move can derail the deal.


Negotiations Post-Inspection

Repair Requests

After inspection, the buyer might request repairs or a credit. You can agree, counter, or decline—it’s all negotiable.

Renegotiation Possibilities

Big issues like mold, roofing damage, or plumbing failures might require serious price discussions.

Seller Concessions

You might offer concessions to close the deal, such as covering closing costs or throwing in appliances.


Contingency Removals

Financing Contingency

Once the buyer secures financing, this contingency is removed, showing they’re ready to close.

Appraisal Contingency

If the appraisal meets the offer price, this is cleared. If not, expect some negotiation.

Inspection Contingency

Buyers may back out or renegotiate if the inspection reveals major flaws.


Final Walkthrough

Purpose of Walkthrough

The buyer does one last check (usually 24–48 hours before closing) to ensure agreed-upon repairs are done and the home is in the same condition.

What to Look For

Functioning systems, removed personal items, and no new damage are key concerns here.


Closing Preparation

Reviewing Final Documents

Expect lots of paperwork. Disclosures, title documents, mortgage terms—you’ll be reading a small novel.

Setting the Closing Date

This is typically 30–45 days from acceptance, but can be adjusted with mutual agreement.

Coordinating With Title Company

They’ll handle the deed transfer and ensure everything is legally recorded.


Closing Day

What Happens at Closing

The buyer signs loan documents, funds are transferred, and the seller hands over keys.

Transferring Ownership

Once recorded with the local government, the buyer officially owns the home.

When You Get the Keys

Sometimes immediately, sometimes a day later—it depends on the contract.


After Closing

Cancel Insurance and Utilities

You’ll need to call your utility companies and insurance provider to cancel or transfer services.

Update Address and Records

Don’t forget to update your address with the post office, bank, DMV, and others.


Common Delays After Offer Acceptance

Financing Hiccups

Sometimes buyers fail to qualify last minute. Always have a backup plan.

Title Issues

Undiscovered liens or ownership disputes can delay or kill a deal.

Inspection Surprises

A cracked foundation or failing HVAC can throw a major wrench into the plan.


Tips for a Smooth Post-Acceptance Process

  • Respond quickly to document requests
  • Be open to reasonable negotiation
  • Hire an experienced agent
  • Keep communication clear
  • Avoid emotional decision-making

Conclusion

Accepting an offer is a huge milestone, but it’s only the halfway mark in a real estate journey. With inspections, contingencies, and closing documents ahead, it’s vital to stay informed and involved. Keep your cool, follow the process, and you’ll be handing over the keys (or receiving them!) in no time.


FAQs

1. What happens if a buyer backs out after offer acceptance?
If the buyer has a contingency and backs out within that timeframe, they may retain their earnest money. Otherwise, they could forfeit it depending on the contract.

2. How long does closing take after accepting an offer?
Typically 30–45 days, but it can be shorter or longer based on financing, inspections, and negotiations.

3. Can you still negotiate after an offer is accepted?
Yes, especially after inspections or appraisal if issues arise. Nothing is set in stone until closing.

4. Do I need a real estate agent after offer acceptance?
Yes. Your agent helps manage negotiations, paperwork, and timelines right up to closing.

5. What happens if contingencies aren’t met?
If contingencies aren’t fulfilled, the buyer or seller may walk away without penalty, depending on the terms in the agreement.

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