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.