What to Expect After Your Offer is Accepted

It's Nice to Know What Lies Ahead - Here is What to Expect After Your Offer is Accepted

The unknown can be hard on the nerves and when you are buying a house, there is already a lot to think about. This post will set some expectations about what might lie ahead...

What to Expect

Immediately After Mutual Acceptance

• Deposit Earnest Money: Your deadline can be found on page 1 of the contract, but it is usually 2-3 days after mutual agreement that you must have your earnest money deposited at the escrow company. The name of the company and amount can also be found on page 1. Follow escrow's instructions carefully.
• Notify Your Lender: Buyer or Realtor must provide a copy of the signed Purchase and Sale Agreement to Buyer’s loan officer.
• Apply for Your Loan (if not already done): Work closely with your loan officer to avoid delays. Do not change your financial situation without speaking to the loan officer. Don’t buy a car or new furniture or change jobs without checking how it will impact your qualifications!

Home Inspection Phase

• Schedule Home Inspection: Usually within 5–10 days of mutual acceptance.
• Attend Inspection (optional but recommended): Learn more about the home and ask questions.
• Review Inspection Report: We’ll go over any concerns and decide if you want to request repairs or credits.
• Negotiate Repairs (if needed): This can involve back-and-forth with the seller.

Appraisal & Financing

• Lender Orders Appraisal: This ensures the home’s value supports the loan. We often wait until we are through negotiating inspection before ordering this so that we don’t spend your money until we know that is all agreed.
• Provide Any Requested Documents to Lender: Tax returns, pay stubs, bank statements, etc. Respond quickly to keep things moving.
• Appraisal Results:
  • If it comes in at or above purchase price → great!
  • If it comes in low → we’ll negotiate or explore options.

Title & Escrow

• Review Preliminary Title Report: Ensure no red flags on ownership or liens, investigate easements, etc.
• Sign Closing Disclosure: Final breakdown of loan terms and closing costs — typically 3 days before closing.

Final Preparations

• Secure Homeowner’s Insurance: Must be in place before closing.
• Set Up Utilities: Transfer electric, gas, water, internet, trash service to your name effective the day of closing.
• Schedule Movers / Time Off: You’re almost there!

Final Walkthrough

• Purpose: Make sure the home is in the same condition and repairs were completed.
• Timing: Usually 24–72 hours before closing.

Closing

Buyers generally sign their loan documents a day or so ahead of closing day, but sometimes it is ON closing day.

• Bring Certified Funds / Wire Transfer Info: For your down payment and closing costs.
• Bring I.D.
• Sign Final Loan & Title Docs

Keys Typically Delivered Upon Recording: The contract gives the seller until 9pm to be out, but very often they are out and keys can be delivered to buyer on the day of closing right after escrow records the sale at the county recorder's office.

Congratulations on your new home!