Dear Olivia,
I’m thinking about buying a home. What happens after my offer is accepted?
Sincerely,
Want to Be a Homeowner
Great question! Getting an offer accepted is exciting, but it’s also the point where the transaction really gets moving. There are still several important steps between “accepted offer” and getting the keys, and knowing what to expect can make the process feel a lot less overwhelming.
Here’s a simple overview of what the process may look like:
Offer Accepted → Earnest Money → Home Inspection → Financing & Appraisal → Final Loan Approval → Final Walkthrough → Closing → Keys! 🔑
The exact timing and steps can vary depending on your contract, financing, and the property, but this gives you a good idea of the road ahead.
First Come the Deadlines and Due Diligence
Once the offer is accepted, your purchase contract becomes the roadmap for what happens next. There may be deadlines for things like earnest money, inspections, financing, and other contingencies.
One of the first major steps is usually the home inspection. This gives you a closer look at the condition of the property and can uncover issues that weren’t obvious during a showing.
Depending on what the inspection reveals and the terms of your contract, you may decide to move forward as-is, request repairs, ask for a credit, or negotiate another solution with the seller.
Your Lender Gets to Work
If you’re financing the purchase, your lender will also be busy behind the scenes.
You’ll likely be asked to provide updated financial documents, respond to questions from underwriting, and avoid making major financial changes while your loan is being processed. This is generally not the time to finance a new vehicle, open a new credit card, or make another large purchase without first talking to your lender.
An appraisal may also be ordered to help determine whether the home’s value supports the purchase price.
Your lender and real estate agent will help keep you informed as these pieces come together.
Then It’s Time to Prepare for Closing
As closing gets closer, you’ll review final loan documents, confirm the amount of money you need to bring to closing, and take care of any remaining requirements.
You’ll also typically have a final walkthrough of the home shortly before closing. This is your chance to make sure the property is in the expected condition and that any agreed-upon items have been addressed.
Then comes the part everyone is waiting for: signing the closing documents and, once the transaction is complete, getting the keys to your new home.
There are a lot of moving pieces after an offer is accepted, but you don’t have to keep track of them alone. If you’re thinking about buying a home and have questions about what to expect before, during, or after making an offer, get in touch with me at 307-856-3999. I’m always happy to help you understand the process and your options!
~Olivia