When you hear the words, “Your offer has been accepted,” it’s easy to imagine the hard part is over. But in reality, the journey to closing is just getting started. Knowing what happens behind the scenes can help you stay informed, avoid surprises, and ensure a smoother path to homeownership.
1. The Contract Goes Into Effect
Once both parties sign the purchase agreement, you officially enter into a legally binding contract. This document outlines all the agreed-upon terms — price, contingencies, closing date, and more. Your real estate agent will help ensure all deadlines are tracked and met.
2. Earnest Money Deposit
Next, you’ll submit your earnest money deposit, showing you’re serious about the purchase. This amount (often 1–3% of the purchase price) is held in escrow and applied toward your down payment or closing costs.
3. Home Inspection
A professional home inspection is typically scheduled within the first week or two. This step gives you a detailed look at the property’s condition and helps you decide whether to move forward, request repairs, or negotiate adjustments to the price.
4. Appraisal by the Lender
If you’re financing the purchase, your lender will order an appraisal to confirm the home’s market value. This ensures they’re not lending more than the property is worth and protects you from overpaying.
5. Loan Underwriting
During underwriting, your lender will review your financial documents, credit history, and the appraisal report. They’ll confirm you meet all requirements for final loan approval. This step can take several days to a few weeks, depending on your situation.
6. Title Search and Insurance
A title company will conduct a title search to verify the property is free of liens, disputes, or ownership issues. You’ll also purchase title insurance to protect against future claims.
7. Final Walk-Through
Typically scheduled within 24–48 hours of closing, the final walk-through ensures the property is in the agreed-upon condition and any repairs have been completed.
8. Closing Day
On closing day, you’ll sign all necessary paperwork, pay any remaining closing costs, and receive the keys to your new home. Your agent and title company will coordinate the transfer of funds and record the deed in your name.
Why Knowing This Matters
Understanding each step after your offer is accepted can help you feel confident and in control of the process. When you know what’s coming, you’re less likely to feel stressed or blindsided — and more likely to enjoy the excitement of your home-buying journey.