What Happens After Your Offer is Accepted: A First-Time Homebuyer's Guide
Congratulations! Your offer on a home has been accepted. While this is certainly cause for celebration, it's also when the real work begins—both for you and your realtor. The journey from "offer accepted" to "keys in hand" involves numerous steps, deadlines, and professionals working behind the scenes. Here's what you can expect during this crucial phase.
Contract Ratification
After submitting your offer and completing any negotiations, your contract is considered "ratified" when all parties have agreed to the terms and signed the contract. This official agreement kicks off the escrow period—typically 30 days—during which several critical processes must be completed.
Earnest Money Deposit
One of your first responsibilities is submitting your earnest money deposit, usually around 3% of the purchase price. This good-faith deposit demonstrates your serious intention to purchase the property and is typically due within 1-2 business days after your offer is accepted. These funds are wired to an escrow account and will eventually be applied toward your down payment at closing.
Managing Contingencies
If your offer included contingencies—conditions that must be met before the sale can proceed—now is when you'll work with your realtor to satisfy them:
Inspection Contingency: Your realtor will help schedule property inspections and will be present during these appointments. Depending on the inspection results, you may request repairs, credits, or price adjustments.
Appraisal Contingency: Your lender will order an appraisal to ensure the property's value matches or exceeds the purchase price. Your realtor will coordinate access for the appraiser and may provide comparable sales data to support the agreed-upon price.
Insurance Contingency: This protects you if you're unable to obtain homeowner's insurance. In some areas with high natural disaster risks or for properties with previous claims, insurance can be difficult or expensive to secure. Your realtor can help you research insurance options early in the process to identify any potential issues.
Financing Contingency: This gives you protection if your loan falls through despite good-faith efforts to secure financing.
Once you're satisfied with the inspection results and other contingencies, you'll submit formal documentation to remove these contingencies by specific deadlines outlined in your contract.
The Mortgage Process
This is typically the longest part of the escrow period. You'll work closely with your lender to:
Submit financial documentation (bank statements, pay stubs, tax returns, etc.)
Complete any required loan application paperwork
Address any questions or conditions from the underwriter
Lock in your interest rate (if you haven't already)
Obtain loan approval
Your lender will order the appraisal as part of this process, and your realtor should attend this appointment to ensure the appraiser has accurate information about the property.
Insurance Requirements
You'll need to secure homeowner's insurance before closing. Your realtor can recommend insurance agents familiar with properties in your area. If you're purchasing a condo or TIC (Tenancy in Common), your lender will need to verify that the building's master insurance policy meets their requirements—another detail your realtor will help coordinate.
Final Steps Before Closing
As you approach the closing date, several final steps occur:
Final walk-through: Your realtor will schedule a final property inspection to verify the home's condition hasn't changed and any agreed-upon repairs have been completed.
Closing disclosure review: Your lender must provide this document at least three business days before closing, detailing your loan terms, monthly payments, and closing costs.
Signing closing documents: You'll meet with a notary or closing agent to sign the final paperwork.
Funding: Your lender will wire the loan amount to the escrow company.
Recording: The deed and mortgage documents are recorded with the county, transferring ownership to you.
The Value of an Engaged Realtor
As your realtor, this is when my work truly shines. Throughout this process, I serve as your advocate, coordinator, and guide. I track all the critical deadlines, communicate with all parties involved, troubleshoot issues before they become problems, and keep your transaction moving forward smoothly. My experience allows me to anticipate potential hurdles and address them proactively, saving you time, money, and stress. When you finally receive the keys to your new home, you'll have the peace of mind knowing that every detail of your transaction was handled with professional expertise and personal care. My job isn't just to help you find a house—it's to help you make it your home through this complex but exciting process.
