What happens after an offer is accepted?

Once your offer is accepted and the contract is signed by all parties, you're officially under contract. Here's what happens during this period:

1. Earnest money is submitted

Your earnest money deposit is typically due within a few days of the binding agreement date. It goes into an escrow account and is credited at closing.

2. The inspection period

You'll hire a licensed home inspector to examine the property. This typically happens within the first week or two of being under contract. The inspector's report may identify issues that you can negotiate with the seller, such as requesting repairs, credits, or price adjustments.

3. Loan application and underwriting

If you haven't already submitted a full loan application to your lender, this happens now. Your lender orders the appraisal and begins the underwriting process, verifying all your financial documentation.

4. The appraisal

Your lender orders an independent appraisal of the home to confirm it's worth at least the purchase price. If it comes in lower, you may need to renegotiate with the seller.

5. Working toward the clear to close

Once underwriting is complete and all conditions are satisfied, your lender issues a "clear to close," meaning approval to proceed to closing.

6. Final walkthrough

Typically 24–48 hours before closing, you do a final walkthrough to verify the property is in the expected condition.

7. Closing day

You sign documents, transfer your funds, and receive the keys.

The whole process typically takes 30–45 days from contract to closing.