Your Offer Was Accepted. Now What?

Your offer was accepted. Congratulations! But now the real work begins.

The next steps are when everything behind the scenes kicks into high gear. It can feel overwhelming, but I'm going to walk you through each one. Here's a quick overview of what happens after your offer is accepted. We'll cover each of these in more detail in upcoming posts.

1. Escrow Is Opened

Escrow acts as the neutral third party handling the paperwork, funds, and legal details of the transaction. They make sure everyone plays fair and the sale stays on track. This is the first step after your offer is accepted.

2. You'll Wire Your Earnest Money Deposit

This is your way of saying, "I'm serious." You'll wire your earnest money, typically 1 to 3% of the purchase price, to the escrow company as soon as possible. Usually the seller won't allow inspections to be scheduled until your EMD is received by escrow.

3. Investigations and Inspections Begin

You'll have the opportunity to thoroughly inspect the home. I always recommend a general inspection and a termite inspection. Discuss other potential inspections with your agent based on the property.

4. The Appraisal Is Ordered

If you're using a loan, your lender will order an appraisal to confirm the home is worth what you've agreed to pay. This helps protect both you and the bank.

5. You'll Receive Full Loan Approval

After reviewing the appraisal, updated income docs, and other required paperwork, your lender will issue final approval on your mortgage.

6. You'll Remove Contingencies

Once you're satisfied with the inspections, the appraisal, and your loan approval, it's time to remove your contingencies. This step makes your offer binding.

7. You'll Sign Your Final Loan Documents

You'll meet with a notary or escrow officer to sign your final loan and closing documents. This is when it all starts to feel very real.

8. The Final Walkthrough

Just before closing, you'll do a final walkthrough of the home to make sure it's in the same condition as when you made your offer and that any agreed-upon repairs are complete.

Your Takeaway

Had a mini celebration, but remember: there's a lot of work to do. Each of these steps is crucial, and while they may sound like a lot, I'll be by your side the whole way to make it smooth and stress-free. Stay tuned as we break down each part of the escrow process in detail and get you one step closer to holding the keys to your new home.