What Happens Next After Your Offer Is Accepted?

 

Having an offer accepted on a home you love may be the most significant milestone in the buying process. However, while you should take a moment to celebrate, there is still important work ahead before you can officially call the property yours. Understanding what comes next will help ensure a smooth and successful closing process.

Here's a breakdown of the key steps that follow after your offer is accepted:

1. Sign the Purchase Agreement

Once your offer is accepted, both you and the seller will sign a purchase agreement that outlines the terms and conditions of the sale, including the price, closing date, and any contingencies (like financing, inspection, or appraisal clauses). This document becomes the legally binding contract for the transaction.

2. Submit Your Deposit

Also known as an earnest money deposit, this payment demonstrates your commitment to the purchase. It's typically held in a trust account and later applied to your down payment or closing costs. The amount varies, but it often ranges from 1% to 3% of the purchase price.

3. Schedule a Home Inspection

Even if the home appears to be in good condition, a professional home inspection is still essential. It can uncover issues like structural damage, outdated wiring, plumbing leaks, or roof problems. If the inspection reveals major concerns, you may be able to negotiate repairs, request a price reduction, or walk away, depending on your contract terms.

4. Secure Financing

If you haven't already finalized your mortgage, now is the time. Submit the necessary documents to your lender for final approval. This process may include verifying your income, employment, and credit score. Your lender will also require a home appraisal to ensure the property is worth the agreed-upon price.

5. Review the Title and Obtain Insurance

Your legal or title representative will conduct a title search to confirm that the seller has the right to transfer ownership and that there are no liens or other legal issues affecting the property. You'll also need to arrange for title insurance and homeowners insurance, both of which are typically required before closing.

6. Prepare for Closing

A few days before closing, you'll receive a Closing Disclosure outlining your final loan terms, monthly payments, and closing costs. Ensure you review the document carefully and ask questions if anything appears unfamiliar. You'll also do a final walk-through of the home to ensure it's in the agreed-upon condition.

7. Close the Deal

On closing day, you'll meet with the necessary parties to sign all the paperwork and officially transfer ownership. Be prepared to pay your remaining down payment, closing costs, and any other fees. Once everything is signed and the funds have been transferred, you'll receive the keys to your new home.

Buying a home can feel overwhelming, especially after the excitement of a successful offer. But knowing what to expect helps you stay on track and avoid surprises. With the right professionals by your side — including your real estate agent, lender, and legal advisor — you'll be well-equipped to navigate this final stretch with confidence.

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Contact Brett 216-703-5740 Key Realty and Property Management 

Mega Million Dollar Producer and Award Winning Realtor  1200+ Properties and counting  Go to https://realincomeproperties.blogspot.com/ to view what our clients make with our real estate  Need Property Management? Go to https://pmohio.org/

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