What happens after my offer on a house is accepted?
Follow the major financing, inspection, appraisal, title and closing steps at a high level.
After an offer is accepted, the signed purchase contract generally starts a deadline-driven process toward financing, property review and closing.
Common steps include completing the mortgage application, inspections where applicable, appraisal, title or settlement work, insurance, underwriting, final disclosures and closing.
The exact order, timing and responsibilities depend on the contract, location, lender and transaction.
Deliver the contract and follow deadlines
Provide the contract to the lender and appropriate transaction professionals. Track financing, inspection, deposit and other deadlines stated in the agreement.
Complete financing and underwriting
The lender verifies the borrower file, evaluates the property and may request updated documents or explanations. Conditional approval is not the same as final clearance to close.
Inspect and appraise for different purposes
A home inspection helps the buyer understand condition. An appraisal develops an opinion of value for lending purposes. One does not replace the other.
Prepare for closing
- Arrange required insurance
- Review title or settlement information
- Avoid unexplained financial changes
- Review the Closing Disclosure
- Confirm final funds and secure transfer instructions
- Complete any final walkthrough provided by the transaction
Know the next documents and decisions
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