Offer Accepted! What’s Next in the Homebuying Process?

You've toured home after home and finally, you've found the perfect property. Your agent works with you to put in an offer and then calls a day or two later with great news: the seller accepted!

But then you begin to wonder, "What now? What comes next?"

I've helped many first-time homebuyers navigate the purchasing process from offer acceptance to closing, and while a good real estate agent can make a world of difference, it's not always a smooth ride.

Let me walk you through what comes next after getting an offer accepted on a home, highlight the key tasks to focus on, and discuss some of the most common issues that could arise between here and closing.

What You Need to Do First

Finding the perfect property can take time. According to the National Association of Realtors, the typical buyer spends around ten weeks browsing listings and touring homes. When you finally make an offer and the seller accepts, it may feel like you're in the home stretch.

But even though the contract is signed, there are still some time-sensitive steps ahead that can affect both the transaction timeline and financing approval. Buyers need to stay responsive and organized until closing – and these are the four things that you should be doing first.

Make the Earnest Money Deposit

Once an offer is accepted, your immediate focus should be on sending over the earnest money deposit (EMD) as outlined in your agreement. This is typically done by personal check, cashier's check, or wire transfer and completed within 24 to 48 hours of the contract signing.

With many first-time buyers, this is when the reality of the purchase starts to set in: when it's time to commit a substantial amount of money.

I once had a buyer who had been confident throughout the negotiations. Still, they paused right before sending the EMD because they were overwhelmed by the idea of committing to a 30-year mortgage. We spent some time talking through her concerns, revisiting her financial goals and long-term plans, and how this property would help her achieve them.

It’s normal to feel nervous about purchasing your first home, but I remind clients that this isn’t just a transaction – it’s a big life step. Pausing is okay, but paralysis can risk losing the property altogether.

Schedule an Inspection

The most recent Realtors Confidence Index survey shows that 80% of buyers have an inspection contingency built into their contract.

That’s a good thing, because a home inspection is one of the most powerful tools at a homebuyer’s disposal. It’s your chance to discover any hidden problems before going through with the purchase.

If you already have a home inspector you trust, this step is simple. If not, talk with your real estate agent for recommendations. I have a few reliable inspectors I've dealt with, and I'm always happy to share that list with my clients.

Contact Your Lender

Simultaneously, you need to formally apply for your mortgage. This will typically be with the company that issued your pre-approval, but it may not be too late to change lenders, as long as your contract allows for it.

Regardless of the lender you choose to work with, it's vital to get the process started right away. It takes time to secure financing; ICE Mortgage Technology currently reports an average closing time of 41 days for residential purchase loans.

Apply With the Homeowners Association (If Applicable)

If you're purchasing a property that requires homeowners association (HOA) approval, most commonly a condo or co-op, reach out to the managing agent as soon as possible.

You'll usually have a timeframe for obtaining HOA approval (we'll talk about contingency timelines a little further down), but processing your application can take a while. You don't want to wind up in a position where you need to consider backing out of your purchase because the association hasn't given the green light yet.

Other Important Steps Between Offer Acceptance and Closing

By now, it's been a few days since your offer was accepted, and you've taken care of your most urgent responsibilities. What comes next? Let's go over some of the other important steps to address.

Give the Lender the OK to Schedule the Appraisal

If you’re taking out a mortgage to finance your home purchase (and 91% of first-time buyers do), you’re almost certain to need to have the property appraised.

But don't rush out and start contacting appraisal companies – this process will be handled by your lender and coordinated with the listing agent if the appraiser needs to conduct an in-person visit to the home.

Nonetheless, you'll want to keep up-to-date on the progress, and in some cases, you may need to pay the appraisal fee when it's ordered.

Obtain Homeowners' Insurance

You can also expect your lender to require you to obtain homeowners' insurance prior to closing. Oftentimes, they'll need to have a copy of your insurance binder to even move your loan application into underwriting.

This means that the sooner you can secure home insurance, the better your chances of getting your mortgage processed promptly and closing on time. However, make sure that you’re shopping around for insurance policies – rates vary and can impact your overall housing costs.

One tip: If you currently have auto insurance, consider starting there. Many companies will offer a discount for bunding multiple types of policies, but still make sure you get a few competing quotes before making your final decision.

Schedule Movers

Moving can be hard work. While a majority of buyers choose to move themselves, moveBuddha reports that more than one-third opt to hire either full-service professionals or a moving container company to transport their belongings.

If you’re planning to schedule movers, make sure to book them well in advance of your closing date, as availability can dry up – or cost more – at the last minute.

Conduct a Final Walkthrough

One of the last things you'll need to do before you close on your new home is conduct a final walkthrough. In some cases, this may be done a couple of days before closing. Other times, you'll meet with your agent to do the walkthrough on your way to sign the paperwork.

This final walkthrough is your opportunity to ensure that the home is still in the same condition as when you initially toured it, or that any work that was supposed to be completed has been done. It can also be a chance to verify that the property is vacated and ready for you to move in.

It may seem like a formality, but I always remind my clients that walkthroughs are an essential step in the homebuying process that protects the terms that they agreed to.

Some of the Issues That Can Arise

As I mentioned at the beginning, while the homebuying process is pretty straightforward, it’s not always smooth sailing between offer acceptance and the closing table. Here are four of the most common issues that tend to arise.

1. Problems Discovered During the Home Inspection

Just how important is a home inspection? Let me give you an example:

During one townhouse transaction, the inspector discovered evidence of past water damage that had been concealed with fresh paint. We brought in a specialist who confirmed there was a recurring leak from the roof, which hadn't been previously disclosed.

My buyer used this as leverage to renegotiate their offer. While the seller initially resisted, we were able to reduce the purchase price by enough to cover the cost of repairs.

A good inspection is worth its weight in gold and can shift the terms of a deal in your favor.

2. The Appraisal Comes Back Low

One issue that can throw a wrench into the financing process is when the property appraises for less than the contract price. That’s because lenders calculate the amount they’re willing to lend as a percentage of the home’s value.

For example, a lender is willing to lend 90% on your $500,000 home purchase. It appraises for $490,000, but the seller still wants $500,000. The lender will only give you a loan for 90% of $490,000, or $441,000. There's a $9,000 gap between the lender's maximum loan and the loan you expected.

If the appraisal comes back low, you may need to either negotiate a lower sales price or come up with a larger down payment – and sometimes both.

I recently encountered this scenario with a co-op that was under contract for $1.25 million, but appraised at $1.18 million. The buyer didn’t have the funds to cover the $70,000 shortfall, and the seller wasn’t initially willing to reduce the price.

Closing the deal meant negotiating a middle ground: the seller dropped the price to $1.22 million, and the buyer agreed to pay the $40,000 gap out of pocket. It was a stressful 72 hours, but we made it work.

3. Unexpected Life Events

Sometimes, unexpected life events – even positive ones – can pop up at the most inopportune times.

One client I worked with received a sudden out-of-state employment offer just days after signing her contract. It was a dream job, but it forced her to reconsider the home purchase.

We explored all options, including assigning the contract or forfeiting her deposit. In the end, she negotiated a delayed start date at the new job and went ahead and closed on the property. She rented it out until she moved back to New York.

That experience was a lesson in balancing emotional decisions with the reality of signed obligations – and I helped her understand both the contractual and personal ramifications before making a decision.

4. Issues With the Final Walkthrough

I talked about how the final walkthrough is an essential step in the homebuying process. Here's an example of why:

During one walkthrough, right before closing, we discovered that the seller had replaced the high-end refrigerator – which was explicitly listed in the contract – with a cheaper model. I immediately contacted the seller's attorney, and we got all parties to delay the closing by 24 hours while we resolved the issue.

The seller ultimately offered a cash credit at closing to cover the cost of the swap, which the buyer accepted and went ahead to purchase the home.

Sometimes, however, issues with the final walkthrough can derail a deal at the very last minute.

Stay On Top of Contingency Timelines

There's a good chance – especially as a first-time buyer – that you have one or more contingencies built into your purchase contract. We've already touched on a couple, such as an inspection contingency or HOA approval contingency.

These are clauses that give you the option to cancel your purchase agreement in specific scenarios, like when problems arise during the inspection or if you fail to secure HOA approval.

But it's vital to make sure that you're aware of – and proactive about – the contingency timelines.

I had a buyer who was one day away from their financing contingency deadline, and they still had not received a final loan commitment. It turned out that the lender was still waiting on tax documents from the buyer's accountant.

We worked closely with the lender and CPA to push it over the finish line. In the end, the commitment letter came in just a few hours before the deadline. This experience taught my client that even with processionals involved, it's crucial to stay active in the process – the most minor paperwork delay can sometimes put the whole deal at risk.

Keep In Touch With Your Lender

That leads me to my last point: make sure that you keep in touch with your lender every step of the way.

You can’t become relaxed just because your offer has been accepted and you've submitted your loan application. That's only the start.

I once worked with a buyer who disengaged with the process immediately after signing the contract, assuming their lender would "take care of everything." Weeks later, I learned that the bank financing the purchase had never received the borrower's updated income verification. Because of this, we almost missed the loan commitment deadline.

Since then, I have set regular check-ins with my clients and their lenders to ensure that no detail is overlooked. Staying engaged as a buyer can often prevent costly delays.

Remain Responsive and Resilient All the Way Until Closing

I always celebrate when a client gets a deal accepted, but I also remind them: “It’s not done until you have the keys in your hand.”

Your agent and your lender will both be there to help guide you through the process. Still, stay focused and responsive throughout, while remaining emotionally prepared in case issues arise.

With my clients, I emphasize resilience and reassure them that delays or obstacles don't mean failure – they just mean that we may need to pivot and come up with a different solution.