Your offer on a house just got accepted. The excitement is real, but that accepted offer is just the beginning. Between now and closing day, you need to clear financing, inspections, appraisal, title work, and a final walk through before the home is yours. Here is every step, in order, with real deadlines and dollar amounts.
Key Takeaways
- Once the seller accepts your offer, you enter a legally binding agreement called a purchase agreement. You are “under contract,” but you still need to satisfy financing, inspection, appraisal, title, and insurance requirements before the closing date.
- Your first two time-sensitive tasks: deposit earnest money (typically within 1-3 business days) and schedule a home inspection within the first 10 days of acceptance.
- The period between an accepted offer and closing typically spans 30 to 45 days for financed deals. Cash buyers and experienced local companies like Signature Properties, https://www.sellmyphillyhouse.com/we-buy-houses-cherry-hill-new-jersey/, in Philadelphia and New Jersey can close in as few as 7-14 days.
- Most contracts include contingencies (inspection, financing, appraisal) that protect your earnest money if you need to back out for a valid reason during due diligence.
- Staying in close contact with your real estate agent, mortgage lender, title company, and a reputable local expert is the best way to avoid delays and surprises throughout the entire process.