What Happens Next When You Put in an Offer

Once you’ve found your dream home and you’ve worked with your agent to negotiate an offer they can’t refuse, what happens next? Patience is tough, yet a few more steps remain before the keys are finally in your hands, making it worthwhile..

The typical timeline from offer acceptance to closing is around 30 to 45 days. Your agent will help you manage the final negotiation. Once your offer is submitted, the home seller may take up to three days to accept, reject, or counter-offer. Once an offer is accepted, the buyer has three more days to make an earnest money deposit, which is typically up to 3% of the purchase price. This proves the seriousness of the offer, and a purchase agreement is signed.

Next an inspection will be ordered to determine the state of the home’s structure and systems. The inspector may point out items that the seller may need to fix before closing, or lower the purchase price to allow the buyer to fix them. While this is happening, the mortgage lender is doing their due diligence behind-the-scenes to finalize loan papers for closing. This may include an appraisal of the home to determine its market value for the loan.

What is the last step? The last step happens after all closing papers were signed and the title was transferred. Though it appears lengthy, these steps will swiftly lead you to your new home, making the process feel seamless. Contact Tony Ciancanelli for all your Real Estate needs.

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