Your Offer Was Accepted. Here Is What Happens Next

The seller said yes. Take a moment to celebrate, because getting an offer accepted is a real accomplishment. Then take a breath, because the weeks between a signed contract and closing day are when a lot of the important work gets done. Knowing what is coming helps you stay calm, hit your deadlines and protect yourself along the way.

Call Your Lender and Your Insurance Agent Right Away

The first two calls you make should be to your loan officer and to a homeowners insurance agent. Your purchase contract almost always includes dates you need to meet, and your financing timeline is usually the tightest one.

• Your lender will need a copy of the signed contract so they can lock in your loan details, order the appraisal and move your file into underwriting. Expect requests for updated pay stubs, bank statements or letters explaining items on your credit report. Answering quickly keeps things on track.
• Your insurance agent will quote coverage for the specific property. Lenders typically require proof of homeowners insurance before closing, and in some areas you may also need separate flood or wind coverage. Shopping this early avoids a last-minute scramble.

This is also a good time to avoid big financial changes. Hold off on opening new credit cards, financing furniture or changing jobs until after closing, since any of these can affect your approval.

Book a Home Inspection Quickly

Most contracts give you a limited window to complete inspections, so schedule one as soon as you can. The buyer usually pays for the inspection, and it is money well spent. An inspector looks at the structure, roof, plumbing, electrical, heating and cooling systems and much more, then documents what they find.

Inspector licensing rules differ from state to state, and not every state requires a license at all. Ask your real estate agent for referrals, read reviews and confirm the inspector carries insurance. A good inspector will welcome you to attend. If one discourages you from being there, consider that a warning sign.

Why You Should Be There in Person

Walking the home with the inspector is one of the best learning opportunities you will get. You can ask questions as issues come up, see where the water shutoff and electrical panel are, and get practical maintenance tips. The seller is usually not present, so you can speak freely.

Reading the Report Without Panicking

A written report typically arrives within a few days. Do not be alarmed if it is long. Every home has issues, and older homes can produce pages of notes. The trick is sorting what matters from what does not.

• Serious concerns include foundation movement, damaged floor joists or framing, active roof leaks, failing electrical systems, or signs of significant water intrusion. These can be expensive and may affect your safety or your loan.
• Moderate items might be an aging water heater or a heating and cooling system near the end of its life. These are worth budgeting for even if you do not ask the seller to address them.
• Minor items such as a loose railing, a dripping faucet or worn caulk are normal upkeep and usually not worth fighting over.

Deciding How to Respond

Once you understand the report, you and your agent will decide on your next move. Depending on your contract and situation, you can typically:

1. Ask the seller to make repairs before closing, ideally by licensed professionals with receipts provided.
2. Request a price reduction or a credit so you can handle the work yourself after you move in. Credits may be subject to loan program limits, so check with your loan officer first.
3. Accept the home as is if the findings are minor.
4. Walk away if your contract allows it and the problems are more than you are willing to take on.

Keep your requests focused on the big items. Sellers are far more willing to negotiate over a failing roof than over a list of cosmetic nitpicks, and a reasonable approach keeps the deal moving.

From Appraisal to Closing

While you handle inspections, your lender orders an appraisal to confirm the home’s value supports the loan amount. After that, underwriting completes its review, you receive your Closing Disclosure to review, and you schedule a final walkthrough shortly before signing. If you want a refresher on your loan choices or estimated payment along the way, our mortgage calculator and loan program comparison are good places to start.

Have an accepted offer, or hoping to have one soon? A FLO Mortgage loan officer can help you map out every step between contract and closing. Reach out to our team and we will help you get to the finish line.

This article is for general education and is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines and program availability. FLO Mortgage, Company NMLS #1835856. Equal Housing Opportunity.