Offer Accepted! Now What? A Step-by-Step Guide for Buyers

Congratulations! You’ve found the perfect home, made an offer, and received that exciting call: your offer has been accepted! While this is a huge milestone in your home-buying journey, there are still several important steps before you get the keys. Here’s a step-by-step guide to help you know what comes next:

Step 1: Open Escrow and Deposit Earnest Money

Once your offer is accepted, escrow is opened. This neutral third party holds all funds and documents until closing. You’ll also provide an earnest money deposit (typically 1–3% of the purchase price), which shows your commitment to buying the home.

Step 2: Schedule a Home Inspection

A home inspection is your opportunity to learn more about the property’s condition. A licensed inspector will evaluate the home’s structure, systems, and safety features. Depending on the results, you may renegotiate with the seller for repairs or credits.

Step 3: Secure Financing

Even if you’re pre-approved, your lender will now finalize the loan process. This includes an appraisal to ensure the home’s value matches the purchase price, underwriting, and verification of your financial details.

Step 4: Review Disclosures and Documents

The seller will provide property disclosures detailing known issues or past repairs. You’ll also receive HOA documents (if applicable) and title reports. Reviewing these thoroughly ensures there are no surprises.

Step 5: Conduct an Appraisal

Your lender requires an appraisal to confirm the home’s market value. If the appraisal comes in lower than the agreed purchase price, you may need to renegotiate or cover the difference.

Step 6: Final Walkthrough

Before closing, you’ll have a chance to walk through the property one last time. This ensures agreed-upon repairs were made and that the home is in the same condition as when you made the offer.

Step 7: Closing Day!

On closing day, you’ll sign the final paperwork, pay any remaining funds (closing costs and down payment), and officially take ownership. Once the deed is recorded, the keys are yours!

Final Thought

Having your offer accepted is thrilling, but the journey isn’t over until the keys are in your hand. By staying organized and working closely with your real estate agent and lender, you can move through each step with confidence.

At Magnolia Homes and Land, we’ll be right by your side to guide you through the process, answer your questions, and celebrate with you at closing.