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The seller accepted my offer. What happens now?

Congratulations! You have an accepted offer!  Depending on the offer terms, you may be conducting an inspection, appraisal or going through some other contingency process. Most commonly you will have a whole house inspection completed by an inspector. That usually happens during the first 10 days following mutual acceptance. Once that’s completed you may request certain repairs to be completed by the seller or at the seller’s expense. Your buyer’s agent will help you negotiate that process. Once both buyer and seller agree and you’ve waived the inspection contingency, you will most likely have an appraisal completed, always if you are securing financing. The appraiser is a third party that comes into the house to determine if the value is high enough to support your loan amount. Once that is complete and the value is good, your lender then works to get the loan closed. Closing is when your funds are transferred to the seller and you get the keys to your new home. This whole process typically takes 30 – 45 days. A cash offer can often close more quickly. There are other contingencies and processes depending on your situation that we can discuss case by case.

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