What Really Happens After You Accept an Offer?

Most sellers assume that once they accept an offer, the hard part is over. In reality, the first few weeks of escrow are when the deal is truly put to the test.

Once escrow opens, the buyer begins inspections, the lender works through financing and orders an appraisal, and the title company makes sure the property can transfer properly. The seller may also need to provide documents, respond to repair requests, negotiate credits, or address issues uncovered during the buyer’s investigation.

Deals rarely fall apart at the closing table. If a transaction runs into trouble, it’s more likely to happen during these  first few weeks because of an inspection issue, low appraisal, financing problem, or unresolved contingency. Good communication and quick decisions can make a big difference in keeping everything on track. That doesn’t mean sellers should expect problems. Most escrows move forward without major surprises. Being prepared makes it easier to understand your options and make decisions without feeling rushed or caught off guard. Even if selling is still a few years away, knowing what happens after you accept an offer can make the process feel much less daunting when the time comes. Getting a good offer is one part of a successful sale. Getting it all the way to closing is the other.

Q: When is an accepted offer really a done deal?

A: Not when you accept it.

An accepted offer still has to make it through the buyer's inspections, financing, appraisal, and any other contingencies in the contract. Until those contingencies are removed, there may be circumstances that allow the buyer to cancel without losing their deposit.

Once contingencies are removed, the transaction becomes much more secure. But the sale isn't officially closed until the buyer's funds are in, the lender has funded if there's a loan, and the deed has been recorded.