Key Takeaways
Making Your Offer
The home-buying journey shifts from browsing to serious business the moment you submit a purchase offer. A written offer — typically a purchase and sale agreement — spells out the price you're willing to pay, your proposed closing date, and any contingencies (conditions that must be met for the sale to proceed). Common contingencies include financing, home inspection, and appraisal.
Along with the offer, buyers usually submit earnest money — a good-faith deposit, often 1%–3% of the purchase price, held in escrow. If the deal closes, it applies toward your costs. If the seller backs out without cause, you typically get it back. If you back out outside your contingency protections, you may forfeit it.
For a detailed look at structuring a competitive offer, see our guide to making an offer on a house.
Submit your earnest money promptly after an offer is accepted — delays can signal weak commitment to sellers and may complicate the timeline.
In competitive markets, how quickly a buyer follows through on procedural steps can influence a seller's confidence in the deal moving forward.
Get your lender pre-approval updated right before submitting an offer — lenders typically issue pre-approval letters for 60–90 days, and sellers may scrutinize the date.
A stale pre-approval can raise seller concerns about whether financing is still solid, especially if market conditions or rates have shifted.
Attend the home inspection in person and ask the inspector to explain findings on-site, rather than relying solely on the written report.
Inspectors routinely note issues that read alarming on paper but are minor in context — direct conversation helps buyers make proportionate negotiating decisions.
What Happens After the Seller Accepts
Once both parties sign the purchase agreement, you enter the under contract phase. The clock starts on your contingency deadlines, and several parallel processes kick off simultaneously.
- Your lender begins formal loan processing and orders the appraisal.
- A title company or real estate attorney opens escrow and begins a title search to confirm the seller has clear ownership and no undisclosed liens.
- You schedule a home inspection, usually within 7–10 days of contract execution.
Staying organized during this period is critical. Missing a contingency deadline can mean losing your deposit or your right to exit the deal without penalty. Keep all communications in writing and confirm timelines with your agent and lender regularly.
Contingency Deadlines Are Binding
Each contingency in your contract has a specific deadline. If you miss a deadline without invoking or formally waiving the contingency, you may lose your right to use it — and potentially your earnest money. Work with your agent to track each date from the moment the contract is signed.
The Home Inspection
A licensed home inspector examines the property's structure, roof, electrical systems, plumbing, HVAC, and more — typically over two to four hours. You're encouraged to attend so you can ask questions directly and understand any findings in context.
The resulting report arms you with facts. You can then negotiate repairs, request a price reduction, ask for a credit at closing, or — if findings are significant enough — walk away under the inspection contingency. Sellers aren't obligated to fix everything, and negotiations at this stage can require flexibility from both sides.
For a broader look at what the paperwork entails at each stage, our guide to key home purchase documents explains what each form means and when you'll see it.
Mortgage Underwriting and Appraisal
While inspection negotiations proceed, your lender's underwriting team verifies your income, assets, credit, and employment. This process can take one to three weeks. Respond promptly to any requests for additional documentation — delays here are one of the most common reasons closings are pushed back.
Simultaneously, an independent licensed appraiser evaluates the home's market value. Lenders require this to ensure they aren't lending more than the property is worth. If the appraisal comes in below the agreed purchase price, you'll need to renegotiate the price, make up the difference in cash, or invoke the appraisal contingency to exit the contract.
30–60 days
Typical time from offer acceptance to closing
The exact timeline depends on loan type, lender capacity, and local market practices; cash purchases can close significantly faster.
2%–5%
Closing costs as a share of loan amount
According to the Consumer Financial Protection Bureau, buyers should budget for closing costs in this range on top of their down payment.
~81%
Purchases that included an inspection contingency
National Association of Realtors data has consistently shown the vast majority of buyers include inspection contingencies in their offers.
The Final Walk-Through
Usually scheduled 24–48 hours before closing, the final walk-through is your opportunity to confirm the property is in the agreed-upon condition. Check that any negotiated repairs have been completed, that all included appliances and fixtures are present, and that the seller has vacated and left the home reasonably clean.
This is not a second inspection — it's a verification step. If you find unexpected damage or missing items, notify your agent immediately. Solutions can include a closing credit, a repair holdback in escrow, or in rare cases, a brief closing delay.
First-time buyers often encounter surprises here and at other stages. Our article on things first-time buyers wish they'd known before closing covers the most common gaps so you can anticipate them.
Closing Day: What to Expect
At least three business days before closing, federal law (the TRID rule) requires your lender to provide a Closing Disclosure — a five-page document detailing your final loan terms, monthly payment, and all closing costs. Review it carefully and compare it with your Loan Estimate to spot any discrepancies.
At the closing table — which may be in person at a title company, attorney's office, or conducted remotely via electronic notarization — you'll sign a stack of documents, including the promissory note, deed of trust (or mortgage), and transfer documents. You'll also bring certified funds or wire your closing costs and down payment.
Once all documents are signed and funds are disbursed, the deed is recorded with the local county, and you receive the keys. The property is now yours.
For readers still weighing ownership versus renting, our overview of the full rental process offers a useful side-by-side perspective on the renting path.
If you're earlier in the journey and want a complete orientation from search through closing, see our first-timer's guide to buying a home.
This article is for general informational and educational purposes only. It is not legal, financial, or real estate advice. Readers should consult a licensed real estate professional, lender, or attorney for guidance specific to their situation.