What Happens After Your Offer Is Accepted on a House?

Updated October 10, 2026

By Stacy Schlesinger | President, Platinum Lending Solutions | NMLS #252075

You’ve found a home, submitted an offer, and received the news you’ve been hoping for: the seller accepted!

It’s an exciting milestone, but the homebuying process isn’t finished yet.

Once your offer is accepted, several important things begin happening, often at the same time. You’ll need to complete inspections, satisfy contract deadlines, finalize your mortgage financing, and prepare for closing.

An accepted offer means you and the seller have entered into a purchase agreement. It doesn’t mean the home is officially yours or that your mortgage has received final approval.

Understanding what happens next can help you stay organized, avoid unnecessary complications, and move toward closing with realistic expectations.

Here’s what to expect.

1. Review Your Purchase Agreement and Important Deadlines

Once both parties have signed the purchase agreement and it becomes effective, the transaction moves into the next phase.

Your contract establishes the terms of the purchase, including important dates and obligations.

These may include:

• Earnest money deadline: When your initial deposit must be delivered.
• Inspection period: The time available to complete inspections and exercise applicable inspection rights.
• Financing contingency: Requirements and deadlines related to obtaining mortgage financing.
• Appraisal provisions: Terms addressing the property’s appraised value and any related contingency.
• Closing date: The agreed date for completing the transaction, subject to applicable requirements.

These deadlines aren’t necessarily the same for every transaction.

Your real estate professional should review the agreement with you and explain which dates require action.

My advice: Keep a written record of your contract deadlines and stay in communication with your agent and mortgage professional throughout the process.

Missing an important deadline can affect your contractual rights and, in some circumstances, your earnest money.

2. Deliver Your Earnest Money Deposit

An earnest money deposit is money you provide under the purchase agreement to demonstrate your commitment to the transaction.

The amount, deadline, and method of delivery are established by the contract.

In many Oregon and Washington transactions, earnest money is held by an authorized escrow or other designated holder while the purchase moves forward.

If the transaction closes successfully, the deposit is generally credited toward your down payment or other funds required at closing.

However, earnest money isn’t automatically refundable under every circumstance.

Whether you can recover your deposit if the transaction doesn’t close depends on the contract, applicable contingencies, deadlines, and the reason the purchase wasn’t completed.

Before delivering your deposit, confirm the payment instructions directly with the authorized party.

For additional information, read our guide to what mortgage escrow is and how it works.

3. Schedule Your Home Inspection

A home inspection is one of the most important opportunities to learn about the property you’re purchasing.

An independent home inspector evaluates accessible components and systems of the home and identifies visible concerns within the inspection’s scope.

The inspection may include reviewing the roof, plumbing, electrical systems, heating and cooling equipment, structural components, and other accessible areas.

Depending on the property, you may also want specialized inspections.

For example, someone purchasing an older home in Tigard, Oregon, may decide to obtain additional information about the roof, sewer line, or other systems based on the home’s age, condition, and initial inspection findings.

I encourage buyers to schedule inspections promptly, particularly when their purchase agreement includes a limited inspection period.

What Happens If the Inspection Finds Problems?

Discovering issues during an inspection doesn’t necessarily mean the transaction is over.

Depending on your contract, the findings, and the seller’s willingness to negotiate, potential responses may include:

• Requesting repairs before closing
• Negotiating a purchase price adjustment
• Discussing an allowable seller credit
• Accepting the property’s condition
• Exercising an applicable inspection contingency

The seller isn’t necessarily required to agree to requested changes.

Your rights and available options depend on your signed contract and applicable deadlines.

An inspection is also different from an appraisal. The inspection helps you understand the property’s condition, while an appraisal primarily helps the lender evaluate the property as collateral.

The Consumer Financial Protection Bureau recommends scheduling an independent home inspection promptly after selecting a property.

4. Send the Purchase Agreement to Your Mortgage Professional

Once your offer is accepted, send your mortgage professional the purchase agreement signed by all required parties. It is needed to review financing for that property.

Even if you’ve already been pre-approved, the lender may need updated documentation and additional information about the home.

This stage typically includes confirming:

• Purchase price and down payment
• Selected loan program
• Property address and occupancy
• Estimated property taxes and insurance
• Applicable HOA dues
• Contract closing date
• Seller contributions or other negotiated financing-related terms

Your mortgage professional can also review your interest-rate options and explain any applicable rate-lock considerations.

If your rate isn’t locked, mortgage pricing may continue to change.

If your rate is locked, it’s important to understand the expiration date and what could happen if the closing is delayed.

My advice: Have your financing reviewed using the actual property information rather than assuming your original pre-approval covers every home at the same price.

5. Complete the Appraisal and Mortgage Underwriting

While you’re completing inspections, the lender will continue evaluating your loan application.

Mortgage underwriting involves verifying your financial qualifications and confirming that the property meets the selected loan program’s requirements.

The lender may review your income, employment, credit, existing debts, assets, and other documentation.

An appraisal or another acceptable property valuation may also be required.

What Happens If the Appraisal Is Lower Than the Purchase Price?

If the property appraises for less than the agreed purchase price, the transaction may require additional discussion.

Possible options, depending on the contract and financing, could include:

• Negotiating a lower purchase price
• Contributing additional acceptable funds
• Requesting a review or reconsideration of the appraisal when appropriate
• Evaluating alternative financing options
• Exercising applicable contractual rights if the issue can’t be resolved

A lower appraisal doesn’t automatically mean the seller must reduce the price or that you can cancel without consequences.

The terms of the purchase agreement, your financing, and any appraisal contingency matter.

What If the Underwriter Requests More Documents?

Additional document requests are common.

You may be asked for updated bank statements, employment information, explanations of deposits, or other supporting records.

Receiving a request doesn’t necessarily mean something is wrong.

It means the lender needs additional information to complete its review.

For a detailed explanation, see our guide to mortgage underwriting and what lenders review.

6. Review Title, Insurance, and Property-Specific Requirements

Several other steps may occur while your financing is being finalized.

The title or settlement company reviews the property’s ownership records and works to identify matters that must be addressed before closing.

You’ll also need acceptable homeowners insurance coverage that meets the lender’s requirements.

If the property is part of a homeowners association or condominium community, additional documentation may be necessary.

For example, a buyer purchasing a condominium in Issaquah, Washington, may need to review association documents, dues, reserves, or other information relevant to the purchase. Depending on the mortgage program, the lender may also need to evaluate the condominium project.

These requirements aren’t identical for every property.

A detached home without an HOA may involve fewer association-related documents, while certain condominiums or specialty properties may require additional review.

The important thing is to identify these requirements early enough to address them before closing.

7. Prepare Your Final Funds and Review the Closing Disclosure

As your transaction approaches closing, you’ll need to confirm the amount of money required to complete the purchase.

This is commonly referred to as cash to close.

It can include your remaining down payment, closing costs, prepaid expenses, and initial escrow deposits, adjusted for earnest money already paid, applicable seller credits, and other transaction details.

The amount may differ from your original estimate as property-specific expenses and loan details are finalized.

For most covered mortgage transactions, you must receive a Closing Disclosure at least three business days before consummation.

This document outlines important information about the mortgage, including:

• Loan amount and interest rate
• Loan term and projected payments
• Final closing costs
• Prepaid expenses and escrow information
• Cash required to close

Compare your Closing Disclosure with your most recent Loan Estimate and ask about any unexpected changes.

Certain changes may require a revised disclosure and, in limited circumstances, a new waiting period.

You can also read our guide to mortgage closing costs.

Protect Your Closing Funds

Real estate transactions are targets for payment-instruction fraud.

Before wiring or transferring closing funds, independently verify the payment instructions with your title or settlement professional using a phone number you have already confirmed.

Never rely solely on an email announcing new or changed wiring instructions.

8. Complete Your Final Walk-Through and Closing

As closing approaches, your real estate agent will typically coordinate a final walk-through, if provided for under your contract.

This is your opportunity to confirm that the property’s condition is consistent with the agreement and that any negotiated repairs or included items have been addressed.

The final walk-through isn’t a replacement for the original home inspection.

It’s a final opportunity to check the property before completing the transaction.

You’ll also sign the documents required to finalize your mortgage and purchase.

Depending on the transaction, signing may take place at a title or escrow office or through another permitted arrangement.

After the necessary documents have been signed, the lender completes its remaining funding requirements, and the settlement professionals coordinate disbursement and recording.

Signing documents doesn’t necessarily mean you immediately own the home or can move in.

The timing of funding, recording, and possession can differ.

Ask your real estate and settlement professionals when the transaction is complete and when you can receive the keys.

What Should You Avoid Doing Before Closing?

Even after your offer is accepted and your mortgage application is progressing, changes to your finances can affect final loan approval.

I encourage buyers to avoid making significant financial changes without first discussing them with their mortgage professional.

That includes opening new credit accounts, financing major purchases, making substantial unexplained deposits, or changing employment arrangements without understanding the potential underwriting implications.

These changes aren’t automatically disqualifying, but they may require additional review.

For more information, see our article on mistakes to avoid after mortgage pre-approval.

How Long Does It Take to Close After an Offer Is Accepted?

The period between an accepted offer and closing often takes several weeks, but there isn’t one timeline that applies to every purchase.

Your actual closing schedule depends on the purchase agreement, lender processing, appraisal requirements, inspection findings, title review, insurance, and underwriting conditions.

Some transactions proceed relatively quickly, while others require more time.

A helpful approach is to confirm which deadlines are established by your contract and which processing milestones are estimates.

If something threatens your agreed closing date, communicate with your real estate and mortgage professionals promptly.

Changing a contractual deadline generally requires agreement or another basis permitted under the contract.

Frequently Asked Questions

Is a house officially mine once my offer is accepted?

No. An accepted offer establishes a purchase agreement, but ownership generally transfers when the applicable closing requirements are satisfied. Signing, funding, recording, and possession may occur at different times.

Can a seller back out after accepting my offer?

The seller’s ability to terminate depends on the purchase agreement and applicable law. An accepted contract generally creates obligations for both parties, but certain contingencies or other provisions may affect those obligations.

Can I lose my earnest money if the purchase doesn’t close?

Potentially. Whether the deposit is refundable depends on your contract, contingencies, deadlines, and the reason the transaction doesn’t close. Review these terms with your real estate professional.

Who schedules the home inspection after an accepted offer?

Buyers generally arrange their inspections, often with assistance from their real estate agent. The timing and any related contractual rights depend on the purchase agreement.

Can the purchase price change after the inspection?

Possibly. Buyers and sellers may negotiate changes based on inspection findings, but neither party is necessarily obligated to agree. Any changes should be properly documented and reviewed for potential financing implications.

What happens if my mortgage is denied after my offer is accepted?

Your available options depend on why financing was denied, whether other financing may be available, and the terms and deadlines of your purchase agreement. A financing contingency may provide certain protections when its requirements are satisfied, but refunds or cancellation rights aren’t automatic.

When do I get the keys to my new house?

The timing depends on your purchase agreement and the completion of applicable closing requirements. In Oregon and Washington, your settlement and real estate professionals can confirm when recording and possession requirements have been satisfied.

The Bottom Line: An Accepted Offer Is Just the Beginning

Having your offer accepted is an exciting milestone, but several important steps remain before the home becomes yours.

From inspections and contract deadlines to underwriting and closing, staying organized and communicating with the people involved in your transaction can make a meaningful difference.

After more than 25 years in mortgage lending, I encourage buyers to understand what needs to happen next rather than assuming everything is complete once a seller accepts their offer.

The process involves multiple professionals, each responsible for different parts of the transaction.

Knowing what to expect, responding promptly, and asking questions when something isn’t clear can help you navigate those final steps with confidence.

Have questions about your financing after an offer is accepted?

At Platinum Lending Solutions, we help homebuyers throughout Oregon and Washington navigate mortgage financing, understand underwriting requirements, and prepare for closing.

I’m happy to answer your questions and help you understand what comes next.

Ask Stacy Your Mortgage Question

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About the Author

Stacy Schlesinger is the President of Platinum Lending Solutions, an independent mortgage brokerage serving Oregon and Washington. With more than 25 years of mortgage lending experience, Stacy helps homebuyers evaluate financing options and navigate the mortgage process.

Stacy Schlesinger | NMLS #252075

Platinum Lending Solutions | Company NMLS #251560

Oregon License #ML-4475 | Washington License #WA CL-251560

Content reviewed October 10, 2026. This article is provided for general educational purposes and is not legal advice, a commitment to lend, or an offer of specific mortgage terms. Purchase contract rights and deadlines depend on the signed agreement and applicable law. Loan eligibility, rates, costs, and terms are subject to change and applicable underwriting requirements. All loans are subject to credit approval.