What Happens After an Offer Is Accepted? A Buyer’s Guide to Closing

An accepted offer starts the work of buying a home. The buyer and seller follow the signed purchase agreement while the buyer arranges inspections, completes financing, reviews the property’s title, secures insurance, and prepares for closing. The dates and rights that matter most are in the contract, so read it with your agent before scheduling the next step.

For buyers considering Louisville, Jeffersontown, Fern Creek, or Southern Indiana, the sequence is familiar, but deadlines and procedures can differ by contract and location. Visitors exploring the area can use this guide to understand what happens between a tour and a move. Investors should pay particular attention to financing, occupancy, and property records.

What should you do first after the seller accepts your offer?

First, get the fully signed purchase agreement and make a calendar of every deadline in it. Confirm the price, deposit, included appliances or fixtures, inspection and financing terms, closing date, and possession date. Send the agreement to your lender and follow the instructions for delivering the earnest money deposit to the named holder by the contractual deadline.

An acceptance communicated by phone or text is no substitute for checking the complete signed paperwork. Ask your agent which notices must be in writing, who must receive them, and how the contract counts days. Keep receipts and signed amendments in one place.

What is earnest money, and when is it due?

Earnest money is a deposit made under the purchase agreement to show the buyer’s commitment. The contract states the amount, recipient, and delivery deadline. If the purchase closes, the deposit is generally credited toward the buyer’s down payment or closing costs. If the deal ends, the contract and reason for termination determine what happens to the money. Consumer Financial Protection Bureau

Do not assume the deposit is automatically refundable because an inspection reveals a problem or a lender denies a loan. Notice deadlines, financing terms, inspection rights, and any dispute provisions matter. Ask your agent or a real estate attorney to review the agreement if you are considering cancellation. Consumer Financial Protection Bureau

When do inspections happen, and what if they find problems?

Arrange the home inspection within the period allowed by the contract. An independent inspector examines accessible components and reports observed conditions; the inspection does not promise that every future problem will be found. If the report identifies concerns, the buyer may request repairs, seek a credit, investigate further, proceed as written, or exercise a contractual exit right if one applies.

Read the full report and focus on safety, water entry, the roof, structure, electrical and plumbing systems, heating and cooling, and any recommended specialist review. For a rental or small multifamily property, check each unit and shared systems the agreement permits you to inspect. Put agreed repairs or credits into a signed amendment and specify how completion will be verified. The seller does not automatically have to make every requested repair. An inspection is also different from a lender’s appraisal. Consumer Financial Protection Bureau

What happens to your mortgage application after acceptance?

Send the signed contract to your lender and answer document requests quickly. The lender verifies income, assets, debts, the property’s value, insurance, and other loan requirements before deciding whether the loan can close. A preapproval is a useful start, but it is not final loan approval. Keep money needed for closing available and tell your loan officer about financial changes.

Your lender may ask for updated pay records, bank statements, explanations of deposits, or information about the property. Avoid taking on new debt or applying for other credit without checking with your loan officer first. If you are buying an investment property, confirm that the lender is evaluating it under the correct occupancy and loan terms. Consumer Financial Protection Bureau

What if the home appraises below the agreed price?

A low appraisal means the lender’s valuation is below the contract price; it does not automatically cancel the sale. The buyer and seller may discuss a lower price, the buyer may bring more funds if the loan permits it, or the parties may review the valuation. Whether the buyer can leave without losing the deposit depends on the contract. Consumer Financial Protection Bureau

Ask the lender what the appraisal means for the loan amount and cash needed to close. Share any factual errors in the report through the lender’s review process. Do not assume the seller must reduce the price or that the lender will finance the gap.

What does the title review check?

The settlement professional reviews the property’s ownership records before the deed changes hands. A title search can uncover recorded liens, ownership issues, or other claims that must be addressed. The buyer also reviews available property documents, insurance needs, and any survey or association information required by the contract or lender. Clear answers now can prevent a closing delay. Consumer Financial Protection Bureau

Ask who will resolve any title exception and whether the lender requires a lender’s title insurance policy. An owner’s policy is separate and protects a different interest. For investors, verify the agreed status of tenants, leases, deposits, access, and possession through documents and the contract; do not rely on a listing description alone.

Can the closing date change after an offer is accepted?

Yes, the parties can agree to change the closing date, but the signed contract remains the starting point. Inspection negotiations, repairs, a title issue, appraisal questions, or unfinished loan conditions can affect the schedule. Tell your agent and lender about a possible delay early. If the date changes, have the parties document the new agreement in writing.

Before booking nonrefundable movers or ending a lease, confirm that the lender and closing team are ready. A delay can also affect an interest rate lock or the seller’s next move, so ask the relevant professionals about the effects of an extension before signing it.

What should buyers check before closing?

Review the final figures, arrange insurance and utilities, confirm closing instructions, and complete a final walk-through. For most covered mortgages, the lender must deliver a Closing Disclosure at least three business days before closing. Compare its loan terms, fees, credits, deposit, and cash to close with your earlier Loan Estimate and the purchase agreement. Report errors immediately. Consumer Financial Protection Bureau

During the walk-through, check the property’s condition, agreed repairs, and items the seller promised to leave. It is a chance to identify a new problem before signing, not a second full inspection. Verify payment instructions by calling the closing office at a phone number obtained independently; an email claiming that wire instructions changed may be fraudulent. Consumer Financial Protection Bureau

What happens on closing day, and when do you get the keys?

At closing, the parties sign required documents, the buyer provides the remaining funds, and the closing professional completes settlement and transfer steps. With a mortgage, the buyer signs a promissory note and security instrument; the seller signs a deed. Ask the closing team when funds and recording are complete and follow the possession terms in the contract before moving in. consumerfinance.gov

Bring acceptable identification and any documents the closing office requests. Compare the final paperwork with the Closing Disclosure and ask about any difference before signing. Closing, funding, recording, and possession may not all occur at the same moment. A seller may have a contractual period to remain after closing.

Can a buyer or seller back out after acceptance?

Either party should read the contract before treating an accepted offer as optional. Inspection, appraisal, financing, title, and other provisions may give a party a specific way to renegotiate or terminate within a deadline. Without an applicable right or mutual written agreement, walking away can carry financial or legal consequences, including a dispute over the deposit.

If a problem develops, contact your agent immediately and preserve the relevant report, lender letter, or other evidence. A local real estate attorney can explain rights under the signed contract and applicable state law. The same caution applies to cash buyers: removing a financing step does not remove other contract obligations.

How can a local agent help between acceptance and closing?

A local agent can keep the contract dates in view, coordinate access, relay written requests, and help the buyer track decisions through closing. The lender, inspector, insurer, and settlement professional each have separate responsibilities. Good coordination helps the buyer get answers before a deadline passes, especially when inspections, financing, and a move happen at the same time.

If you are planning a home purchase or rental investment in Louisville, Jeffersontown, Fern Creek, or Southern Indiana, contact Matthew Hoagland and The Hoagland Team of RE/MAX Premier Properties to discuss your search and the steps in your specific transaction. The signed contract and your lender’s and closing professional’s instructions will control the details.

General information, not legal, tax, or lending advice. Contract terms and procedures vary by transaction and state.

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