What Happens After Your Offer Is Accepted?

Getting your offer accepted is exciting. After all the searching, comparing homes, and waiting, you finally have a seller who said yes.

But what happens next?

If you’re buying a home in Ann Arbor, Michigan, the time between an accepted offer and closing is when several important things happen. You’ll work through inspections, financing, the appraisal, and the paperwork needed to transfer ownership.

Here’s what to expect and what you can do to keep things moving.

Once you and the seller have signed the purchase agreement, you’re officially under contract.

The agreement lays out the terms of your purchase, including:

• The purchase price

• Your closing date

• Your earnest money deposit

• Inspection provisions and deadlines

• Financing and appraisal terms, if included

• Any other agreed-upon conditions

Take time to read through the signed agreement and keep a copy somewhere you can easily find it. The dates in your contract matter. Missing a deadline can affect your options, depending on the terms you agreed to.

Your real estate agent can help you understand the timeline and what needs your attention first.

If you’re still getting familiar with the buying process, understanding what happens after your offer is accepted can make the next few weeks feel much more manageable.

Earnest money is a deposit that shows the seller you’re serious about buying the home.

Your purchase agreement should explain how much you’re depositing, where it goes, and when it’s due. Follow those instructions carefully and keep a record of your payment.

Earnest money is generally credited toward your purchase at closing. What happens to it if the transaction falls through depends on your contract and the circumstances.

One thing to remember: Don’t assume you can get your deposit back automatically if you change your mind. Review your contract and talk with your agent before making decisions that could affect it.

The inspection is your chance to learn more about the home’s condition before closing.

A home inspector typically evaluates major visible systems and components, such as the roof, foundation, plumbing, electrical systems, heating, and cooling.

The inspection may uncover repairs or maintenance issues you didn’t notice during your showing.

After you receive the report, you can review the findings with your agent and decide how to proceed within the terms and deadlines of your agreement.

Depending on your contract, you may be able to request repairs, discuss a credit, continue with the purchase as agreed, or use an available inspection contingency.

Not every issue needs to become a negotiation. The goal is to understand the home and make an informed decision.

If you’re financing the purchase, your lender will continue processing your mortgage application.

You may need to provide documents such as:

• Recent pay stubs

• Bank statements

• Tax returns

• Employment information

• Explanations for certain deposits or transactions

Respond to your lender’s requests as quickly as you can. Delays in providing paperwork can slow down the loan process.

Try not to make major financial changes while your mortgage is being reviewed. Before taking on new debt, changing jobs, or moving money between accounts, check with your lender.

Even if you’ve already received a preapproval, your lender still needs to complete the underwriting process before your loan is cleared to close.

An appraisal gives the lender an independent estimate of the home’s value.

The lender uses it to help determine whether the property supports the amount you’re borrowing. The appraisal is different from a home inspection: an appraisal focuses on value, while an inspection focuses on condition.

If the appraisal comes in below the purchase price, your agent and lender can help you understand the options available under your contract and financing terms.

Depending on the situation, you may be able to discuss a price adjustment with the seller, bring additional funds, or consider other options allowed by your agreement.

Don’t assume a low appraisal automatically ends the transaction. Your next steps depend on the contract and your financing.

The title company or closing professional helps prepare the paperwork and coordinate the transfer of ownership.

This part of the process can include reviewing the property’s title history, identifying issues that need to be addressed, and preparing documents for closing.

You may also receive requests for information or signatures.

Read what you’re given and ask questions if something doesn’t make sense. If you’re unsure who should receive a payment or document, confirm the instructions using a trusted phone number before sending anything.

Be especially careful with wire instructions. Real estate transactions can be targets for payment scams, so don’t rely on unexpected emails alone to verify where your money should go.

If you’re getting a mortgage, your lender will generally require homeowners insurance before closing.

Start shopping for coverage early enough to compare policies and provide the necessary information to your lender.

Ask about the coverage, deductible, exclusions, and effective date. Make sure the policy details match your property and closing timeline.

Your lender or closing team may need proof of insurance before the transaction can be finalized.

Before closing, your lender will provide a Closing Disclosure with the final details of your mortgage.

It includes information such as:

• Your loan amount and terms

• Your estimated monthly payment

• Closing costs

• Cash needed to close

Review it carefully and compare it with the earlier estimates you received. If you see a number you don’t understand or something that looks different from what you expected, ask your lender or closing professional to explain it.

Your closing costs are separate from your down payment, so make sure you understand the additional costs you’ll need to budget for when buying a home in Ann Arbor.

Make sure you know how much money you need to bring and how the closing team wants you to deliver it.

The final walk-through usually happens shortly before closing.

It gives you a chance to check the home’s condition and confirm that agreed-upon items are in place. You can also check whether any repairs that were part of your agreement have been completed.

This isn’t a replacement for the inspection. It’s a final opportunity to look at the property before you sign and take ownership.

If you notice a concern, contact your agent promptly so you can discuss it before closing.

At closing, you’ll review and sign the documents needed to complete the purchase.

You’ll also handle the remaining funds due under your agreement and loan terms. The closing professional will explain the signing process and help coordinate the required paperwork.

Once the transaction is completed and ownership has transferred according to the closing process, you’ll receive the keys based on the agreed arrangements.

You’re now a homeowner.

A few simple habits can help you avoid unnecessary stress during the process.

Missing deadlines. Keep track of inspection, financing, and other dates in your contract. Ask your agent if you’re unsure what’s due next.

Making big financial changes. New debt or changes to your finances can affect your mortgage approval. Talk to your lender before making major moves.

Ignoring the inspection report. Take time to understand the findings and ask questions about anything that concerns you.

Waiting too long to arrange insurance. Start early so your lender has the information it needs before closing.

Trusting unexpected payment instructions. Verify wiring details directly with your closing professional using a trusted phone number.

It can also help to understand how competitive the Ann Arbor housing market can be, because the circumstances surrounding your offer may affect how much negotiating room you have once you’re under contract.

Example 1: The inspection finds a roof concern.

Imagine your inspector notices signs of possible roof damage. You review the report with your agent and discuss what the contract allows. Depending on the findings and your agreement, you might ask the seller about repairs or consider another option.

The important thing is to understand the issue and respond within the applicable deadlines.

Example 2: The appraisal is lower than the offer price.

Imagine you agreed to buy a home for more than its appraised value. Your lender explains how the appraisal affects your loan. You and your agent review the contract and discuss possible next steps, which may include talking with the seller or reviewing your available financing options.

These are hypothetical situations, not accounts of specific clients or transactions.

How long does it take to close after an offer is accepted?

The timeline depends on your contract, financing, and the work that needs to be completed. Many financed purchases take several weeks, but your closing date is set by the agreement and can vary.

Can I back out after my offer is accepted?

Your options depend on the purchase agreement, any contingencies, deadlines, and the reason you want to withdraw. Review your contract and speak with your agent before taking action.

What happens if the inspection finds major problems?

Your options depend on the inspection terms in your contract. You may be able to discuss repairs or other solutions with the seller, or use a contingency if one applies.

When do I get the keys?

You generally receive the keys after closing is completed and the agreed conditions for possession have been met. Confirm the timing with your agent and closing professional.

What should I do first after my offer is accepted?

Read your signed purchase agreement, note your deadlines, and connect with your lender. Your agent can help you organize the next steps.

An accepted offer is a big milestone, but there are still important steps between contract and closing.

If you’re buying in Ann Arbor, having someone walk you through the deadlines, paperwork, and decisions can make the process easier to follow. The goal is to know what’s coming, understand your options, and feel prepared as you move toward closing.

If you have questions about buying a home in Ann Arbor, Nancy Arnold, Realtor® with The Charles Reinhart Company, can help you understand the process and plan your next steps.