You found the home. You ran the numbers. You submitted the offer.

Now what?

For many buyers, this is the most anxiety-producing part of the process. The house feels emotionally “yours,” but legally, nothing is final yet. Let’s walk through what actually happens after you submit an offer — step by step — so you know what to expect.

1. The Seller Reviews Your Offer

Once your offer is submitted, the seller (often with their listing agent) will review:

• 💰 Purchase price

• 💵 Earnest money amount

• 🏦 Financing type (conventional, FHA, VA, cash)

• 📅 Proposed closing date

• 🧾 Contingencies (inspection, appraisal, financing, sale of current home)

• 🎁 Concessions (closing cost credits, repairs, inclusions)

According to the National Association of Realtors (NAR), sellers frequently prioritize offer strength and certainty, not just the highest price. That means financing stability and fewer contingencies can sometimes win over a slightly higher bid.

The seller has three options:

1. Accept your offer as-is
2. Reject it outright
3. Counteroffer with modified terms

In competitive markets, you may also be in a multiple-offer situation, and the seller may ask for “highest and best.”

2. Negotiation (If There’s a Counteroffer)

If the seller counters, you’ll review changes with your agent. Common counter points include:

• Purchase price adjustment

• Removal or shortening of contingencies

• Different closing date

• Reduced seller concessions

At this stage, it becomes a structured negotiation. You can:

• Accept the counter

• Counter back

• Walk away

Nothing is binding until both parties sign the final agreement.

3. Under Contract: The Clock Starts

Once both parties sign, you are officially under contract.

This activates your contractual deadlines, which are legally binding. The timeline varies by state, but typically includes:

• Earnest money deposit (usually within 1–3 days)

• Inspection period (often 5–10 days)

• Appraisal and financing deadlines

• Closing date

Your contract governs these dates. The Consumer Financial Protection Bureau (CFPB) emphasizes that buyers should carefully review contract timelines and loan disclosures to avoid missing critical deadlines.

4. Earnest Money Deposit

You’ll submit your earnest money to an escrow or title company.

• It demonstrates good faith.

• It is typically 1–3% of the purchase price (varies by market).

• It is usually credited toward your down payment or closing costs.

Important: It is refundable only if you cancel under a valid contingency.

5. Schedule the Home Inspection

This is one of the most important steps.

A licensed inspector evaluates major systems:

• Roof

• HVAC

• Electrical

• Plumbing

• Foundation

• Structural components

The American Society of Home Inspectors (ASHI) notes that inspections are visual and non-invasive, meaning inspectors do not open walls or move heavy items.

After the inspection, you can:

• Accept the home as-is

• Request repairs

• Request a credit

• Cancel within the inspection contingency window

6. The Lender Moves Into Full Underwriting

Even if you’re pre-approved, your lender now conducts full underwriting.

This includes:

• Employment verification

• Income documentation

• Asset verification

• Credit re-check

• Appraisal ordering

Do not:

• Open new credit lines

• Make large purchases

• Change jobs

• Move large sums of money without documentation

The lender’s final goal is to issue a Clear to Close.

7. The Appraisal

If you’re financing, the lender orders an appraisal to confirm the home’s value.

Possible outcomes:

• ✅ Appraises at or above purchase price → Move forward.

• ⚠️ Appraises below purchase price → Renegotiate, dispute, pay difference, or cancel (if protected by contingency).

According to NAR data, appraisal issues are one of the more common causes of contract delays.

8. Title Work and Insurance

A title company conducts a search to ensure:

• The seller legally owns the property

• There are no undisclosed liens

• There are no legal claims against the property

You’ll also purchase title insurance, which protects against ownership disputes that may arise later.

9. Final Walkthrough

Usually 24–48 hours before closing.

You’re confirming:

• Agreed repairs were completed

• No new damage occurred

• The home is in agreed-upon condition

• Included appliances remain

This is not another inspection — it’s a condition check.

10. Closing Day

On closing day, you will:

• Sign loan documents

• Wire or bring certified funds for closing costs

• Receive copies of final disclosures

The CFPB requires lenders to provide a Closing Disclosure at least 3 business days before closing, giving buyers time to review final numbers.

Once funds are disbursed and documents recorded, you get the keys.

You’re officially a homeowner.

Final Thoughts

Submitting an offer is exciting — but it’s just the beginning of the contractual phase.

From negotiation to underwriting to inspections, there are multiple checkpoints designed to:

• Protect you financially

• Confirm property condition

• Verify legal ownership

• Ensure loan qualification

When buyers understand the sequence, stress decreases dramatically.

If you’re preparing to submit an offer soon, the best thing you can do is:
✔️ Have financing solid
✔️ Understand your contingencies
✔️ Know your timeline

The process is structured for a reason — and when handled properly, it works.

Disclaimer

This article is provided for general informational purposes only and should not be considered legal, financial, or mortgage advice. Real estate laws, contract terms, timelines, and practices vary by state and local market. Buyers should consult with a licensed real estate professional, mortgage lender, attorney, or financial advisor regarding their specific situation before making any real estate decisions.

Master Disclaimer
The views, opinions, and summary statements expressed in the contents of this website are those only of the noted presenter(s) (herein referenced as “opinion”) and do not represent official policy or policy positions of eXp World Holdings, it’s subsidiaries or vendor partners or clients (herein reference as “eXp”).
The contents of the media presented on this website and any media cross referenced as related to David G. Reis carry such disclaimers as above.
Quantitative information regarding real estate listings or industry statistics has been derived from source documents with appropriate permissions.
The accuracy of such information is the responsibility of the authors/owners of such source documents.
The media in this website makes no representation of the operational and business models,
expenses or financial success of licensed real estate professionals at, joining, or considering joining eXp.​