What happens after you make an offer?

Making an offer on a home is an exciting step in the home-buying journey, but it’s just the beginning of the next phase. So, what happens after you submit that offer? Here’s a simple breakdown of the process to help you know what to expect.

1. Seller Reviews the Offer
Once your offer is submitted, the seller will review it carefully. They’ll consider the price, contingencies, closing timeline, and any other terms you included. Sometimes, sellers receive multiple offers, so they might take some time to decide or even ask for “best and final” offers.

2. Negotiation Period
It’s common for the seller to counter your offer with changes to price or terms. This back-and-forth negotiation can happen a few times until both parties agree. Your real estate agent will be your advocate here, helping you evaluate counteroffers and decide on your next move.

3. Offer Acceptance
When both you and the seller agree on the terms, the offer is accepted, and the contract becomes binding. Congratulations! At this point, you’re officially under contract.

4. Earnest Money Deposit
You’ll typically need to submit an earnest money deposit, which shows the seller you’re serious. This money is held in escrow and will go toward your down payment or closing costs.

5. Home Inspection and Due Diligence
Next, you’ll schedule a home inspection to check for any issues with the property. Depending on the results, you might negotiate repairs or credits with the seller. This is also the time to complete any other inspections or appraisals required by your lender.

6. Finalizing Financing
You’ll work closely with your lender to finalize your mortgage. This includes submitting documents, getting the home appraised, and securing loan approval.

7. Closing Preparation
As closing day approaches, you’ll review the closing disclosure, schedule a final walkthrough of the home, and prepare to sign all necessary documents.

8. Closing Day
On closing day, you’ll meet with the seller, your agent, the title company representative, and possibly your lender to sign paperwork and officially take ownership of your new home.

If you have any questions or want guidance through this process, feel free to reach out to use at DaubyRealEstate.com or 812-777-4611. We are here to help make your home-buying experience smooth and successful!