Offer Accepted on a House: What Happens Next (Step by Step)

You just got the call. Your offer was accepted. For about thirty seconds, it feels like pure relief — and then a very specific kind of anxiety sets in. What actually happens now? What do you need to do today, this week, next week? Who calls who?

This is the moment most first-time buyers feel the most unprepared, because the process shifts from searching (which feels active) to managing (which has firm deadlines and real financial consequences for missing them). An accepted offer is not a done deal. It is the start of a 30-to-45-day sprint where a missed deadline can cost you your deposit.

Here is what happens next, in order.

The First 24 to 48 Hours: Deposit Your Earnest Money

Within one to two business days of acceptance, you will typically need to submit your earnest money deposit. This is a good-faith payment — usually 1% to 3% of the purchase price — that signals you are serious and compensates the seller if you back out without a valid reason.

Where it goes depends on your location:

• US: Usually into an escrow account held by the title company or a neutral third party. It counts toward your closing costs or down payment at settlement.
• Canada: Typically held by the seller's real estate brokerage. In hot markets like Ontario and BC, deposits are often 5% and are wired within 24 hours of acceptance.
• Australia: The deposit (commonly 10%) may be payable on exchange of contracts. Confirm with your conveyancer whether a holding deposit is required earlier.
• UK: No deposit is required until you exchange contracts, which comes much later. However, you should instruct your solicitor immediately.
• NZ: An initial deposit is often due within a few days of acceptance, with the balance payable on settlement.

Do not delay this step. Missing the deposit deadline can put you in breach of contract.

Notify Your Lender and Lock Your Rate

If you have a pre-approval, contact your lender the same day your offer is accepted. They need to begin the formal mortgage application and order the appraisal. Waiting even a few days can compress your timeline and add stress at the end.

Ask your lender about rate locks. A rate lock guarantees your interest rate for a set period — typically 30 to 60 days. If you are close to the lock expiry window and your closing gets delayed, an extension can cost money. Get this conversation on record.

For self-employed buyers or those with non-traditional income: your lender will need 1099s, two years of tax returns, and a profit-and-loss statement. Have these ready immediately.

Understand Your Contingency Deadlines

Contingencies are the clauses in your contract that give you the legal right to walk away — and get your deposit back — if specific conditions are not met. They are your protection. They also have hard deadlines that you are responsible for tracking.

The most common contingencies are:

Inspection contingency — You typically have 7 to 14 days to complete a home inspection and either accept the findings, negotiate repairs or credits, or exit the contract. Do not waive this unless you fully understand what you are giving up.

Financing contingency — If your loan is denied for a legitimate reason, this contingency lets you exit without losing your deposit. Your lender needs to clear underwriting before this deadline.

Appraisal contingency — If the home appraises below the purchase price, this gives you options: renegotiate, pay the difference, or walk away. Without this contingency, you are on the hook for the gap.

Write these dates on a calendar and treat them as non-negotiable. If you need an extension, ask for it early — sellers are usually cooperative when asked in advance, not at 11 p.m. the night before.

In Canada, these are called "subjects" rather than contingencies, and the "subject removal" date is a single deadline by which all conditions must be either satisfied or waived. The stakes are high: if you remove subjects and then cannot close, you can lose your deposit and potentially face legal action for the price difference.

Schedule and Attend the Home Inspection

Book your inspector as soon as your offer is accepted — do not wait until the inspection contingency clock is ticking. Good inspectors are booked out, and in competitive markets, a week disappears quickly.

Attend the inspection in person. Inspectors are not there to scare you or to negotiate on your behalf, but being there allows you to ask questions in real time and understand the severity of any issues firsthand. A written report can make a hairline crack sound catastrophic and a crumbling foundation sound manageable — context matters.

After the inspection, you have options. You can:

• Accept the home as-is if the issues are minor
• Request specific repairs before closing
• Request a price reduction or seller credit instead of repairs (often preferable, since you control the quality of work)
• Exit the contract if the findings are serious enough and you are within the contingency window

Do not ask for everything. Prioritize health-and-safety issues and major systems (roof, HVAC, foundation, electrical panel, plumbing). Cosmetic items are generally your problem after closing.

The Appraisal and What to Do If It Comes In Low

Your lender will order an appraisal — an independent valuation of the property — to confirm the home is worth what you agreed to pay. You typically have no control over when it happens or who conducts it.

If the appraisal comes in at or above your purchase price, this step is a formality and you move forward.

If it comes in below your purchase price, you have a decision to make:

1. Renegotiate: Ask the seller to lower the price to the appraised value. In a slow market, sellers often agree. In a competitive market, they may refuse.
2. Pay the gap: If you have the cash, you can make up the difference between the appraised value and the purchase price out of pocket.
3. Walk away: If you have an appraisal contingency, you can exit without penalty.

This is one of the moments where having everything tracked — contingency dates, lender timelines, appraisal deadlines — prevents you from being caught off-guard.

Underwriting: The Waiting Game

Once your lender has the appraisal and your full application, your file goes to underwriting. An underwriter reviews every document to confirm you meet lending guidelines.

This is also the period where many deals almost fall apart — not because of the house, but because of the buyer's financial activity. During underwriting:

• Do not open new credit cards
• Do not buy a car or take out any new loans
• Do not change jobs
• Do not make large unexplained deposits into your bank accounts

Any of these can trigger a re-review and delay your closing — or result in a denial.

The Pre-Closing Walkthrough

One to two days before closing, you will do a final walkthrough of the property. This is not a second inspection. It is a confirmation that:

• The home is in the same condition it was when you made your offer
• Any agreed-upon repairs have been completed
• The seller has removed their belongings and left what was agreed to stay (appliances, fixtures)
• No new damage has occurred

Test every outlet, every faucet, every appliance. Open every window. Flush every toilet. This is your last opportunity to flag problems before you own the property.

Closing Day

At closing, you will sign a large volume of documents and transfer funds. You will typically need to bring:

• Government-issued ID
• A cashier's check or wire transfer confirmation for the closing funds (cash-to-close, which includes your down payment minus the earnest money already paid, plus closing costs)
• Any remaining documents your lender requested

Before wiring any money, verify the wire instructions by calling your title company or solicitor directly using a phone number you obtained independently — not from an email. Wire fraud is a real and growing threat in real estate transactions. Fraudsters intercept email chains, send spoofed "updated wiring instructions," and buyers lose their entire down payment with no recovery. Call to confirm every time.

Once everything is signed and funds are confirmed, you receive the keys.

What the Homebuyer Checklist Covers

Every deadline in this process — earnest money, inspection, appraisal, subject removal, financing — is tracked in the Complete First-Time Homebuyer Checklist. It includes a contingency calendar, a pre-closing walkthrough sheet, and a wire fraud prevention protocol so you are protected at every stage from accepted offer to keys in hand.

The gap between an accepted offer and a successful closing is where most first-time buyers make their most expensive mistakes — and where being organized pays off in actual dollars.