What Happens Financially After Your Offer Is Accepted
What Happens Financially After Your Offer Is Accepted?
By Allen Deaver, REALTOR® – Asset Realty
Getting your offer accepted on a home is an exciting milestone, but it’s also the start of an important financial process that every buyer should understand. Knowing what to expect can help you stay organized, avoid surprises, and feel confident as you move toward closing. Here’s what typically happens after that “yes” from the seller:
1. Earnest Money Deposit
Right away, you’ll provide an earnest money deposit, often 1–2% of the purchase price, to show you’re serious about buying. This money is held in escrow and applied to your closing costs or down payment later.
2. Option Fee (in Texas)
In Texas, many buyers also pay an option fee for the right to terminate the contract during the option period. While this fee is usually smaller, it’s non-refundable—but it buys you valuable time for inspections and due diligence.
3. Home Inspection & Potential Repairs
You’ll likely hire a professional inspector. While this isn’t a lender requirement, it’s one of the smartest investments you can make. If issues come up, you may negotiate repairs or credits with the seller.
4. Loan Application & Appraisal
If you haven’t finalized your mortgage yet, now’s the time. Your lender will lock in your loan terms and order an appraisal to confirm the home’s value. The appraisal protects both you and the lender by ensuring you’re not overpaying.
5. Title Work & Insurance
A title company will research the property to confirm the seller has the legal right to sell it and that there are no liens. You’ll also choose a homeowners insurance policy, which your lender will require before closing.
6. Closing Costs & Final Numbers
As closing approaches, your lender will provide a Closing Disclosure outlining all costs, including loan fees, taxes, insurance, and escrow requirements. You’ll need to review this carefully and make sure you have the funds ready for your down payment and closing costs.
7. Final Walk-Through & Closing Day
Before signing, you’ll do a final walk-through to ensure the home is in the agreed-upon condition. Then, at the closing table, you’ll sign documents, transfer funds, and—finally—get the keys to your new home.
Buying a home is both an emotional and financial journey, and having a clear understanding of what happens after your offer is accepted helps you move forward with confidence. If you’re thinking about buying a home in Central Texas and want guidance every step of the way, I’d be happy to help.
