What Happens After Your Offer is Accepted on a House?
Congratulations, you’ve made an offer on a house! Whether it was a competitive situation or you were the only bidder, the seller is now reviewing your offer. They’ll weigh the pros and cons, considering factors like your pre-approval letter, the proposed closing date, financing type, earnest money deposit amount, and your ability to cover closing costs. The price you’re offering, any escalation clauses, and your desire for inspections or contingencies also play a role. These considerations can vary significantly depending on whether it’s a buyer’s or seller’s market in the current Maryland real estate market.
How Long Until You Hear Back After Making an Offer?
There’s no strict timeline for sellers to respond to an offer. If they’ve set an offer deadline, they typically decide within 24 hours. Otherwise, it could be the same day, the next day, or a few days later, depending on the seller’s and their agent’s availability. Patience is key! Once a decision is made, the seller’s agent will notify all buyer’s agents. You’ll learn if your offer was accepted, if there’s a counteroffer, or if another offer was chosen. Your agent will then share the exciting news if your offer is accepted!
Key Steps After Your Offer on a House is Accepted
So, the seller accepted your offer! Now what? A series of time-sensitive steps must be taken to move towards closing. Your buyer’s agent is crucial in guiding you through these processes and ensuring you stay on track to avoid any contract breaches.
1. Escrow Opens
Escrow officially opens when your earnest money deposit is submitted to a neutral third party (title company, brokerage, or attorney). This deposit signifies your commitment. The Maryland Contract of Sale details the amount, who holds it, and the timeframe for submission. Your agent will help you arrange delivery via check or wire transfer, ensuring it meets the contract’s deadline.
2. Title Work Begins
The title company researches the property’s history to ensure a clear title, checking for liens or encumbrances. They verify the seller’s legal right to sell. Any issues found must be resolved by the seller before closing. In Maryland, buyers often select the title company, though exceptions exist. Your agent will provide the accepted contract to the title company and assist you in completing the necessary buyer’s questionnaire.
3. Loan Process Begins
Your contract is also sent to your loan officer to initiate the formal loan application process. This is typically when you’ll lock in your interest rate for a specific period, so be mindful of the closing timeline. Your loan officer will then discuss ordering the appraisal.
Can You Change Financing After Your Offer is Accepted?
Yes, you can change your financing or lender, but the Maryland Contract of Sale stipulates that this cannot increase costs for the seller or alter the original timeline. All deadlines must remain consistent.
4. Home Inspection
If your offer included inspections, they will be scheduled promptly according to your contract’s timeframe. Common inspections include general home, termite, and radon testing. Depending on the property, water tests and septic inspections may also be necessary. Your REALTOR® can recommend trusted inspectors and should attend these with you. If issues arise, you can negotiate repairs with the seller, unless you bought the property “as is.” Your agent will guide you through this negotiation process.
5. Appraisal
Your lender will order an appraisal to ensure the home’s market value supports the loan amount. You’ll typically pay for this upfront. Appraisers are neutral third parties, and neither you nor the lender selects them.
6. Homeowners Insurance
Lenders require homeowners insurance. You’ll need to secure a policy and provide a binder to your lender. The first year’s premium is usually paid at closing as part of your closing costs. Afterward, 1/12th of the annual premium will be included in your monthly mortgage payment and held in an escrow account by the lender.
7. Contingency Removal
As conditions are met, contingencies in your purchase agreement are removed. Common contingencies include final loan approval, satisfactory inspections, the successful sale of your current home, and the appraisal meeting or exceeding the loan amount. Once contingencies are removed, backing out of the deal typically results in forfeiture of your earnest money deposit.
8. Utilities
In the week before closing, arrange to transfer utility services (electricity, gas, internet, etc.) into your name, effective on your closing date. For public water and sewer in Maryland, the title company usually handles the transfer.
9. Clear to Close / Wire Funds for Closing
At least three days before closing, you’ll receive a Closing Disclosure detailing all final figures. Your lender will then issue a “Clear to Close.” Before closing, you’ll typically wire your down payment and closing costs to the title company or attorney. Maryland requires funds to be received before settlement. Always verify wiring instructions by calling the recipient directly using a known, trusted number to prevent fraud.
10. Final Walk Through
Shortly before closing, you’ll conduct a final walk-through to ensure the property is in the agreed-upon condition. The home should be “broom clean,” with all personal belongings removed. Check for any new damage and verify that agreed-upon repairs were completed. This is your last chance to address any issues before finalizing the purchase.
How Long Does it Take to Close on a House After Offer Acceptance?
The closing timeline, or settlement date, is specified in your contract but can sometimes shift. A typical closing takes about 30-45 days for conventional or FHA loans, and around 45 days for USDA loans. Providing your lender with necessary information promptly helps keep the process on schedule.
Home Buying Checklist: Steps After Offer Acceptance
Here’s a quick recap of the essential steps after your offer is accepted:
- Open Escrow with Earnest Money Deposit
- Title Work Commences
- Formal Loan Application & Processing
- Schedule and Complete Home Inspections
- Order and Conduct Appraisal
- Secure Homeowners Insurance
- Remove Contract Contingencies
- Notify Utility Companies
- Receive “Clear to Close” from Lender
- Wire Funds for Closing
- Perform Final Walk-Through
- Attend Settlement and Get Your Keys!
Learn More About Buying a House in Maryland!
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💬 Let’s Make Your Real Estate Goals Happen
Hi, I’m Melissa Spittel, the trusted North / Central Maryland and Southern Pennsylvania real estate expert and a local agent with Corner House Realty.
After over a decade helping clients across Maryland and Pennsylvania, I bring a unique blend of deep local knowledge, sharp market insight, and a focused, confident approach to every transaction. Think of me as your seasoned guide, ready to make your real estate journey straightforward and successful.
How Can I Help You Next?
✅National Relocation: Moving out of MD or PA? I can connect you with vetted, top-tier agents nationwide through my trusted network.
✅First-Time Home Buyers: Guiding you through the entire process, from understanding financing basics to receiving your house keys with confidence and clarity.
✅Home Selling and Downsizing Expert: Specializing in seamless transitions for clients moving into smaller homes, larger homes and Adult Communities.
✅The Local Edge: Deep-rooted expertise in areas like Carroll County, MD, Baltimore County, MD and York County PA, to give you a strategic advantage in a competitive market.
