You’ve done your homework, found the perfect home, and decided to make an offer—congratulations! But what comes next? For first-time buyers, the steps between submitting an offer and getting the keys can feel confusing and overwhelming. Don’t worry, this phase doesn’t have to be a mystery. In this article, we’ll walk you through everything that typically happens after you make an offer on a home, so you can feel confident and prepared every step of the way.
Step 1: Making an Offer
First, your real estate agent helps you craft a purchase offer. This isn’t just about the price—it also includes other terms such as the closing date, contingencies (like a home inspection), and any items you want included (like appliances).
The seller will typically respond within a day or two. They can either:
- Accept the offer as is—congrats, you’re under contract!
- Counter the offer with different terms or a higher price.
- Reject the offer entirely, which means you’ll have to try again or move on.
Negotiations can go back and forth a few times before both parties reach an agreement. Once everything is signed, the home officially goes into escrow.
Step 2: Entering Escrow
Escrow is the secure process where the buyer and seller fulfill the terms of the agreement before closing the deal. A neutral third party (often an escrow or title company) holds documents and funds during this process.
Step 3: Schedule a Home Inspection
One of the most important steps is the home inspection. This usually happens within 5–10 days of your offer being accepted. A licensed inspector will evaluate the condition of the home, including:
- Foundation and roof
- Plumbing and electrical systems
- HVAC (heating and cooling)
- Appliances and fixtures
After the inspection, you’ll receive a detailed report. You can then:
- Accept the home as-is
- Request repairs or credits
- Walk away if serious issues are found (if you included an inspection contingency)
Step 4: The Appraisal Process
If you’re financing your purchase with a mortgage, your lender will order an appraisal. This independent assessment ensures the home’s value matches the price you’ve agreed to pay. If the appraisal comes in low, you may need to renegotiate or come up with the difference in cash.
| Appraisal Outcome | Next Steps |
|---|---|
| Appraisal meets or exceeds offer price | Proceed with loan approval and closing process. |
| Appraisal is lower than offer price | Renegotiate price, pay difference, or cancel contract (if allowed). |
Step 5: Finalize Your Mortgage
Now your lender will move forward with underwriting your loan. You’ll need to provide documents such as:
- Bank statements
- Tax returns
- Pay stubs
- Proof of assets
This process may take a few weeks. Stay responsive to your lender’s requests to avoid delays.
Step 6: Perform a Final Walkthrough
A day or two before closing, you’ll do a final walkthrough of the home. This is your chance to make sure everything is in the condition agreed upon and any requested repairs have been made.
Things to check during the walkthrough include:
- All appliances and systems are working
- No new damage has occurred since inspection
- Agreed-upon items (like fixtures or furniture) are present
Step 7: Closing Day
Closing day is when you officially become a homeowner. You’ll meet at the title company (or sign electronically, depending on your state) to sign a stack of documents, including your mortgage agreement and deed transfer.
You’ll also pay your closing costs at this time. These typically include:
- Loan origination fees
- Title insurance
- Escrow fees
- Property taxes (prorated)
Once everything is signed and funds are transferred, the home is officially yours!
Conclusion
The journey from making an offer to getting the keys to your first home is full of important steps—but it doesn’t have to be intimidating. By understanding the process, staying organized, and working closely with your real estate agent and lender, you can move through each phase with confidence. Remember, this is more than a transaction—it’s a milestone. Enjoy every moment, and welcome to homeownership!