After Your Offer Is Accepted: The Next Steps

Day 1-3: Earnest Money Deposit

Within 1-3 days of acceptance, you'll deposit earnest money with the title company (usually 1-2% of purchase price). This shows the seller you're serious. On a $300,000 home, that's $3,000-$6,000. The earnest money is held in escrow and applied to your down payment at closing.

Day 1-7: Home Inspection

Schedule a home inspection immediately. A licensed inspector will evaluate the home's electrical, plumbing, HVAC, roof, foundation, and overall condition. The inspection typically takes 2-3 hours and costs $300-$500. You'll receive a detailed report identifying any issues.

If major problems are discovered (foundation issues, roof damage, HVAC failure), you have options:

• Renegotiate the purchase price
• Request the seller make repairs
• Walk away (if you included an inspection contingency)

Day 8-14: Home Appraisal

Your lender orders an appraisal (usually within 7-10 days). The appraiser evaluates the home's market value based on comparable sales, condition, and location. The appraisal costs $300-$500 and is ordered by your lender. You don't attend the appraisal, but you can be present.

If the appraisal comes in lower than your offer price, you have options:

• Renegotiate the purchase price down
• Pay the difference in cash
• Ask the seller to lower the price
• Walk away (if you included an appraisal contingency)

Day 7-21: Underwriting

Your lender's underwriting department reviews your entire file: income, credit, assets, employment, and the property appraisal. They may request additional documents (pay stubs, bank statements, tax returns). Respond quickly to underwriting requests—delays can push your closing date.

Day 21-30: Final Walkthrough

Usually 24 hours before closing, conduct a final walkthrough. Verify:

• All repairs agreed upon were completed
• The home is in the same condition as when you made the offer
• Agreed-upon items (appliances, fixtures) are still there
• No new damage has occurred

Day 28-30: Closing Disclosure

Three days before closing, you'll receive your Closing Disclosure from your lender. This document shows your final loan terms, interest rate, monthly payment, and all closing costs. Review it carefully against your initial Loan Estimate and ask questions about any differences.

Day 30: Closing Day

On closing day, you'll:

1. Sign closing documents (mortgage note, deed of trust, closing disclosure)
2. Provide proof of homeowners insurance
3. Wire closing costs and down payment
4. Receive your keys and deed
5. Become a homeowner!

Common Contingencies in Indiana Offers

• Inspection contingency – Right to inspect and renegotiate based on findings
• Appraisal contingency – Right to renegotiate if appraisal is low
• Financing contingency – Right to walk away if financing falls through
• Title contingency – Right to walk away if title issues arise
• Final walkthrough – Right to inspect 24 hours before closing