What Happens After Your Offer Is Accepted?
Once your offer is accepted, what happens next?
Typically, the next step is the inspection. There is a bit of a question mark around inspections these days, but ideally, we are still conducting one. During the inspection period, the attorneys are usually going back and forth drafting the contract.
With any luck, we complete the inspection quickly enough so the attorneys can finalize the contract without delay. In most cases, they prefer the inspection to be completed before the contract is finalized.
Once the inspection is complete and everything looks good, or if any major repairs have been identified and addressed, the contract is signed. When the contract is signed, that is what truly kicks off the mortgage process.
After the Contract Is Signed
Once the mortgage process begins, there is generally not much direct interaction between the buyer and the agent. At that stage, our role becomes more of a watchdog.
We are overseeing the process and making sure everyone is doing what they are supposed to do. That includes the attorneys, the mortgage representative, inspectors if necessary, and the sellers. We provide oversight and help ensure the transaction stays on track.
Offer Accepted vs. Contract Signed
It is important to understand that an offer being accepted and a contract being signed are two different things.
There are several ways a transaction can unfold depending on the town and, quite frankly, depending on where the listing agent is based and how their office typically handles transactions. There are a few broad variations, but in the overwhelming majority of cases, once an offer is accepted, two attorneys need to agree on the written contract. Your attorney and the seller’s attorney work together to draft and negotiate the terms.
Different attorneys may want different modifications to the contract. If the seller’s attorney proposes changes that create additional risk for you as the buyer, your attorney is there to protect you. They serve as a balance in the process. The attorneys negotiate the language until both sides agree on the final version. Only once both parties sign that finalized contract is the agreement fully secured.
Because of this back and forth process, there is typically a window of time where the offer has been accepted, but the contract has not yet been signed. During that period, you have not fully secured the property.
Is the Home Still on the Market?
When an offer has been accepted but no contract has been signed, the home is technically still on the market.
At the same time, it is somewhat secured. The answer is yes, but with nuance.
There are ways you should present your offer and ways you should conduct yourself throughout the process. A significant part of our role is coaching you on how to navigate this period strategically. The goal is to position you as a buyer the seller wants to stay with.
That is the key. If you come across as a buyer the seller feels confident in and wants to move forward with, they are far less likely to walk away if another offer comes in.