The Anatomy of an Offer: What Happens After You Say “We Accept"?

Most sellers breathe a sigh of relief after accepting an offer. In a perfect real estate world, that means the home’s status can be switched from active to pending, the buyer’s loan will go through with flying colors, the For Sale sign can be removed, and closing day will be within a month or so.

But in a realistic real estate world, it doesn’t always go that way. We’ll discuss why it’s best to expect the unexpected in the home-selling timeline, and how an experienced agent can make the process go as smoothly as possible when hiccups occur.

Ideally, after a contract is signed, the home closing process goes like this:  

1. Buyer puts down earnest money. Otherwise known as a “good faith deposit,” this money demonstrates the buyer’s commitment to purchasing your property. The amount can range from 1-3% of the purchase price, but may be up to 5-10% in really competitive markets. The buyer’s agent puts this into an escrow account until closing day. 

2. A closing date is scheduled. This date is usually 30 to 60 days from the offer’s acceptance. If the buyer has a contingency to sell their home prior to buying yours, they may request more time. 

3. Approval and processing of the buyer’s loan. While you may have already seen a pre-approval letter when the offer was made, the buyer’s lender still has to do a detailed analysis of their financial status, including employment verification, current outstanding debts, and more. 

4. Home inspections. You may have had a home inspection done prior to listing your property to show buyers that all major systems are in working order. However, many buyers will want to have their own inspector look at the house to determine necessary repairs and to see if all systems are up to code. While real estate inspections are not required to purchase a property in Missouri, government-backed loans such as VA and FHA loans have stringent inspection guidelines for home purchases regarding the foundation, roof, plumbing, electrical, and HVAC systems. Lenders of conventional loans also require that a house is structurally sound and free of hazards like asbestos and lead-based paint. 

5. Appraisal performance. An appraisal proves to the buyer’s lender that the home is worth the amount they’re asking to borrow. The appraiser will determine the property’s market value by evaluating its overall condition, size, location, and updates, compared to other recently sold homes. Ideally, the assessed value will match the purchase price. 
6. Title review. A title company will check for liens or other claims on the property that may prevent a legal ownership transfer. They will also order surveys to ensure property boundaries are properly defined on the title.

7. Buyer’s final walkthrough. A day or two before the closing date, the buyer and his or her agent will tour the property to make sure any requested repairs are complete and that nothing is removed that wasn’t originally mentioned in the contract, such as window treatments, a refrigerator, or other appliances. 

8. Seller receives a settlement statement. The day before or on the day of closing, you will have a chance to see the settlement statement, which shows any pro-rated expenses you’ll be responsible for, such as taxes, HOA fees, commissions, and recording charges. It will also tell you what amount of your sale’s proceeds will pay off an existing home loan. 
9. Closing day. This is when the deal is sealed. You will bring to the title company all house keys and garage door openers to hand over to the new owner, as well as your photo ID and a check for closing costs. You’ll then sign the deed and other relevant paperwork that states you are formally transferring the title, and your property is officially sold.

Even when you’re happy with the chosen buyer, and things seem to be moving in the right direction, it’s impossible to predict everything that can happen after an offer is accepted. According to a 2024 REALTORS Confidence Survey, around 11% of home sale contracts experience delays, and about 6% never close at all. Trouble with the closing timeline can occur for a number of reasons, but an experienced real estate agent will know how to deal with any issue and move the sale along.  

Financing. A buyer’s loan can fall through at the last minute if there have been recent changes to their financial status, such as a recent job loss or taking on new debt. Because loan denials are not uncommon, realtors encourage sellers to consider accepting backup offers. If the first deal falls through, they can contact the backup buyers to see if they are still interested. Without backup offers, the realtor will change the status of the home back to active and begin showing the home again to new potential buyers.

Appraisal gaps. When a home appraises below the contract price, the buyer may be denied enough financing to purchase the home. To proceed, the buyer can pay the difference in cash or try to renegotiate a lower price. If that happens, it’s up to you to decide if you want to accept less money or keep your home on the market. 

Real estate inspection issues. Major findings like roof damage, mold, foundation cracks, outdated electrical systems, and termite damage can set the home closing process back quite a bit. Buyers may back out altogether. Or, they may request that you make the repairs or lower the price so they can afford to make them after closing (this is called a concession). A real estate agent can help crunch the numbers and advise on the best financial option.

Title problems. If you have unpaid taxes, missing heirs, or clerical errors having to do with the title, the issues must be cleared before closing. If the buyer agrees to move back the closing date, your realtor can file the extension. 

Contingency delays. If the buyer’s offer is contingent upon them selling their own home, they have a right to back out if it doesn’t sell within the contingency period. You have the choice to extend the contingency date, move on to a backup offer, or keep your home on the market. 

Paperwork problems. Missing or outdated documents, miscalculations, typos, and other errors can all delay the home closing process. While it can be very frustrating, your realtor will know how to stay calm and speak to whoever is responsible for fixing the problem to move the sale along. 

Having been through the home closing process hundreds of times before, the realtors at Berkshire Hathaway HomeServices Select Properties know how to set realistic expectations right from the start. We discuss with our clients what could cause delays or setbacks and how we will handle those issues if they happen. We are excellent at negotiating, whether it’s regarding monetary issues, rescheduling, or any other problems.

If you’re not working with an agent who has your best interest at heart at all times, give us a call.