You Accepted an Offer — Now What?

Accepting an offer is exciting, but it's not the finish line. In a traditional sale, there are several steps between accepting an offer and receiving your proceeds. Understanding what comes next helps you stay prepared and avoid surprises.

Step 1: The Purchase Agreement Is Executed

Once both parties sign the purchase and sale agreement, the home is officially "under contract." The buyer typically provides an earnest money deposit — usually 1–3% of the purchase price — which is held in escrow by the title company.

At this point, the home is taken off the market (though backup offers may still be accepted in some cases).

Step 2: Inspection Period (7–15 Days)

Most purchase contracts in Florida include an inspection contingency. During this period, the buyer has the right to:

• Hire a licensed home inspector to evaluate the property
• Request additional inspections (roof, termite, mold, pool, etc.)
• Review the results and decide whether to proceed

After the inspection, the buyer may:

• Proceed as-is: Accept the home in its current condition
• Request repairs: Ask you to fix specific items before closing
• Request a price reduction: Instead of repairs, ask for a credit at closing
• Cancel the contract: Walk away and receive their earnest money back

You can accept repair requests, counter with a partial credit, or refuse — but if you refuse, the buyer may cancel.

Step 3: Appraisal (1–2 Weeks)

If the buyer is using financing, their lender will order an appraisal to confirm the home is worth at least the purchase price. The appraiser is an independent professional hired by the lender.

If the appraisal comes in at or above the purchase price, the transaction moves forward. If it comes in below the purchase price, you have three options:

• Reduce the sale price to the appraised value
• The buyer pays the difference in cash (above the appraised value)
• Negotiate a middle ground
• Cancel the contract (if the buyer has an appraisal contingency)

Step 4: Mortgage Underwriting (2–4 Weeks)

The buyer's lender reviews all financial documents to approve the loan. This is the most time-consuming part of a financed transaction. During underwriting, the lender may request additional documentation from the buyer — and occasionally from you (such as HOA documents or repair receipts).

Deals can fall through during underwriting if the buyer's financial situation changes or the lender finds issues. This is one of the biggest risks in a traditional sale.

Step 5: Final Walkthrough

Shortly before closing (typically 24–48 hours), the buyer does a final walkthrough to confirm:

• The home is in the same condition as when the offer was made
• Any agreed-upon repairs have been completed
• All included appliances and fixtures are present
• The home has been vacated (if agreed)

Step 6: Closing

At closing, all documents are signed, the buyer's funds are transferred, your mortgage is paid off, and you receive your net proceeds. The deed is recorded and ownership officially transfers.

What Can Go Wrong After Accepting an Offer?

Traditional sales can fall through for several reasons:

• Buyer's financing is denied
• Appraisal comes in below purchase price and parties can't agree
• Inspection reveals major issues the buyer won't accept
• Buyer backs out during the inspection period
• Title issues are discovered

Approximately 5–10% of home sales fall through after going under contract.

After Accepting a Cash Offer

A cash sale is significantly simpler. There's no mortgage underwriting and typically no appraisal contingency. The process after accepting a cash offer usually looks like this:

• Day 1–3: Purchase agreement signed, title search begins
• Day 3–7: Title search completed, closing documents prepared
• Day 7–14: Closing completed, proceeds wired to you

Cash sales have a much lower fall-through rate because there's no financing contingency.