Your Offer Was Accepted. Here’s What Happens Next.

The offer’s been accepted. You found the house, beat out the competition, and now you’re finally under contract. It’s a huge milestone—but it’s not the finish line. There are still a few crucial steps between now and when you get the keys in your hand.

At LendFriend, we guide buyers through this phase every day. From home inspections to final walk-throughs, here’s what to expect, how to avoid costly mistakes, and why having the right mortgage partner matters more than ever once your offer is accepted.

Step 1: Make Your Earnest Money Deposit

After your offer is accepted, your first move is to deposit earnest money into an escrow account—typically within 3 business days. This deposit shows the seller that you’re serious about buying the home and serves as a good-faith gesture to move the deal forward.

In Texas, earnest money usually equals 1–3% of the purchase price, though it can be higher in competitive markets or for luxury properties. That money is applied toward your down payment or closing costs at the end, not an additional expense—just an early one.

Your purchase contract should include an inspection contingency. This gives you the ability to back out and receive a refund if your inspection uncovers significant issues. Without that clause, your deposit could be at risk.

In some southeastern states like North Carolina, South Carolina, and Georgia, you might also pay a due diligence fee—smaller and nonrefundable—that allows you to conduct inspections and due diligence before closing.

To understand how earnest money works, what protects it, and how it fits into your overall home purchase, read our full guide on What Is Earnest Money.

Step 2: Lock In Your Mortgage Rate and Structure Your Loan

Once your offer is accepted, it’s time to decide how you’ll structure your mortgage—not just which lender you’ll use. This is when you’ll lock in your rate, choose whether to pay discount points or use a temporary buydown, and finalize how you want your monthly payments to look.

A rate lock protects you from market volatility by guaranteeing your interest rate for a set period—usually 30 to 60 days—while your loan is in process. If rates fall during that window, you can use a float-down option to take advantage of the lower rate. Learn how LendFriend’s Free Float Down works to help you capture savings without added risk.

Next comes structure. Some buyers choose to pay discount points for a permanently lower rate, while others use a temporary buydown to ease into payments over the first 2 years. For a deeper breakdown, read our guide on Permanent Rate Buydowns to understand which approach fits your timeline and budget.

At LendFriend, we walk clients through all of this—testing multiple rate scenarios, explaining buydown math, and comparing lock periods. Our goal is to help you land on a structure that balances cost, flexibility, and long-term strategy.

If you’re still early in your journey, visit lendfriendmtg.com/homebuying to explore loan programs and compare your rate options before locking in.

Step 3: Schedule Your Home Inspection

A home inspection isn’t mandatory, but it’s one of the smartest moves a buyer can make—especially in markets like Austin where older homes, DIY remodels, and foundation shifts are common. An inspection provides an objective look at the home’s condition so you’re not buying into hidden problems.

At minimum, a professional inspector evaluates the foundation, roof, plumbing, HVAC, electrical, and structure. The average cost runs between $350 and $600, but the savings can be exponential if it prevents you from buying a home with costly issues. Many inspectors also offer add-ons like sewer scope, foundation level checks, or thermal imaging—extras that can reveal problems invisible to the naked eye.

If the inspection uncovers major concerns, you have leverage: you can negotiate repairs, ask for a credit, or even walk away if your contract includes an inspection contingency. In Austin, for example, where clay soil and shifting foundations are common, inspections often catch early signs of settling or drainage issues that could cost thousands later.

For a deeper dive into what a good inspection includes—and which issues should actually make you walk away—read our article Why Every Buyer in Austin Should Get a Home Inspection.

Step 4: Order and Pay For The Appraisal

Once your home inspection comes back clean and you’re confident moving forward, order your appraisal right away. Appraisals often take 2–3 weeks to complete, making them one of the main items that can delay an on-time closing. The earlier you get the order in, the smoother your timeline will be.

Appraisals typically cost between $600 and $1,000 depending on the property type and location. If you’re under a tight deadline, you can request a rush order—just note it usually adds an extra $200–$300 to the fee.

An appraisal confirms that the home you’re buying is worth what you’ve agreed to pay. A licensed appraiser compares your property to similar homes recently sold nearby and adjusts for condition, upgrades, or square footage. It’s not about style—it’s about fair market value.

If the appraised value comes in lower than your offer, you have several options: renegotiate with the seller, cover the difference in cash, or ask your lender for a reconsideration of value. Low appraisals are uncommon in balanced markets, but they can happen—especially for unique or newly renovated homes.

For more insight into how appraisals work, why ordering early matters, and what to do if your value comes in short, read our full guide on Home Appraisals.

Step 5: Review the Title and Secure Homeowners Insurance

Once the appraisal is underway, your title company will perform a title search to ensure there are no outstanding liens, ownership disputes, or surprises that could delay your closing. If anything unusual pops up (like unpaid taxes or an old lien), it’s usually resolved during this stage.

Your lender will also require proof of homeowners insurance before closing. Even if it weren’t mandatory, it’s one of the smartest moves you can make to protect your new asset. Policies typically cover damage to the home, personal property, and liability. If you’re buying in a flood-prone area, you may need a separate flood policy—especially in parts of Florida, Texas, and the Carolinas. And in wildfire-prone areas like much of California, lenders often require fire insurance in addition to standard homeowners coverage to ensure your property is fully protected.

Not sure where to start? Ask your LendFriend loan officer—we can connect you with trusted insurance partners who understand your market and timeline.

Step 6: Schedule Repairs and Prepare for Closing

If your inspection report revealed issues, this is the time to negotiate with the seller. Many buyers use inspection findings to request repairs, a price reduction, or seller-paid credits at closing. Seller credits—sometimes called concessions—can be an especially smart move since they can be applied toward closing costs, prepaid taxes, or even discount points to buy down your rate. Learn how these strategies compare in our article Seller Concessions vs. Price Reductions.

Once the repairs or credits are agreed upon, make sure all terms are documented in writing and that repair receipts are provided before your final walk-through. This protects you from last-minute surprises and ensures everything promised is completed before closing.

As you move toward settlement, your lender will be finalizing underwriting. You’ll receive a Closing Disclosure at least 3 business days before closing, outlining your total costs, taxes, insurance, and escrow amounts. Compare it carefully to your original Loan Estimate—if you spot unexpected fees or discrepancies, ask your lender to explain them. For a detailed breakdown of these costs, check out our Closing Costs Guide.

Step 7: The Final Walk-Through

Your final walk-through happens within 24 hours of closing. It’s your chance to make sure the property is in the same (or better) condition than when you made the offer.

Test all the lights, faucets, and appliances. Make sure agreed-upon repairs were completed. Check that the seller didn’t remove fixtures or appliances that were supposed to stay. Small issues can often be resolved on the spot, but major discrepancies should be addressed before signing.

If you’re buying from out of state or can’t attend in person, ask your agent to record a video walk-through—and have your LendFriend loan officer on standby in case documentation adjustments are needed last-minute.

Step 8: Closing Day

Closing is the finish line—and one of the best feelings in the homebuying journey. Expect to sign a stack of documents, some of which need to be notarized. Once everything is signed and your funds are wired to the title company, the deed is recorded and the keys are officially yours.

Depending on your state, you might close in person or remotely via e-closing. Either way, your LendFriend team will walk you through every document and confirm your loan terms match what you agreed to.

Remember: closing day isn’t the end of your relationship with your mortgage broker—it’s the start of it. When rates drop, our Rate Rebound Program helps you refinance quickly and at a lower cost. Because buying smart today means refinancing smarter tomorrow.

Common Roadblocks To Buying a Home (And How to Handle Them)

Even with the smoothest transaction, surprises can happen. Here are a few to watch for:

1. Low Appraisal
If the home appraises below your offer, don’t panic. You can renegotiate, challenge the appraisal, or bridge the gap with cash. Your lender can also explore updated comparables if market data supports a higher value.

2. Unexpected Repairs
Major issues like roof leaks or foundation cracks can threaten a deal. That’s why inspection contingencies matter—they give you room to reassess or negotiate repairs before moving forward.

3. Delays in Underwriting
Underwriting delays usually happen when documentation is incomplete or submitted piecemeal. The best way to avoid this is to work with a lender or broker who anticipates underwriter needs from the start. At LendFriend, our team reviews every file before submission to ensure nothing is missing—tax returns, pay stubs, verification forms, or asset documentation—so your loan moves through review smoothly and without unnecessary back-and-forth. Anticipating what an underwriter will ask for before they ask is the key to a clean, efficient approval.

4. Job or Income Changes
Avoid switching jobs, making large purchases, or opening new credit accounts during escrow. Any change in your debt or income can affect your approval and debt-to-income ratio (DTI). Even a temporary increase in debt can push your DTI above program limits, causing unnecessary underwriting delays. Before making any financial moves, talk to your loan officer first—they’ll tell you exactly how it impacts your qualifying ratio. For a full breakdown of how DTI works and why it matters, read our guide on Debt-to-Income Ratio Explained.

Step 9: Transfer Utilities and Settle In

Once your loan is funded and recorded, it’s time to make the house your home. Schedule your utility transfers for the day after closing to avoid interruptions. Then update your address for mail forwarding, driver’s license, and subscriptions.

This is also the time to review your loan documents and set up automatic payments. Ask your lender about how to set up biweekly payments—it’s a simple way to pay off your mortgage faster and save thousands in interest over time.

How Long Does It All Take?

From offer acceptance to closing, most transactions take 21-45 days depending on your specific situation. Most homebuyers can close on their home in under 30 days. If you’re using LendFriend, we can often close faster—sometimes in as little as 3 weeks for straightforward purchases or when using one of our accelerated approval programs.

Some factors that affect your timeline include:

• Appraisal and title turnaround times in your area

• Inspection scheduling

• Your responsiveness to lender requests

• Whether you’re buying a condo, new build, or multi-unit (which often requires extra documentation)

Final Thoughts: The Road From Offer to Keys

Getting your offer accepted is a huge milestone—but it’s what you do next that determines how smooth your closing will be. Stay organized, stay responsive, and surround yourself with professionals who actually care about the outcome.

At LendFriend, we treat this stage like the home stretch of a relay race—because speed and communication matter. Whether you’re buying in Texas, Florida, Illinois, or anywhere we’re licensed, our team works behind the scenes to keep your deal on track from contract to keys.

Buying your home is a big deal. Closing on it shouldn’t be complicated.

Ready to take the next step? Start here to connect with a LendFriend advisor today.