Your Offer Was Accepted—What Happens Next?

Getting the call that your offer has been accepted is exciting. You may feel relieved, nervous, or a little of both. After all, having an accepted offer is a major step—but it doesn’t mean you simply wait until moving day.

Between acceptance and receiving the keys, several important things need to happen. While every transaction is different, here is a general overview of what Utah homebuyers can expect next.

1. You’ll Submit Your Earnest Money

Earnest money is the deposit you agreed to provide with your offer. It demonstrates to the seller that you’re serious about purchasing the property.

Your purchase contract identifies the amount of earnest money, where it will be deposited, and the deadline for submitting it. Because that deadline matters, your real estate agent or transaction coordinator should provide clear instructions for delivering the funds.

Earnest money is generally credited toward your purchase at closing. Whether it is refundable depends on the contract, the applicable deadlines, and the circumstances surrounding a cancellation.

2. Your Lender Gets to Work

If you are financing the home, your lender will begin processing your loan in greater detail. You may be asked to provide updated bank statements, pay stubs, tax documents, or explanations regarding certain deposits or credit activity.

It is important to respond to your lender promptly and avoid making significant financial changes while your loan is being processed. Before closing, talk to your lender before you:

• Apply for new credit
• Finance furniture or appliances
• Purchase or lease a vehicle
• Move money between accounts
• Change jobs or income sources
• Make a large, unusual deposit

Even something that seems harmless could affect your loan approval or create additional documentation requirements.

3. You’ll Complete Your Due Diligence

The due diligence period is your opportunity to evaluate the home and decide whether you are comfortable moving forward.

Most buyers choose to hire a professional home inspector. Depending on the property, you may also want additional inspections or evaluations involving the roof, sewer line, foundation, HVAC system, plumbing, electrical system, radon, pests, mold, septic system, well, water rights, solar panels, or other property-specific concerns.

You may also review items such as:

• The Seller Property Condition Disclosure
• HOA documents, fees, rules, and financial information
• Utility costs
• Property boundaries
• Zoning and permitted uses
• Insurance availability and cost
• Schools and neighborhood considerations
• Any other issue that is important to your decision

A home inspection is not about finding a “perfect” house. Its purpose is to help you better understand the property’s condition, identify potential concerns, and make an informed decision.

Depending on the terms of your contract and what you discover, you may decide to continue as written, request repairs or other changes, renegotiate certain terms, or cancel within your contractual rights.

4. The Appraisal Is Ordered

When a buyer is obtaining a mortgage, the lender will typically require an appraisal. The appraiser provides an independent opinion of the property’s value based on its condition, features, location, and comparable sales.

The appraisal helps the lender determine whether the home provides sufficient security for the loan. It is different from the home inspection: an inspector evaluates the property’s condition, while an appraiser primarily evaluates its value.

If the property appraises at or above the agreed purchase price, the transaction usually continues without an appraisal-related change. If the appraisal comes in below the purchase price, the available options will depend on the contract. Those options may include challenging the appraisal, renegotiating the price, bringing additional money to closing, or exercising applicable contractual rights.

5. You’ll Work Toward Final Loan Approval

A preapproval is an important first step, but it is not the same as final loan approval.

During underwriting, the lender reviews your finances, the appraisal, the property, and other required information. The underwriter may request additional documents or clarification before issuing final approval.

This is one reason it is so important to stay in close communication with your lender and real estate agent. Quick responses can help keep the transaction moving and prevent avoidable delays.

You should also begin arranging homeowners insurance early in the process. Your lender will generally require proof of coverage before the loan can close.

6. You’ll Review Your Closing Figures

Before settlement, you will receive documents showing the final details of your loan and the amount you need to bring to closing.

Review those figures carefully. If you see something you don’t recognize or understand, ask questions before settlement day. Your lender, title company, and real estate agent can help identify the appropriate person to explain each charge.

Always verify wiring instructions directly with the title company using a trusted phone number. Wire fraud is a serious concern in real estate transactions, so never rely solely on wiring instructions received through an unexpected email.

7. You’ll Complete a Final Walk-Through

Shortly before settlement, buyers typically complete a final walk-through of the property.

This is not another full inspection. It is an opportunity to confirm that the home is in the expected condition, agreed-upon repairs have been addressed, included items are still present, and no significant damage has occurred since the offer was accepted.

If something unexpected is discovered, notify your agent as soon as possible so it can be addressed before closing.

8. You’ll Sign Your Closing Documents

At settlement, you will sign the documents necessary to complete the purchase and your loan. Bring the identification and funds requested by the title company, and allow enough time to review and sign everything carefully.

In Utah, signing documents at settlement does not necessarily mean the transaction has officially closed or that you can immediately take possession. Closing generally occurs after the required funds have been received and the appropriate documents have been recorded. Your contract will also specify when possession of the property is delivered.

Wait for confirmation before entering the home or beginning your move.

Your Contract Deadlines Matter

Your Real Estate Purchase Contract contains important dates, which may include deadlines for earnest money, seller disclosures, due diligence, financing and appraisal, settlement, and possession.

Missing a deadline can affect your rights and options. A good real estate agent will help you understand what is coming, coordinate with the lender and title company, and make sure you know when decisions or documents are needed.

You Don’t Have to Navigate It Alone

The period between offer acceptance and closing can feel overwhelming, especially if you are purchasing your first home. My goal is to keep you informed, help you prepare for each step, and make the process feel as organized and manageable as possible.

If you are thinking about buying a home in Utah County, Salt Lake County and surrounding areas—or simply want to understand what you should do before getting started—I would be happy to help you create a plan.

Alysa Woods
Mountainland Realty
801-641-9410
[email protected]

This article provides general information only. Contract terms and individual circumstances vary. Buyers should consult the appropriate real estate, lending, title, inspection, tax, or legal professionals regarding their specific transaction.