Congratulations, your offer was accepted! So how much closer are you to actually owning the house? Though COVID-19 may be slowing things down a bit for some, the time can still go by faster than you expect. Here’s a general timeline of what happens next:
When do you hear back about an accepted offer?
Buyers typically give sellers three to five days to respond. This short window is especially helpful in a competitive market, as there may be other buyers who can step in and outbid you. But when there are multiple offers, some sellers will not open any until a set date, after which they’ll consider them all.
When do you go to closing after an offer is accepted?
The closing date is usually 30 to 60 days after an offer is accepted. This allows time for home inspections, loan processing and a review of the title. If the sale is conditional upon the completion of any repairs, they’ll need to be finished before closing.
Keep in mind that this date is often negotiable, as you and the seller try to accommodate each other’s needs. For example, it’s common to work around the school calendar. Hot tip: If there are multiple offers, being flexible about the closing date can help you stand out.
Had an accepted offer? Head over to “What’s in a Purchase Agreement?” to prepare for the next step.