What happens after my offer is accepted?

Transfer initial deposit: After your offer is accepted, you will have three business days to transfer the initial deposit. Typically, the initial deposit is about 3% of the home purchase price. 3. Complete all inspections: During this process, you’ll inspect the home for structural issues.

Can you put an offer on a house that already has an accepted offer?

A question that often gets asked is, ‘can one make an offer on a property that is under offer or sold subject to contract? ‘ The simple answer is yes, even if the property is already under offer, the agent is legally obliged to pass on your offer to the owner. After that, the ball is in the seller’s court.

Can a seller accept two offers?

While laws vary by state, in general, up until that contract is signed by both parties—even after counteroffers have been sent out—all new offers can be considered and accepted. Once both parties have signed it, however, the seller is pretty much locked into the deal.

How long does it take to close on a house after an offer is accepted?

Once a seller accepts a buyer’s offer, the closing process begins, and it ends on closing day when the property changes ownership. This process usually takes 30 to 60 days to complete, if the buyer is taking out a mortgage on the property.

What to expect after your offer is accepted?

What to Expect After Your Offer is Accepted. Getting through a home purchase, while maintaining your sanity, take a lot of time and a lot of energy. From getting a loan pre-approval, to finding the right home and the right neighborhood, submitting a competitive offer and having it accepted, is really just the tip of the iceberg.

What happens if my offer is accepted?

Assuming your offer is accepted, you’ll typically have three days to make what’s called an earnest money deposit, which acts as proof to the seller of your intent to buy the home. From there, the process evolves into a series of formalities that include getting a home inspection, receiving your loan approval and eventually closing on the home.

What does offer accepted mean?

Offer and acceptance consists of the expression of an offer to contract on certain terms by one person to another person and an indication by the offeree of its acceptance of those terms. The other elements traditionally required for a legally binding contract are consideration and an intention to create legal relations.

Is an accepted offer a contract?

Accepting an Offer to Form a Valid Contract. After an offer to enter into a contract has been made, the other party must accept the offer before a contract is formed. There are several rules regarding the acceptance of an offer to enter into a contract: The acceptance must be communicated.