What happens after your house offer is accepted?
If you’re a first-time homebuyer, there’s nothing quite as exciting as hearing that your offer has been accepted. Many people get so excited they start composing their moving checklist immediately and start thinking about how they’ll furnish their new home.
However, buying a house is a lot more complex than buying other items, and just because your offer was accepted doesn’t mean you immediately get to buy the house. There are a few steps that you, the seller and even the lender will have to take before you can close the sale and get the deed to your new house.
Transfer the Initial Deposit Into Escrow
After the seller has accepted your initial offer, you’ll need to make an initial deposit, also called earnest money, into an escrow account. Putting your deposit into an escrow account will show the seller that you’re serious about your offer, but it won’t let the seller touch that money until you’ve completed the sale.
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