Getting your offer accepted is exciting. After searching for the right home, putting together an offer, and waiting for a response, you’ve finally reached a major milestone.
But what happens next?
Many buyers are surprised to learn there are still several important steps between an accepted offer and getting the keys to their new home.
Here’s what you can typically expect after your offer is accepted in Massachusetts.
Step 1: Your Offer Is Accepted
Congratulations! The seller has accepted your offer and the home is officially under agreement.
At this point, the clock starts ticking on several important deadlines, so it’s important to stay in close contact with your agent, lender, and attorney.
Step 2: Submit Your Earnest Money Deposit
Once your offer is accepted, you’ll typically submit an earnest money deposit.
This deposit shows the seller you’re serious about purchasing the property and is usually applied toward your down payment or closing costs at closing.
Step 3: Schedule the Home Inspection
One of the first major steps is the home inspection.
A licensed home inspector will evaluate the property’s condition and look for potential issues that may not be visible during a showing.
The inspection can provide valuable information about the home’s systems, structure, and overall condition.
Step 4: Review Inspection Results
Once the inspection is complete, you’ll review the findings with your agent.
Depending on the results, buyers may choose to:
- Move forward as planned
- Request repairs
- Request a credit
- Negotiate with the seller
This is often the biggest decision point after an offer is accepted.
Step 5: Sign the Purchase and Sale Agreement
If both parties are ready to move forward after the inspection period, the next step is signing the Purchase and Sale Agreement.
This is a more detailed legal contract that outlines the terms of the transaction and moves the sale one step closer to closing.
Your attorney will help review the agreement and answer any questions you may have.
Step 6: Submit the Purchase and Sale Deposit
At the time the Purchase and Sale Agreement is signed, buyers typically submit an additional deposit.
This deposit is also applied toward the purchase of the home and is held in escrow until closing.
Step 7: Continue the Mortgage Process
If you’re financing the home, your lender will continue processing your loan application.
During this stage, you may be asked to provide additional documentation such as:
- Pay stubs
- Bank statements
- Tax returns
- Employment verification
Responding quickly to lender requests can help keep everything on schedule.
Step 8: Complete the Appraisal
Most lenders require a home appraisal before issuing final loan approval.
The appraisal helps confirm that the home’s value supports the purchase price and protects both the lender and buyer.
Step 9: Receive Final Loan Approval
Once the lender has reviewed all required documents and the appraisal has been completed, you’ll move toward final loan approval.
Until closing, it’s important to avoid major financial changes such as opening new credit accounts, financing large purchases, or changing jobs.
Step 10: Prepare for Moving Day
As closing approaches, buyers typically begin preparing for their move.
This may include:
- Scheduling movers
- Transferring utilities
- Updating mailing addresses
- Arranging internet and cable service
A little planning ahead can make moving day much less stressful.
Step 11: Complete the Final Walkthrough
Shortly before closing, you’ll complete a final walkthrough of the property.
This gives you the opportunity to confirm the home is in the expected condition and that any agreed-upon repairs have been completed.
Step 12: Closing Day
Closing day is the finish line.
You’ll sign the final paperwork, transfer funds, and officially become the owner of the property.
Once everything has been recorded and finalized, you’ll receive the keys to your new home.
The Bottom Line
Having your offer accepted is a huge step, but there are still several important milestones before closing day.
Understanding the process ahead of time can help reduce stress and make your home-buying experience smoother from start to finish.
Frequently Asked Questions
How long does it take to close after an offer is accepted?
Many home purchases in Massachusetts close within 30 to 60 days, although timelines can vary depending on financing, inspections, and other factors.
When do I pay my earnest money deposit?
The earnest money deposit is usually submitted once your offer is accepted.
What happens if problems are found during the home inspection?
Depending on the findings, buyers and sellers may negotiate repairs, credits, or other solutions before moving forward.
When do I get the keys to my new home?
In most cases, buyers receive their keys on closing day after all documents have been signed and funds have been transferred.
