You got the call.

Your offer was accepted.

Congratulations! Seriously, take a minute and enjoy it.

Finding the right house, writing the offer, and then waiting for the seller to respond can be one of the most stressful parts of buying a home. The WAITING! Am I right?!

But once your offer is accepted, you aren't done yet.

This is where the real work begins.

When you're buying a home in Oregon, the next few weeks will include earnest money, inspections, negotiations, financing, an appraisal, title work, insurance, signing and finally getting the keys.

That sounds like a lot.

It is.

You don't need to know how to manage an entire real estate transaction. That's my job.

Your job is to understand what we're doing, why we're doing it, and what decisions you need to make along the way.

So, let's walk through what happens after your offer gets accepted.

After your offer is accepted on a home in Oregon, you'll typically deposit your earnest money, complete inspections and due diligence, continue through loan underwriting, complete the appraisal and title process, obtain homeowners insurance, conduct a final walkthrough, sign closing documents, and wait for the transaction to fund and record before receiving possession according to your purchase agreement.

1. First, We Go Through Your Contract and Deadlines

Once you and the seller have reached an agreement, we're officially under contract.

One of the first things I do is make sure you're clear on all of the important dates and responsibilities in your purchase agreement.

That includes deadlines involving:

• Earnest money

• Property inspections and due diligence

• Financing

• Appraisal

• Title

• Insurance

• Closing

• Possession

These dates matter.

That's why I'll walk you through the deadlines that apply to your specific offer, create an online timeline that will sync with your calendar, and help keep the transaction moving so you don't have to maintain a calendar full of real estate deadlines yourself.

2. Your Earnest Money Gets Deposited

One of the first things you'll need to take care of after acceptance is your earnest money.

Earnest money is essentially money you put forward as part of the transaction to show the seller you're serious about purchasing the property.

A common misconception is that earnest money is another fee you're paying on top of the purchase price.

It's not.

When the transaction closes, that money is credited toward the money you need to bring to the table for your down payment and closing costs.

How much earnest money you deposit and when it needs to be delivered depends on what we agreed to in your purchase contract.

And there's something else you need to understand:

Earnest money isn't automatically refundable in every situation.

Whether you can recover your earnest money if you terminate the transaction depends on the contract, your contingencies, the circumstances surrounding the termination, and whether you've complied with the agreement.

That's another reason the deadlines and contingencies in your offer are so important.

3. Now It's Time to Inspect the House

This is one of the most important parts of the process.

Once you're under contract, we'll start scheduling the inspections and due diligence allowed under your agreement.

A general home inspection will usually look at many of the home's major components and systems, including things like:

• Roof

• Electrical

• Plumbing

• Heating and cooling

• Foundation

• Attic

• Crawlspace

• Exterior

• Interior

• Installed systems and fixtures

But depending on the property, a general home inspection may only be the beginning.

You might also consider specialized inspections or evaluations for things such as sewer lines, radon, oil tanks, pests, structural concerns, chimneys or other property-specific issues.

And if you're buying rural property in Clackamas County, this part of the transaction can look considerably different.

Buying Rural? There Is More to Investigate

If your property has a private well, septic system, acreage, outbuildings or other rural features, you need to investigate things a typical subdivision buyer doesn't have to think about.

Depending on the property, that could include:

• Well water quality

• Well flow

• Well equipment

• Septic systems

• Septic tanks

• Drainfields

• Water rights

• Property boundaries

• Easements

• Access

• Outbuildings

This is one of the reasons I tell buyers:

Don't just inspect the house. Investigate the property you're actually buying.

A beautiful kitchen isn't going to make you feel much better if we discover a major issue with the well or septic system after closing.

4. Then We Decide What to Do With the Inspection Results

This is where buyers sometimes get overwhelmed.

Your inspector may hand you a report that's 40, 50, or 60 pages long.

Don't panic.

A long inspection report doesn't automatically mean you're buying a bad house.

Homes have issues. Even newer homes can have issues.

Instead of looking at the report and thinking, "There are 47 things wrong with this house," I want to help you separate those findings into categories.

What is routine maintenance?

What should you plan to repair eventually?

What needs further investigation?

And most importantly:

Is there anything significant enough to change how you feel about buying the property?

Depending on your contract and the situation, you may decide to move forward as-is, request repairs, negotiate a credit or another solution, investigate something further, or potentially terminate the transaction if your agreement gives you that right.

My goal isn't to tell you what decision to make.

My goal is to give you enough information to make a smart one.

5. Your Loan Is Moving Forward at the Same Time

While we're dealing with inspections, your lender isn't sitting around waiting for us.

They're working on your financing.

Your loan will move through processing and underwriting while the lender verifies things like your income, assets, credit, employment and other financial information.

You'll be asked for updated bank statements, pay stubs, tax documents or explanations of certain transactions.

This is also the point where I give buyers one very important piece of advice:

Don't Change Your Financial Situation Before Closing

Until you own the house, try to keep your financial life boring.

This is absolutely not the time to:

• Finance a new car

• Open a new credit card

• Buy furniture on credit

• Move large amounts of money around without talking to your lender

• Change jobs without discussing it with your lender

• Co-sign somebody else's loan

You've already qualified for the mortgage based on a certain financial picture.

Don't dramatically change that picture halfway through the transaction.

When in doubt, call your lender before doing something that could affect your finances or credit.

6. The Appraisal Happens

If you're financing the purchase, your lender will order an appraisal.

The appraisal and a home inspection are not the same thing.

Your home inspector is primarily helping you understand the property's physical condition.

The appraiser is helping the lender determine whether the property provides adequate collateral for the loan and supporting an opinion of value.

Ideally, the property appraises at or above the purchase price and we move on.

But what if it doesn't?

What Happens If the House Appraises Low?

A low appraisal doesn't automatically mean the transaction is dead.

Depending on your contract and financing, there may be several possibilities.

You might:

• Challenge the appraisal when there's legitimate supporting information

• Ask the seller to reduce the price

• Negotiate another solution

• Have you bring additional money to closing

• Use applicable appraisal or financing protections in the contract

This is where the way your offer was structured before it was accepted can become incredibly important.

The strongest offer isn't always simply the one with the highest price.

The terms matter too.

7. Title and Escrow Are Working Behind the Scenes

While you're handling inspections and your lender is handling financing, the title and escrow company is doing its part too.

One of the things you will receive is a preliminary title report.

This contains information involving ownership, liens, easements and other matters affecting title to the property.

This is one of those parts of buying a house that isn't particularly exciting...

…but it can be extremely important.

I want to know whether there's something affecting the property that you should understand before you own it.

Meanwhile, escrow acts as a neutral third party helping coordinate documents, funds and ultimately the closing of the transaction.

8. You'll Need Homeowners Insurance

Don't leave this until the last minute.

If you're financing the home, your lender will require homeowners insurance.

I recommend getting started on insurance relatively early in the transaction rather than assuming every house will be inexpensive and easy to insure.

Depending on the property, the insurance company wants to know things like the age or condition of the roof, prior claims, electrical systems, location, wildfire exposure and other risk factors.

So if your ability to obtain acceptable insurance is a concern, that's something I want you to know before closing day, not the night before.

9. We Do the Final Walkthrough

We're almost there.

Shortly before closing, we'll conduct a final walkthrough of the property.

A final walkthrough is not another home inspection.

You are checking to make sure the property's condition is substantially what you're expecting, agreed-upon repairs have been addressed where applicable, and something significant hasn't happened since you last saw the house.

Imagine walking into the house right before closing and discovering a pipe burst and flooded the kitchen.

That's exactly the kind of thing you want to know before the transaction closes.

This is also when you can verify items that were supposed to remain with the property are still there and the seller has completed any agreed-upon work.

You can rely on contractors and invoices for the completion of repairs, OR you can ask your inspector to come back and re-inspect certain items. 

10. You Sign Your Closing Documents

Eventually, escrow will contact you to schedule signing.

You'll sign the documents necessary to complete the purchase and, if you're financing, your loan documents.

You'll also receive final figures showing the money involved in the transaction.

Pay very close attention to instructions involving the transfer of money.

Wire fraud is a real risk in real estate transactions.

Never rely on unexpected wiring instructions that show up in an email.

Verify instructions using trusted contact information before sending a large amount of money.

And here's another thing that surprises some Oregon buyers:

Signing your documents doesn't mean you own the house yet. I have heard so many clients say they thought they got the keys at the signing, like when you buy a car. 

There's still another step.

11. The Transaction Funds and Records

After the necessary documents are signed and the lender has completed its requirements, funds can be sent to escrow.

Then the appropriate documents are recorded.

Recording is a big moment.

That's when the sale officially becomes a matter of public record and the transaction reaches closing under the terms of the agreement.

The exact timing of possession can depend on your contract. Sometimes buyers receive possession at closing; other transactions may include different possession arrangements.

So don't schedule the moving truck based solely on when you sign your documents.

Let's make sure the transaction has actually closed and that you're entitled to possession under the agreement.

And then...

You Get the Keys 🔑

This is everyone's favorite part.

You started by looking at houses online.

Then you toured homes.

You figured out what you liked and what you didn't.

You got pre-approved.

You wrote an offer.

You negotiated.

You inspected the property.

You made it through underwriting.

You made it through the appraisal.

You signed what felt like 4,000 documents.

And now...

The house is yours.

What Can Go Wrong After Your Offer Is Accepted?

I don't tell you this to scare you.

I tell you because an accepted offer is not the same thing as a closed transaction.

There are still several moving pieces.

Problems can come up with:

• Inspections

• Repairs

• Appraisals

• Financing

• Title

• Insurance

• The property itself

• Deadlines

• Seller performance

Most real estate transactions aren't completely drama-free.

Something almost always comes up.

Sometimes it's tiny.

Sometimes it's significant.

The important thing isn't expecting a perfectly smooth transaction.

It's having a plan when something isn't smooth.

That's a big part of what you're hiring me to do.

What I Tell My Buyers After Their Offer Is Accepted

There's a moment after I tell someone their offer was accepted where the excitement is immediately followed by:

"Okay... what do I do now?"

My answer is pretty simple.

You don't need to become a real estate expert over the next 30 days.

That's why you hired me.

I'll help you keep track of the deadlines, coordinate the different people involved, explain what's happening, identify the decisions you need to make and help you understand your options when something unexpected happens.

I don't want to make your decisions for you. I want to make sure you have enough information to make good decisions for yourself.

Because at the end of the transaction, you're the one who's going to own the house.

You should understand what you're buying and feel comfortable with the decisions that got you there.

FAQ:

How long does it take to close after an offer is accepted in Oregon?

There isn't one universal timeline. Your closing date is established by your purchase agreement, and the time required can depend on financing, inspections, appraisal, title and other conditions of the transaction.

When is earnest money due after an offer is accepted in Oregon?

The amount and deadline for depositing earnest money depend on the terms of your purchase agreement. Check your specific contract rather than relying on a generic online deadline.

Can you back out after your offer is accepted?

Potentially, but your ability to terminate the transaction (and what happens to your earnest money) depends on your contract, contingencies, deadlines and circumstances. This is something to discuss with your real estate professional and, when legal advice is necessary, an attorney.

What happens if the home inspection finds problems?

Depending on your purchase agreement and the circumstances, you may have options such as accepting the property, requesting repairs, negotiating another solution, conducting additional investigation or terminating under an applicable contingency.

What happens if the appraisal comes in lower than the purchase price?

A low appraisal doesn't automatically end the transaction. Depending on the financing and purchase agreement, the buyer and seller may renegotiate, the buyer may bring additional funds, the appraisal may potentially be challenged with appropriate supporting information, or contractual protections may apply.

When do you actually get the keys in Oregon?

Signing your closing documents doesn't necessarily mean you immediately get the keys. The transaction still needs to complete the required funding and recording process, and your right to possession depends on the terms of your purchase agreement.

Buying a Home in Clackamas County or Somewhere Else in Oregon?

Every home purchase is a little different.

Buying a condo in Lake Oswego isn't the same transaction as buying five acres with a well and septic system outside Oregon City, Beavercreek or Sandy.

When you're ready, or getting ready, to buy a home in Clackamas County or elsewhere in Oregon, contact me through my website to interview me for the job.

Not ready yet? Subscribe to my newsletter or YouTube channel to follow along as I share what I'm seeing and learning every day while helping people buy and sell homes throughout Oregon and Washington.

This article is intended for general educational purposes and isn't legal, lending, inspection, insurance or tax advice. Your rights, obligations, contingencies and deadlines depend on your specific purchase agreement and circumstances.