Your Offer Is Accepted Now what? Congratulations, your offer has been accepted! Now we get to work together on getting to the closing table. Getting an offer accepted is one of the most exciting moments of the home-buying process. But it’s also when things get more serious. By now, you’ve probably heard the terms “closing” and “escrow” thrown around, but a lot happens between offer acceptance and closing escrow. The accepted offer dictates the timing of how and when things will be accomplished, through closing. During the closing process, you’ll put down an earnest money deposit, perform any necessary inspections, negotiate for repairs, get your home appraised, lock down your loan and, if necessary, cancel the deal without losing your deposit.
Earnest Money Earnest money is a deposit in the range of 1% of the purchase price. It shows good faith that you are serious about purchasing the property and will follow the agreed on terms. These funds will go towards your down payment or closing costs. Earnest money is usually deposited into an escrow account with the title company within three business days of mutual acceptance
12
