The Escrow Process for Buyers: What to Expect After Your Offer Is Accepted

Congratulations—you’ve had your offer accepted!
But before you get the keys, you’ll go through a critical phase called escrow. For buyers, understanding each step can make the difference between a smooth transaction and a stressful one.

Here’s what to expect once you’re officially under contract:

1. Open Escrow and Deposit Earnest Money

Escrow is opened with a neutral third party, and you’ll submit your earnest money deposit—typically 1–3% of the purchase price—into an escrow account.
This shows you’re serious about completing the transaction.

2. Schedule Your Inspections

Once in escrow, time is of the essence.
You’ll need to arrange inspections (such as the general home inspection, termite, roof, sewer, etc.) within the timeline outlined in your contract.

The results will help you decide if you want to:

• Move forward as planned

• Request repairs or credits

• Reconsider your purchase based on major issues

3. Review Seller Disclosures

The seller is required to provide disclosures about the property's condition and history.
Review these carefully—they may reveal important information about repairs, renovations, or potential concerns.

4. Appraisal Ordered by Your Lender

If you’re financing the purchase, your lender will order an appraisal to verify that the home’s value supports the loan amount.

If the appraisal meets or exceeds the purchase price—great news!
If it comes in low, you may need to renegotiate or come up with the difference.

5. Loan Approval and Underwriting

While all this is happening, your lender will process your loan through underwriting.
You’ll need to provide updated documents (pay stubs, bank statements, etc.) and respond quickly to any requests to keep things moving.

Once underwriting is complete, you’ll receive final loan approval.

6. Remove Contingencies

Your contract likely includes contingencies, such as:

• Inspection contingency

• Appraisal contingency

• Loan contingency

After completing inspections, securing financing, and resolving any concerns, you’ll formally remove contingencies—officially committing to closing the deal.

7. Conduct Final Walkthrough

Before closing, you’ll complete a final walkthrough of the property.
This ensures that agreed-upon repairs are done and that the home’s condition hasn't changed since your last visit.

8. Sign Closing Documents

You’ll sign a stack of closing documents—either electronically or at the escrow office—finalizing your loan, ownership, and obligations.

Be prepared to:

• Review loan terms

• Confirm closing costs

• Sign loan and title documents

9. Fund, Record, and Receive the Keys!

Once your loan funds and the county officially records the transaction, escrow closes—and you’re the proud new owner!

Your agent or escrow officer will hand you the keys to your new home.

All-in-All

The escrow process may seem detailed, but with an experienced real estate agent and lender by your side, it becomes a clear and manageable journey.

Stay organized, responsive, and proactive—and before you know it, you’ll be stepping into your new home!