Your Offer Was Accepted. Now What?

What Illinois Homebuyers Can Expect During the First 10 Days

You found the house.

You wrote the offer.

After some negotiating—and probably a lot of checking your phone—you get the news:

Your offer was accepted.

That's exciting.

It's also the point where the homebuying process can suddenly start moving very quickly.

The first several days after a contract is accepted can include attorney review, the home inspection, earnest money, lender documents, negotiations and a number of important deadlines.

For buyers who haven't been through the process before, it can feel like everything is happening at once.

That's because, for a little while, it is.

Here's what Illinois homebuyers can generally expect during those first several days—and why having the right people involved becomes particularly important.

First, Take a Minute to Be Excited

Seriously.

Buying a home is a big deal.

Getting an offer accepted—especially after searching for the right property or competing with other buyers—is worth enjoying.

But an accepted offer doesn't mean the transaction is finished.

It's the beginning of the next phase.

Once the contract is signed, the focus changes from getting the house under contract to working through the contract and investigating the property.

And some of the most important parts of that process happen quickly.

Your Real Estate Attorney Gets Involved

Illinois real estate transactions commonly include an attorney review period.

Once the contract is accepted, a copy is typically sent to the attorneys representing the buyer and seller.

Your attorney reviews the contract, may propose modifications, communicates with the seller's attorney and helps address legal issues that arise during the transaction.

This is also why we encourage buyers to choose a real estate attorney before they actually need one.

You don't necessarily want to start searching for an attorney after your offer has already been accepted and the clock is running.

The exact attorney-review process and deadlines depend on the contract being used and the circumstances of the transaction, so your attorney should explain how those provisions apply to your purchase.

It's Time to Schedule the Home Inspection

The home inspection is another item that usually needs attention quickly.

Once the contract is accepted, we want to get the inspection scheduled within the time allowed by the contract.

A professional home inspector will evaluate many of the home's visible and accessible components and systems and provide a report describing their observations.

Depending on the property, buyers may also consider additional inspections or evaluations.

That could include things such as radon testing, a sewer scope, well or septic evaluations, chimney inspections or specialized inspections when circumstances warrant them.

The inspection isn't about finding a perfect house.

There probably isn't one.

It's about learning more about the property you're considering buying.

The Inspection Report Arrives. Don't Panic.

Inspection reports can be intimidating.

Even a well-maintained home can produce a report containing dozens of pages of observations, photographs and recommendations.

That doesn't necessarily mean you bought a disaster.

Homes are complicated.

The important question isn't simply:

How many things did the inspector find?

It's understanding what was found and what actually matters.

A loose doorknob and evidence of an active roof leak are both technically items on an inspection report.

They don't deserve the same amount of attention.

This is where buyers should work with their inspector, real estate broker and attorney to understand the findings and determine what, if anything, should be addressed.

Attorney Review and Inspection Can Overlap

This sometimes surprises first-time buyers.

The process isn't always neatly sequential.

You don't necessarily finish attorney review and then begin the inspection.

Several things can be happening at the same time.

While your attorney is reviewing the contract, you may be scheduling or completing the inspection. Your lender may also be requesting documents and beginning work on the loan.

That's one reason the first few days can feel busy.

Different members of your team are working on different parts of the same transaction.

Earnest Money Will Be Due

Your contract will generally specify the amount of earnest money you're required to deposit and when it's due.

Earnest money is money the buyer deposits in connection with the purchase contract as a demonstration of the buyer's commitment to the transaction.

Depending on the contract, there may be an initial earnest-money deposit followed by an additional deposit later.

The contract should identify the requirements, and buyers should pay close attention to the deadlines and delivery instructions.

And one important reminder:

Be extremely cautious with wiring instructions.

Real estate transactions are targets for wire fraud. Never rely solely on an unexpected email containing new or changed wiring instructions.

Independently verify wiring instructions using trusted contact information before sending money.

Your Lender Goes to Work, Too

If you're financing the purchase, an accepted contract is also your lender's signal to move from pre-approval toward the actual loan for this property.

Your lender may request updated financial documents such as bank statements, pay stubs or other information needed for underwriting.

Responding quickly can help keep the loan moving.

This is also a particularly bad time to make major financial changes without talking to your lender.

Buying a vehicle, opening new credit accounts, financing furniture, changing jobs, moving large amounts of money between accounts or making other significant financial moves can potentially affect your loan qualification or create additional documentation requirements.

Before making a significant financial move while you're under contract, talk to your lender.

The Inspection May Lead to Another Negotiation

Getting the original offer accepted doesn't necessarily mean all negotiations are finished.

Depending on the contract, inspection findings may lead to discussions between the parties.

A buyer may ask that certain issues be addressed. The seller may agree, disagree or propose another solution.

Sometimes the parties reach an agreement quickly.

Sometimes there's more back-and-forth.

And sometimes an inspection reveals something significant enough that the buyer needs to reconsider the transaction, subject to the terms of the contract and advice from the buyer's attorney.

The important thing is to keep the inspection in perspective.

The goal isn't necessarily to renegotiate every minor imperfection in the home.

It's to understand what you're buying and make informed decisions based on the property, the contract and your circumstances.

Attorney Review Gets Resolved

While the inspection process is happening, the attorneys are also working through attorney review.

They may agree on modifications to the contract or address issues that need clarification.

Once attorney review and any inspection-related matters are resolved, the transaction begins moving into its next stage.

For many buyers, this is when things start to feel a little quieter.

The first few days involve a lot of activity.

Afterward, much of the focus shifts toward financing, appraisal, title work and preparing for closing.

The Appraisal May Be Ordered

If you're obtaining a mortgage, your lender will generally require an appraisal.

The appraisal is performed for the lender and provides an opinion of the property's value for the lending process.

An appraisal is not the same thing as a home inspection.

The inspector is primarily helping you understand the condition of the property.

The appraisal is primarily part of the lender's evaluation of the property as collateral for the loan.

If the property appraises at or above the amount needed for the loan, the financing process continues.

If it doesn't, there may be additional decisions and negotiations depending on the contract, financing and circumstances.

Meanwhile, Keep Your Financial Life Boring

This deserves repeating.

Once you're under contract, boring finances are usually good finances.

Keep paying your bills.

Don't suddenly open a bunch of credit cards.

Don't finance a new living-room set because you know exactly where it's going in the new house.

Don't buy the new truck you've been considering without talking to your lender.

Don't move $25,000 between accounts without being prepared to document where it came from and where it went.

And don't assume that because you were pre-approved, nothing can change.

Your lender may continue verifying financial information throughout the mortgage process.

The new furniture can wait.

Who Is Doing What?

One reason real estate transactions can seem confusing is that several professionals are working on the transaction at the same time.

Your real estate broker helps guide the transaction, communicates with the other parties, monitors deadlines, coordinates inspections and other transaction details, and helps you understand the real estate side of the process.

Your attorney handles the legal aspects of the transaction, including attorney review, contract modifications, title and legal issues.

Your home inspector evaluates the property's condition and helps you understand the physical findings from the inspection.

Your lender handles your mortgage, underwriting, appraisal and financing requirements.

Your insurance professional helps arrange the homeowners insurance required for the property and your loan.

There can be others involved as well.

The important part is that these people aren't working independently of one another.

They're each handling a different piece of the same transaction.

So, Does All of This Really Happen in 10 Days?

Sometimes much of it does.

Sometimes it happens even faster.

And sometimes certain parts take longer.

“First 10 days” isn't meant to suggest that every Illinois real estate contract follows an identical 10-day schedule.

Your actual deadlines are the deadlines contained in your contract.

That's important.

Different contracts, properties, financing arrangements and negotiated terms can create different timelines.

The takeaway isn't to memorize Day 1, Day 2 and Day 3.

It's to understand that the beginning of a real estate transaction moves quickly, and buyers should be prepared to respond.

The First Few Days Are Busy for a Reason

It can seem strange.

You may have spent months casually browsing homes, weeks seriously searching and several days negotiating an offer.

Then suddenly everything seems to happen at once.

There's a reason.

This is the period when you're learning more about the property, your attorney is reviewing the agreement and your lender is beginning the formal mortgage process.

You're moving from:

“We want to buy this house.”

to:

“Let's make sure we understand the house, the contract and the financing.”

That's a very different stage of the process.

And it's an important one.

You Don't Have to Manage the Process Alone

A good homebuying experience isn't just about finding a house.

It's also about understanding what happens after you find it.

At AED Realty, we help buyers keep track of the moving pieces, understand what's coming next and coordinate with the professionals involved in the transaction.

Because getting your offer accepted is a big milestone.

But there's still a lot of work between accepted and closed.

Explore our Buyer Resources to learn more about Buyer Representation, Earnest Money, Inspection & Attorney Review, Appraisals, and Mortgage & Financing Basics, or contact AED Realty when you're ready to start your home search.

Clarity. Strategy. Execution.

This article provides general real estate information and is not legal, lending, tax or inspection advice. Contract terms and deadlines vary. Buyers should consult their real estate attorney, lender, inspector and other appropriate professionals regarding their specific transaction.