Offer Acceptance to Closing Timeline


Alright, say we’ve viewed a house that you absolutely love. You've made an offer and the seller accepts. This is a moment to celebrate!

Now the real work begins…

In Ohio, it typically takes 30 to 45 days from an offer being accepted to walking through the door with the keys in your hand. Before that happens, expect to make a lot of phone calls, send emails, and go on a scavenger hunt for documents you’re pretty sure are in the attic somewhere.

It’s going to be okay. You can do this! Here’s a basic outline of the main steps you’ll be responsible for. We’ll discuss these in more detail later, but this will give you a broad idea of the process.

Earnest Money Deposit

Within a few days of acceptance, you’ll drop off an earnest money deposit with your brokerage. Think of this as your "I’m serious about this" deposit. If you back out for a reason not covered in the contract, the seller may be entitled to keep it. The good news is that this money is applied towards your down payment or closing costs. If cash upfront is tight, you should know that it's not legally required by state law. However, it is highly customary, and skipping it can make your offer less competitive, signaling a lack of commitment to the seller.

Inspection Period

During the first 7 to 10 days, you’ll want to hire a professional inspector to evaluate the mechanical systems, check for leaks, and look for structural issues like foundation cracks. In Ohio, the seller is legally required to disclose any known material defects. The inspection isn't just a "check-up"; it’s a verification of that disclosure. If the inspector finds that the furnace doesn't work and the seller didn't disclose it, that is a massive lever for negotiation, or an exit strategy provided your offer included an inspection contingency. 

Appraisal and Mortgage Finalization

Once inspection contingencies are met, you’ll move forward with your formal mortgage application. Your lender will require detailed financial information and will order an appraisal. The appraisal ensures the home's market value supports the loan amount. If the house appraises for less than your offer, you’ll have an "appraisal gap." You’ll either need to negotiate the price down, pay the difference in cash, or walk away if you have an appraisal contingency.

Don’t do anything unpredictable!

During this entire period, it’s important not to make any other large purchases or change jobs. You may be tempted to finance a new couch or shop for a new car to park in that new garage, but new debt is the #1 way people accidentally disqualify themselves for a mortgage. Additionally, any large deposit that isn’t your normal paycheck will require a paper trail. Lenders need to verify that you didn’t take out an undisclosed loan to cover your closing costs.

Homeowners Insurance

Before closing, you'll need to secure homeowners insurance to protect you from fire, storms and theft. This is something you’ll want to shop around for early in the process. You may find a surprisingly wide range of prices in the quotes you receive.

Title Work

A title company will perform a search to ensure the property title is clear of liens or encumbrances. They are checking for "clouds" on the title that must be cleared before the sale. It’s also recommended to purchase title insurance to protect you from unexpected headaches (such as unpaid taxes or ownership disputes) that may arise down the road. The good news is that this is just a one time fee.

Closing Disclosure (CD)

At least three days before closing, you'll receive a Closing Disclosure (CD) detailing your final loan terms, monthly payments, and total closing costs. Review this document carefully to ensure it matches your initial loan estimate. 

Final Walkthrough

A day or two before closing, you’ll visit the house one last time. You’re verifying that the seller has moved out, that all negotiated items (like a fridge or mower) are still there, and that the home is in the same condition as when you first signed the contract.

Closing Day

On closing day, you’ll typically meet at a title office for a "roundtable" closing to sign the final documents. Per the Ohio Good Funds Law, you cannot use a personal check for amounts over $1,000; you’ll need to provide a cashier’s check or, more commonly, initiate a wire transfer at least 24 hours in advance. Bring a valid government-issued photo ID and expect to wait for the title company to confirm the deed has been officially recorded at the county office. Once the filing is complete and the funds are disbursed, you finally get your keys!

Just remember that even though this seems like a lot of work, it doesn’t all have to happen in one day. And before you know it, you’ll have your keys and all the paperwork will be behind you. And instead of looking through boxes for an old w2, you’ll be looking through boxes trying to find the bolts that hold your bed frame together. They’ll turn up eventually…

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