Offer Accepted? What’s Next

Congratulations — You’re Under Contract!

Your offer has been accepted, and now the real countdown begins. This stage is called the escrow period, and it’s where all the important steps happen before you finally get the keys to your new Northern Virginia home.

Your Earnest Money Deposit

You’ll be asked to provide a down payment, usually about 1% of the purchase price. This deposit is held safely with an attorney or settlement company and applied toward your final closing costs. It shows the seller you’re serious and keeps your contract moving forward.

How Long Is Escrow?

The escrow period is typically about 30 days, though it can vary. During this time, both you and the seller must complete every step outlined in the contract. Missing deadlines can delay or even jeopardize the purchase — which is why having the right guidance matters.

What Happens During Escrow?

Most contracts include these four key items:

1. Home Inspection

Schedule this as soon as possible. If issues are discovered, you can negotiate repairs or, if needed, cancel the contract.

2. Financing

Once the contract is signed, you have a set period to secure your loan. If financing isn’t approved and no extension is granted, you may need to cancel — which is why pre-approval before shopping is such an advantage.

3. Clear Title

The seller must provide a marketable title — meaning no legal issues tied to the property. We help review local and state requirements so you can be confident in your ownership.

4. Homeowners Insurance

Most lenders require proof of coverage before closing. Apply as soon as possible after your contract is signed so nothing delays settlement.

A Simple Timeline

Day 1–3: Submit earnest money deposit

Day 1–10: Inspections completed

Day 10–20: Loan approval & appraisal ordered

Day 20–25: Title reviewed and cleared

Day 30: Closing day — you get the keys!

(Your exact timeline may vary depending on your contract.)

We’ll Guide You Through Every Step

Buying a home doesn’t end when the offer is accepted — it’s just the beginning of the finish line. Our team is here to keep you informed, on track, and stress-free until you’re officially a homeowner.

Q: How much earnest money do I need to put down?

Typically about 1% of the purchase price, though the exact amount can vary based on your contract and local market norms.

Q: How long is the escrow period?

Most contracts in Northern Virginia close in about 30 days, but timelines can be shorter or longer depending on financing, inspections, and seller needs.

Q: What if the inspection finds major problems?

You can negotiate repairs, request a credit, or — if issues are serious and unresolved — cancel the contract without penalty (as long as you’re within the inspection contingency period).

Q: What happens if my financing falls through?

If you’re unable to secure your loan within the timeframe outlined in your contract, and no extension is granted, you may need to cancel the purchase. This is why being pre-approved before shopping is so important.

Q: Who guides me through the escrow process?

Your Realtor (that’s me!) coordinates with the lender, settlement company, inspectors, and the seller’s agent to make sure every step is handled smoothly and on time.