The Offer Was Accepted! What Happens During the Next 30 Days?

The Offer Was Accepted! What Happens During the Next 30 Days?

You have navigated the showings, reviewed the local data, written a competitive offer, and the seller officially signed the contract! Or, if you are a seller, you have officially selected your winning buyer. It is an incredible milestone, but it is just the beginning. In Oregon and Washington, standard real estate transactions take roughly 30 to 45 days to move from an accepted offer to the actual closing day.

This period is known as Escrow. To ensure you avoid last-minute surprises, here is exactly what happens during this crucial month-long timeline:

Week 1: The Earnest Money & Home Inspection Window

• The Deposit: The buyer opens the escrow account by wire-transferring their "good faith" earnest money deposit (typically 1% to 3% of the purchase price) to a neutral third party title company.
• The Deep Dive: The buyer hires a professional home inspector to check the roof, structure, electrical systems, and plumbing, looking for any hidden defects.

Week 2: The Inspection Resolution & Appraisal

• The Negotiation: Based on the inspection findings, the buyer can accept the home as-is, walk away with their earnest money intact, or negotiate with the seller for a price reduction, financial credits, or specific repairs before proceeding.
• The Valuation: The buyer's mortgage lender sends an independent appraiser to the property to verify that the home's physical worth matches the agreed-upon purchase price.

Week 3: Loan Underwriting & Title Review

• The Paperwork: The lender’s underwriting team thoroughly reviews the buyer's financial documents, income, and debt ratios. Concurrently, the title company researches the property's history to ensure there are no hidden liens, boundary disputes, or legal clouds on the deed.

Week 4: Clear to Close & Signing Day

• The Final Approval: The lender issues the glorious "Clear to Close," meaning the loan is fully approved. Escrow compiles the final settlement statement detailing every single closing cost credit and fee.
• The Signing: Both parties meet separately with a notary public at the escrow office to sign the stack of legal closing documents. Once the buyer's funds land in the account, the deed is recorded at the county courthouse, and the keys are officially handed over!

Frequently Asked Questions 

• Can a buyer back out of a contract during the escrow period? Yes, provided the buyer has a valid contingency in place, such as a home inspection contingency, financing contingency, or appraisal contingency, they can legally cancel the contract and receive a full refund of their earnest money.

• What is the function of an escrow company in Oregon and Washington? Escrow acts as a neutral, third-party intermediary that securely holds all funds, earnest money deposits, and legal documents until all conditions of the real estate contract are fully satisfied by both parties.

• How long does it take to get keys after signing closing papers? You do not always get the keys the second you sign. Legally, the keys are handed over once the lender officially funds the loan and the county records the transaction under the new owner's name, which typically happens within 24 to 48 hours of signing.

Want a dedicated team to manage your timeline flawlessly from contract to keys? We guide our buyers and sellers through every milestone with absolute precision.

Call us today to start a seamless real estate journey!

Call: (503) 300-6614