What Happens After Your Offer Is Accepted
Your offer was accepted — congratulations. Now the clock starts. Here's what needs to happen in the first 72 hours and how I keep your transaction on track.
Day Zero and the Two Tracks
The day your contract is fully executed — signed by both parties — is Day Zero. Every deadline in your contract counts forward from that date. You'll see the phrase "time is of the essence" in bold throughout the TREC contract, and it means exactly what it says: miss a deadline and you risk losing rights, money, or the deal itself. Once we go under contract, two parallel tracks launch simultaneously — the real estate side and the financing side. Here's what happens on each.
Pay Your Option Fee & Earnest Money
Both payments are due to the title company within three days of contract execution. The option fee buys your unrestricted right to terminate during the option period — if it's not paid on time, you forfeit that right entirely. The earnest money is held in escrow until closing. If it's late, the seller has the right to terminate any day past the deadline until the money arrives.
One check or one wire transfer to the title company covers both. I'll send you the title company's wiring instructions and confirm receipt — you don't need to track this down yourself.
Schedule Your Home Inspection
This is the most time-sensitive item after paying your monies. You want the inspection completed early in the option period so there's time to review the report, get contractor estimates if needed, and negotiate repairs — all before the option period expires. I have a shortlist of inspectors I trust who can typically get on the schedule within a day or two.
Don't wait until mid-week to schedule. If the inspection reveals something that needs follow-up — a structural concern, a plumbing issue, a roof question — you need days, not hours, to get answers. We'll cover the full inspection process in Episode 7.
Launch the Financing Track
I'll send the executed contract to your lender the same day. Your loan officer will issue loan disclosures that you'll need to sign promptly — lenders have their own regulatory timelines, and delays here can push back your closing date. If your lender requests additional documentation (tax returns, bank statements, pay stubs), get it to them quickly.
One critical rule while you're under contract: don't make any major financial changes. Don't open new credit cards, don't make large purchases, don't change jobs, and don't move money between accounts without talking to your lender first. Any of these can derail your loan approval. We'll walk through the full underwriting process in Episode 8.
Contact a Homeowners Insurance Broker
You'll need a homeowners insurance policy in place before closing, but there's a strategic reason to start this conversation early. Your insurance broker can pull a CLUE report — a claims history database that shows any insurance claims filed on the property by current or previous owners. That information is valuable going into your inspection.
If the CLUE report shows a past water damage claim, for example, I'll make sure the inspector pays extra attention to those areas. It's a layer of due diligence that most buyers don't think about until it's too late.
Under Contract Checklist
Track your progress through the critical first steps after going under contract. Check items off as you complete them.
Key Terms
- Executed Contract
- A contract that has been signed by all parties — both buyer and seller. The execution date is Day Zero, and all contract deadlines count forward from this date.
- Escrow
- The neutral third party — typically a title company — that holds your earnest money and option fee until closing. Once you're under contract, the title company opens escrow and manages all funds through closing day. See Episode 5 for more on how escrow works in a Texas transaction.
- Option Period
- Your negotiated window to terminate the contract for any reason — typically 7–10 days. This is when the inspection happens and when you have the most flexibility. The length and fee are set in your offer. See Episode 5 for how the option period and option fee are negotiated..
- Title Company
- The neutral third party that handles escrow, conducts the title search, issues the title commitment and title policy, and facilitates the closing. In Texas, the title company receives your earnest money and option fee and holds them until closing.
- CLUE Report
- Comprehensive Loss Underwriting Exchange — a database that tracks insurance claims filed on a property. Your insurance broker can pull this report to reveal past claims (water damage, fire, theft, etc.) made by current or previous owners.
- Loan Disclosures
- A set of documents your lender is required by law to provide within three business days of receiving your loan application. Includes the Loan Estimate, which outlines your projected interest rate, monthly payment, and closing costs.
- Time Is of the Essence
- A legal phrase in the TREC contract meaning that all deadlines are firm and enforceable. Missing a contractual deadline — even by a day — can result in loss of rights, forfeiture of fees, or termination of the contract.
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