Getting the text from your real estate agent saying "Your offer was accepted!" is one of the most exciting moments of buying a home.
But for a first-time homebuyer, it can also create a new question:
Now what?
Getting your offer accepted is a major step, but there are still several things that generally need to happen before you get the keys.
If you're buying in New Jersey, here's what the next part of the process can look like.
Step 1: Attorney Review
One of the first things you'll hear about in a typical New Jersey residential transaction is attorney review.
For certain residential contracts prepared by a New Jersey real estate broker or salesperson, the contract contains an attorney-review provision giving the buyer's and seller's attorneys a three-business-day review period. Saturdays, Sundays, and legal holidays aren't counted in that three-day period. The attorneys can review the agreement and propose changes or disapprove it during the review period.
This is one reason I don't want a New Jersey buyer assuming that "offer accepted" necessarily means every term is completely settled.
Your attorney handles the legal side of this process, while I continue helping you with the real estate side.
Read my full guide, How Does Attorney Review Work When Buying a House in New Jersey?
Step 2: Your Deposit
Your contract will spell out the deposit requirements for your transaction, including the amount and timing.
This money is commonly referred to as the earnest money deposit or contract deposit.
One thing first-time buyers sometimes misunderstand is that this isn't necessarily an extra expense on top of the purchase price.
Assuming the transaction proceeds to closing, deposits already made are generally accounted for as part of the transaction.
The important thing is to follow the deadlines and instructions in your actual contract.
Step 3: Schedule Your Inspections
Depending on the inspection rights negotiated in your contract, this is usually when you'll arrange your home inspection and any additional evaluations you choose or that may be recommended.
A home inspector may evaluate visible and accessible components of the property and identify issues that deserve further attention.
And here's something important:
Your inspection report probably won't be blank.
Even a well-maintained house can have a long inspection report.
The purpose isn't to discover a completely perfect house. It's to learn more about what you're buying and identify issues that may need attention.
Depending on the findings, your contract, and advice from the appropriate professionals, there may be additional conversations about repairs, credits, further evaluations, or whether a particular condition is acceptable to you.
Step 4: Keep Your Mortgage Moving
While inspections and attorney review are happening, your lender is also working.
Getting pre-approved before shopping was only the beginning.
Now that you have an actual property under contract, the lender can move forward with your mortgage application for that home.
You may be asked for updated documents such as:
Pay stubs
Bank statements
Tax documents
Employment information
Documentation for deposits or transfers
Other financial information
Respond to your lender quickly.
A delayed document can create a delayed mortgage process.
This also isn't a good time to finance a car, open multiple credit cards, make a major financed purchase, or make unexplained financial moves without talking to your lender first.
Step 5: The Appraisal
If you're obtaining a mortgage, your lender may order an appraisal.
The appraisal is different from the home inspection.
The inspection is primarily about helping you understand the condition of the property.
The appraisal is primarily an opinion of the property's value for purposes of the mortgage transaction.
If the home appraises at or above the amount required by the lender, great.
If the appraisal comes in lower than expected, what happens next can depend on your contract, financing, appraisal provisions, and the circumstances.
Potential outcomes can involve renegotiation, challenging the appraisal when appropriate, changing the buyer's contribution, or other solutions.
This is why the terms of your original offer matter.
Step 6: Title Work
Title work is another major part of the period between contract and closing.
The title professionals and attorneys involved in the transaction may review ownership information, liens, judgments, taxes, and other matters that can affect title to the property.
The exact process depends on the transaction.
As the buyer, you may not see everything happening behind the scenes, but that doesn't mean nothing is happening.
There are a lot of moving parts between "offer accepted" and "here are your keys."
Step 7: Mortgage Underwriting
Eventually, your mortgage file moves through underwriting.
Underwriting is essentially the lender's deeper review of your finances and the transaction before final loan approval.
Your lender may ask for additional documentation during this process.
Don't be alarmed if they do.
And don't ignore the request because you already sent them something similar two weeks ago.
If your lender needs it, send it.
The faster everyone responds and communicates, the easier it is to keep the transaction moving.
Step 8: Review Your Closing Numbers
As closing approaches, your lender and closing professionals will provide documents showing the financial details of the transaction.
You'll want to understand:
Your loan amount
Down payment
Closing costs
Credits
Deposits already paid
Prepaid expenses
Final cash needed for closing
Don't just look at the bottom line.
Ask questions if something doesn't make sense.
This is your money and your mortgage. You should understand what you're signing.
Read What Are Closing Costs When Buying a House in New Jersey?
Step 9: Final Walkthrough
Shortly before closing, we'll typically conduct a final walkthrough.
The walkthrough is not another full home inspection.
It's generally an opportunity to confirm that the property is in the condition required by the agreement and check on applicable items that were supposed to be addressed before closing.
This is our last look before ownership changes hands.
Step 10: Closing Day
Finally, we get to the day everyone has been waiting for.
You'll receive instructions from your attorney, lender, title or closing professionals regarding what is required from you.
Once the required documents have been signed, money has been handled, and the transaction has been completed...
Congratulations. You're a homeowner.
Now we can take the key picture.
How Long Does All of This Take?
There isn't one universal New Jersey closing timeline.
The length of the transaction depends on your contract, financing, inspections, appraisal, title work, attorney involvement, and other circumstances.
Instead of focusing on how quickly another buyer closed, focus on meeting the deadlines in your transaction.
That's part of why having a good team matters.
Buying Your First Home in South Jersey?
Getting your offer accepted is exciting, but you're not expected to suddenly become an expert in contracts, inspections, mortgages, title, and closing.
That's what your team is for.
If you're buying your first home in Camden County, Burlington County, Gloucester County, or elsewhere in South Jersey, I'll help you understand what stage we're at, what's happening next, and what I need from you along the way.
You don't need to know the entire process before you start.
You just need to know your next step.
Keller Williams Realty Cherry Hill: 856-685-1688
Contact me: 856-701-0440 | david.raymond@kw.com
How to Buy Your First Home in New Jersey: A Step-by-Step Guide
How Does Attorney Review Work in New Jersey?
What Are Closing Costs When Buying a House in New Jersey?
How Does Mortgage Pre-Approval Work?
This article is for general educational purposes and is not legal, mortgage, tax, or financial advice. Contract terms and transaction procedures vary. Consult the appropriate licensed professionals regarding your transaction.
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