Your Offer Was Accepted: What Happens Next, From Contract to Closing

The offer is accepted and the home is yours, pending the steps to come. That moment is exciting, but it is not the finish line. In Virginia, a typical financed purchase closes about 30 to 45 days after a contract is signed, packed with deadlines you need to hit. Here is the play-by-play of what happens after your offer is accepted so nothing sneaks up on you when buying a home in Virginia Beach.

Day One: Ratification and Earnest Money

Once both sides sign, the contract is ratified and the clock starts. Your earnest money deposit, typically due within a few days, goes into escrow to show the seller you are serious. It is held by a neutral settlement agent or broker, not handed straight to the seller, and it is credited toward your purchase at closing. For a full breakdown of how that deposit works, including when it is refundable, read my guide on earnest money.

The Inspection Period

Most Virginia contracts carve out a home inspection window, commonly a week to ten days after ratification. You hire an inspector to check the structure, roof, systems, and safety items, then decide whether to accept the home as is, request repairs, or walk away within your contingency. This is your best chance to catch issues before you commit, so use it.

Appraisal and Title Work

Around the same time, a lender-ordered appraisal confirms the home is worth what you are paying, and a title search clears the property of liens, easements, and other claims. Your settlement agent gathers payoff statements and makes sure you can take clean title. In Virginia, an attorney supervises the settlement and prepares the deed, which protects both sides.

Financing and the Loan Commitment

Your financing contingency runs for a set window, usually three to four weeks, during which you must secure a written loan commitment. Stay on top of your lender here. Missing document deadlines or switching jobs mid-process is the fastest way to delay an on-time close. If you are using a VA loan, your lender will guide you through the VA appraisal and the funding paperwork, which follows its own timeline.

Final Walkthrough and Settlement Day

In the final days you do a walkthrough to confirm the home is in the agreed condition, review your closing disclosure line by line, and wire your funds. At settlement you sign the documents, the deed is recorded, and you get the keys. If you want to know exactly which fees are on that statement, read my breakdown of closing costs in Virginia.

The Bottom Line

None of this has to feel overwhelming when you have someone tracking every deadline. I have walked buyers through this process more than a thousand times in the Virginia Beach real estate market, and I know exactly what keeps a file on schedule. Want the confidence that comes from an advocate who has done this for 24+ years? Let's work together from the first offer to the final closing.