Offer Accepted: What Happens Next for First-Time Buyers

Your offer was accepted. That phone call is one of the best feelings in home buying, and for a first-time buyer it is also the moment the questions really start. Here is exactly what happens between the accepted offer and moving day: the real timeline, the costs you will pay, and the steps you should not skip.

Start with the big picture. Most financed purchases close about 37 to 43 days after the offer is accepted, and the Phoenix area averages right around 31 days. Conventional loans typically close in 30 to 45 days, FHA and VA loans run 45 to 60 days because of extra inspections and requirements, and a cash deal can close in as little as 7 to 21 days. New construction usually stretches 30 to 60 days or more, because the builder's schedule runs the show.

Your first move after acceptance is the earnest money deposit. In Arizona, buyers commonly put down 1 to 3 percent of the purchase price, with 1 to 2 percent typical across metro Phoenix. On a $350,000 home, that is roughly $3,500 to $7,000. That money is not lost: a neutral escrow or title company holds it, it is credited toward your down payment or closing costs at closing, and you get it back if you cancel within your inspection, appraisal, or loan contingency windows. It is usually due one to three business days after your offer is accepted.

The inspection happens early, and it is your best protection. Arizona purchase contracts typically allow about 10 days for the inspection period. Hire a licensed inspector, walk the home with them if you can, and see the house through their eyes. This is where repair requests get negotiated, and your agent's job is to help you separate deal-breakers from nice-to-haves.

Around the same time, your lender orders the appraisal. A licensed appraiser visits the home, usually for an hour or two, and compares it against recent sales of similar homes to estimate market value. Budget about 7 to 10 days for it to come back. The lender uses the lower of the sales price or the appraised value to set your loan-to-value ratio, which is also what triggers private mortgage insurance if that ratio climbs too high. If the home appraises below your offer, you have options: bring more cash, renegotiate the price, or walk away. It happens, and it is fixable.

Underwriting is the part nobody sees and everyone worries about. The underwriter verifies your income, assets, debts, and credit, then reviews the appraisal and title. This normally takes about 10 to 15 days, and a list of conditions is completely normal, not a red flag: it usually just means they want one more document or explanation. Once the conditions are cleared, you get the two best words in the process: clear to close.

At least three business days before closing, federal law requires your lender to deliver the Closing Disclosure, the final statement of your loan terms and costs. Read it line by line and compare it to what you expected. Then do the final walkthrough, usually the day before or the morning of closing, and confirm the home is in the condition you agreed to buy.

Now the number everyone asks about: closing costs. Buyers in Arizona typically pay 2 to 5 percent of the purchase price, with the national average around 3 to 3.5 percent before program-specific fees. On a home near the 2026 median of roughly $415,000, that is about $8,000 to $16,000. The line items include the loan origination fee, the appraisal, title search and insurance, escrow fees, and prepaid taxes and insurance. Seller concessions can cover part of it: up to 3 percent on a conventional loan with less than 10 percent down. My down payment article walks through how the numbers stack before you ever reach this stage.

Closing day itself is calm and quick, usually 30 minutes to two hours of signing. You pay the remaining down payment and closing costs, the deed is recorded, and you get the keys. Then the real work of making the house your home begins, and that is my favorite part to watch.

Here is what I tell every first-time buyer: none of these steps should feel like a mystery, and none of them happen without you. I walk my buyers through every date, every document, and every deadline so nothing sneaks up on you. If you are just starting, the buying guide lays out the whole road, the first-time buyer hub collects the down payment, credit, and pre-approval basics in one place, and the FAQ answers the questions people ask before they call. When an offer lands on your table, reach out and we will run the timeline together. Talk to you soon.