Accepting an offer starts a 30-45 day clock to closing. In sequence:
Inspection period (days 1-10): The buyer hires a licensed inspector. If they find issues, they submit an Inspection Objection requesting repairs, credits, or a price adjustment. You can accept, counter, or reject. If you can’t agree, the buyer can terminate and get their earnest money back.
Appraisal (days 5-20): The buyer’s lender orders an appraisal. If it comes in below contract price, you’ll need to negotiate — reduce the price, the buyer covers the gap, or you split it. Per DMAR, appraisal gaps are more common in a flat market.
Title and underwriting (days 10-35): Title company searches for liens. Lender finalizes underwriting and issues clear-to-close.
Final walkthrough and closing: Buyer confirms the home is in agreed-upon condition. On closing day you sign documents, the buyer wires funds, the deed is recorded, and proceeds typically hit your account same day or next morning.