Your Offer Was Accepted! Now What? The First Things Florida Homebuyers Must Do After Going Under Contract

1. First, Understand Your Contract’s Effective Date

This is where everything begins.

In Florida, an offer isn’t necessarily an executed contract simply because the seller verbally agrees to accept it.

Under the commonly used Florida Realtors/Florida Bar AS IS contract, the effective date generally occurs when the final offer or counteroffer has been signed or initialed by the necessary parties and delivered as required by the agreement.

Why does this matter?

Because important contractual deadlines are calculated from that date.

Your deposit deadline.

Your inspection period.

Your financing application and approval deadlines.

And eventually, your closing date.

Florida contracts don’t all calculate deadlines identically. Some use calendar days, others use business days, and applicable provisions may extend certain deadlines that fall on weekends or holidays.

Before doing anything else, ask your real estate agent to confirm your contract’s effective date and provide a written schedule of every important deadline.

Don’t assume you have an automatic three-day cancellation period. Florida residential purchase contracts generally do not provide that right simply because an offer was accepted.

2. Your Escrow Deposit: Money You May Need Almost Immediately

One of your first financial responsibilities may be delivering your earnest money deposit.

This is sometimes called your good faith deposit or escrow deposit.

It’s money you provide according to the purchase contract to demonstrate your commitment to the transaction.

For example, suppose you’re purchasing a $350,000 home and your contract requires a $5,000 initial deposit.

You must deliver that deposit to the designated escrow holder within the deadline established by your contract.

The amount and timing are negotiable contract terms. There is no universal Florida rule requiring every buyer to deposit the same percentage or amount.

Does the deposit disappear?

No. In a successful transaction, the deposit is generally credited toward your required funds at closing.

But there’s something equally important.

Your deposit is not automatically refundable simply because you change your mind.

Your rights depend on the contract, applicable contingencies, proper notices, and whether you’ve complied with your obligations.

And here’s a security precaution I strongly recommend.

Before sending money, independently verify escrow instructions with the closing agent or title company using a trusted telephone number.

Never rely solely on wiring instructions received through an unexpected email or text message.

Real estate wire fraud is a serious risk.

3. Schedule Your Home Inspection Immediately

This is one of the most important responsibilities buyers should address after going under contract.

Your inspection period may be relatively short.

And the clock may already be running.

Your home inspection is an opportunity to learn more about the property’s condition before proceeding.

A general home inspection may evaluate the roof, plumbing, electrical systems, heating and cooling equipment, structural components, and other accessible areas.

But in Florida, additional inspections may be particularly important.

Four-point inspection: Often evaluates the roof, electrical, plumbing, and HVAC systems for insurance purposes.

Wind mitigation inspection: Documents qualifying wind-resistant features that may affect homeowners insurance premiums.

Roof inspection: May help identify roof condition, age concerns, or potential insurance issues.

Additional inspections: Depending on the property, you may want specialized evaluations for termites, mold, pools, septic systems, wells, or other concerns.

A general inspection does not replace every specialized inspection.

Also, understand the difference between your inspection and your lender’s appraisal.

The inspection helps you understand the property’s condition. The appraisal or other acceptable valuation helps the lender evaluate its value.

Neither should automatically be treated as a substitute for the other.

If an inspection identifies problems, discuss your options with your real estate agent promptly.

Your ability to request repairs, negotiate credits, or terminate the contract depends on the contract’s specific terms and deadlines.

4. Start Shopping for Homeowners Insurance Right Away

This is especially important in Florida.

Insurance shouldn’t be something you think about a few days before closing.

Why?

Because the insurance premium directly affects your total monthly housing payment.

Suppose your mortgage pre-approval was calculated using an estimated homeowners insurance premium of $2,400 annually.

That’s $200 per month.

But after receiving actual quotes, the premium is $4,200 annually.

That’s $350 per month.

Your estimated monthly housing expense just increased by $150.

Depending on your income, debts, and loan program, that difference could affect your mortgage qualification.

The property’s roof, age, construction, location, claims history, and other characteristics may affect coverage availability and cost.

Flood insurance may also be required depending on the property, flood-zone determination, and financing requirements.

And remember, homeowners insurance and flood insurance are different types of coverage.

My recommendation: Request insurance quotes as soon as your offer is accepted, and provide them to your mortgage professional before assuming your original payment estimate still works.

Don’t wait until underwriting discovers that the premium is significantly higher than expected.

5. Your Mortgage Professional Needs the Executed Contract

Once the purchase contract is fully executed, your mortgage professional needs a complete copy, including all applicable addenda.

Why?

Because your mortgage application must now be connected to a specific property and the actual terms of your purchase.

That includes the purchase price, property address, closing date, financing terms, seller concessions, and other relevant conditions.

Your mortgage professional may need updated documents such as recent pay stubs, bank statements, asset documentation, employment information, or explanations of financial activity.

Even if you’ve already received a pre-approval, additional documentation may be required.

Your loan may also be submitted or resubmitted through an automated underwriting system.

These systems evaluate the application using the applicable mortgage program guidelines.

But an acceptable automated underwriting recommendation is not final approval.

The lender still needs to verify the information and satisfy applicable underwriting requirements.

The faster you provide accurate documentation, the better positioned your mortgage team is to identify and resolve issues before contractual deadlines arrive.

6. Understand Your Appraisal and Financing Deadlines

Most financed purchases require an acceptable property valuation, although certain loan programs and transactions may qualify for alternative valuation methods or appraisal waivers.

If an appraisal is required, the lender typically arranges it through its approved process.

The buyer is often responsible for the applicable appraisal cost, depending on the financing arrangement.

But there’s another important deadline to understand.

Your contract may require you to apply for financing within a specified number of days and obtain loan approval within an agreed period.

Under the commonly used Florida AS IS contract, these provisions can have significant consequences if deadlines are missed or required notices are not delivered properly.

Your financing contingency isn’t an unlimited promise that you can cancel whenever you want.

Understand exactly when your financing deadline expires and what notices may be required if a problem arises.

Your real estate agent and, when appropriate, a Florida real estate attorney should explain your contractual rights and obligations.

7. Verify the Property Taxes, HOA Fees, and Hidden Assessments

This is one of the areas where I encourage buyers to be especially careful.

The seller’s current property-tax bill may not reflect what you’ll pay after purchasing the home.

In Florida, a change in ownership can affect the property’s assessed value, homestead benefits, and future taxes.

Your mortgage professional should evaluate the projected property taxes using figures acceptable under the applicable underwriting guidelines.

But don’t stop there.

Review whether the property has Community Development District fees, commonly called CDD fees.

Check for non-ad valorem assessments, stormwater charges, solid waste fees, special assessments, or PACE financing obligations sometimes described as green energy assessments.

If the property belongs to an HOA or condominium association, verify the dues and investigate any known assessments.

A home can fall within your approved purchase-price range but exceed your approved monthly payment once all expenses are included.

This is why property-specific calculations matter before closing.

8. Be Prepared for Your First Out-of-Pocket Expenses

Many buyers focus on the down payment and closing costs.

But some expenses may arrive before closing day.

Depending on your transaction, these could include your escrow deposit, home inspection, specialized inspections, appraisal fee, or other agreed expenses.

Let’s consider a hypothetical example.

Initial escrow deposit: $5,000

General home inspection: $450

Four-point and wind mitigation inspections: $250

Appraisal: $650

That represents $6,350 in funds potentially needed before closing.

These figures are examples only, not quotes or required amounts.

Your escrow deposit is generally credited toward the funds required at closing.

Other costs may be paid in advance and reflected in your overall closing-cost accounting as applicable.

And not every transaction requires every listed inspection or fee.

The important lesson is to know which expenses may come due before closing, rather than assuming all your money will be needed on closing day.

9. Don’t Make Major Financial Changes While Under Contract

You’ve worked hard to qualify for your mortgage.

Now is not the time to introduce unnecessary financial surprises.

Avoid opening new credit accounts, financing furniture, purchasing a vehicle, making unexplained large deposits, or changing employment without first discussing the potential consequences with your mortgage professional.

Even a purchase that seems unrelated to your new home can affect your debt-to-income ratio or available funds.

If you’re receiving gift funds, moving money between accounts, or expecting changes in income, communicate those details early.

Your lender may need to document the source of funds or reassess your financial circumstances.

Your financial picture should remain as consistent and well-documented as possible between pre-approval and closing.

10. The First 72 Hours: What I Want Every Buyer to Remember

Once your offer is accepted, your priorities should be clear.

First: Confirm the contract’s effective date and every important deadline.

Second: Arrange delivery of your earnest money deposit according to the contract.

Third: Schedule your home inspection and any necessary specialized inspections.

Fourth: Begin obtaining homeowners insurance quotes.

Fifth: Send your fully executed contract to your mortgage professional and respond promptly to document requests.

Sixth: Verify the projected property taxes, association fees, and assessments.

Seventh: Understand your financing, appraisal, and inspection-related obligations.

Some of these steps should happen simultaneously.

And depending on your contract, certain deadlines may require action sooner than 72 hours.

The goal isn’t simply to move quickly. It’s to take the right actions before your deadlines expire.

What Happens After Those First Few Days?

Once these initial responsibilities are underway, the transaction generally moves through additional processing and underwriting.

The lender reviews the property and your financial documentation.

The title company or closing agent works on title and settlement requirements.

Insurance coverage must be finalized.

Any outstanding conditions must be addressed.

Before closing, you’ll receive a Closing Disclosure for most covered mortgage transactions, generally at least three business days before consummation under federal disclosure requirements.

You’ll have an opportunity to review the final loan terms, closing costs, and funds needed.

A final walkthrough may also be scheduled according to the contract.

Then, once all applicable requirements are satisfied and closing is completed, you can receive possession according to the agreed terms.

My Final Thoughts: Getting Your Offer Accepted Is Only the Beginning

I understand how exciting it is when a seller accepts your offer.

It’s a major milestone.

But the buyers who tend to navigate the process more confidently are the ones who understand their responsibilities immediately afterward.

They know their deadlines.

They protect their deposit.

They schedule inspections promptly.

They verify insurance and property taxes.

And they communicate with their real estate agent and mortgage professional.

No transaction is guaranteed to close simply because the contract is signed.

But being informed, organized, and responsive can help reduce avoidable complications.

Getting your offer accepted is exciting. Understanding what happens next is what helps turn that accepted offer into the keys to your new home.

Contact Edgar DeJesus

Edgar DeJesus

NMLS #230414

Mortgage Advisor / Branch Manager

Treasure Coast Home Loans, NMLS #2063586

Innovative Mortgage Services, Inc., NMLS #250769

Call or Text: (561) 223-9347

Email: Edgar@TreasureCoastHomeLoans.com

Website: TreasureCoastHomeLoans.com

Compliance

Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by the borrower(s). A loan is only approved when the lender has issued approval in writing and is subject to all lender conditions. Any specified rates and terms are contingent upon loan approval and are subject to change without notice due to unpredictable market conditions.

Innovative Mortgage Services, Inc. is a Florida licensed lender.

Company NMLS #250769

Originator NMLS #230414

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Editorial Note: This article was prepared with AI-assisted research, organization, and grammatical review, with final content reviewed and approved by Edgar DeJesus, NMLS #230414.

Important Disclosure

This article is provided for educational and informational purposes only and should not be construed as legal, tax, financial, investment, real estate, or lending advice. Consumers should consult with appropriately licensed professionals regarding their individual circumstances.

Property tax laws, exemptions, assessments, insurance costs, homeowners association fees, and other housing-related expenses vary by property, location, municipality, county, and individual circumstances and may change over time. Consumers should independently verify current requirements and costs with the appropriate taxing authority, insurance provider, homeowners association, attorney, or other qualified professional.

Property owners remain responsible for all applicable property tax obligations. Mortgage payment estimates involving property taxes, insurance, mortgage insurance, association fees, or other housing expenses are estimates only and actual amounts may differ.

Loan approval, interest rates, annual percentage rates (APRs), loan programs, lender credits, seller credits, discount points, closing costs, down payment requirements, mortgage insurance, qualifying requirements, and other loan terms are subject to borrower qualifications, property eligibility, lender and investor guidelines, market conditions, and change without notice. Not all borrowers will qualify for all programs or terms. Past housing-market performance does not guarantee future appreciation or future results.