Offer Accepted! What Happens Next in the Richmond Home Buying Journey?

Having your offer accepted on a house in Richmond is a massive celebration, but what actually happens next? The standard contracts we use here in Richmond contain several key contingencies that we systematically work through on the path to closing. Assuming all standard contingencies are written into your contract, here is what you can expect during the process.

1. Financing Contingency

Once your contract is ratified, you must formally apply for your mortgage within the first seven days if you haven't done so already. Failing to meet this timeline allows the seller to cancel the contract and return your deposit. Fortunately, our trusted local lenders reach out to our buyers immediately to make sure loan applications are completed seamlessly without any hitch.

2. Appraisal Contingency

Unless you are paying cash, the bank requires an independent appraisal to confirm the property's market value. An appraiser visits the home and provides an official opinion of value based on recent local sales. Nine times out of ten, the appraisal aligns with the contract price. If it comes in low, we step in to negotiate with the seller. If an agreement cannot be reached, you can release the contract and walk away with your deposit intact.

3. Inspection Contingency

If written into your contract, buyers typically have 10 to 14 days to conduct home inspections at their own expense. Depending on the home's age and condition, your realtor may recommend a whole home inspection, roof, HVAC, crawl space, or radon check. Following inspections, we submit an itemized repair list with estimated costs to the seller. We then have seven days to negotiate an agreement. If both parties cannot agree on repairs, the buyer can walk away with their deposit returned, though our primary goal is always finding a fair solution.

4. Termite Inspection

The seller is required to provide an official termite report within 30 days of closing confirming the home is free of active wood-destroying insects. In standard contracts, sellers are responsible for covering required treatment and repairs up to $2,500. While termites pop up occasionally, repairs typically range between $1,000 and $1,500, and sellers take care of them promptly.

5. HOA / Condo Documents

If the property is part of a Homeowners Association or Condo Association, the seller must provide you with the full HOA packet containing meeting minutes, rules, and budget details. You have a set review period, usually three, five, or seven days, to review these documents. If you disagree with any HOA rules or fees, you can cancel the contract and receive your deposit back. When possible, your agent can even request these documents in advance so you know what to expect before making an offer.

Once we navigate through financing, appraisal, inspections, termite checks, and HOA approvals, we head straight to the closing table!

Want to watch our full breakdown on video? Watch our complete video breakdown on YouTube and explore our full library of Richmond Home Buyer Resources to guide your home search.