Immediately After Acceptance — The First 24 Hours
The moment your offer is accepted, several things happen simultaneously. Understanding what each party is doing and what you need to do prevents missed deadlines that can void your contract.
- The seller signs the contract: You receive a fully executed copy with all signatures and the effective date
- The effective date clock starts: Every deadline in the contract — earnest money, inspection period, financing contingency, closing date — is calculated from the effective date
- Roland notifies the lender: The lender needs the property address to order the appraisal and begin underwriting. The sooner the lender has this, the sooner the clock starts on the loan process
- Inspection scheduling begins immediately: Good South Florida home inspectors book out 3–7 days. Schedule on Day 1, not Day 5
Days 1–3: Earnest Money — The Most Time-Sensitive Step
The Florida contract typically requires earnest money to be delivered within 3 business days of the effective date. This is one of the most commonly missed deadlines in Florida real estate — and missing it is a material default that can void your contract and give the seller the right to accept another offer.
Wire fraud targeting real estate transactions is one of the fastest-growing financial crimes in Florida. Before wiring any funds to the title company, call the title company at a number you found independently — not from an email. Verify the wire instructions verbally. Fraudulent wire instructions sent via email are the primary vector. A single wrong wire can lose your entire earnest money permanently. See the full Earnest Money Guide.
Days 3–5: Roland's GC Walkthrough
The earlier in the inspection period Roland walks the property, the more time you have to evaluate findings, get contractor estimates, and negotiate with the seller before the inspection period expires. Day 3–5 is the target — not Day 12.
What the GC walkthrough covers: electrical panel identification (Federal Pacific, Zinsco, aluminum wiring), roof age and condition assessment with permit record verification, plumbing material identification, permit record review for unpermitted additions, and a site assessment for drainage, seawall condition (waterfront), and flood zone indicators. Every material finding is priced with South Florida contractor cost ranges before the seller is approached.
Days 5–12: All Inspections
The inspection period is typically 10–15 days from the effective date. All inspections should be completed well before the deadline — not on the last day. Inspections needed for a typical South Florida purchase:
- Full home inspection ($350–$600): Comprehensive condition assessment. Attend in person — two hours of learning about your future home directly from the inspector
- 4-point inspection ($100–$175, for 20+ year old homes): Required by most South Florida insurers before binding coverage. See the 4-Point Guide
- Wind mitigation inspection ($75–$150): Documents hurricane-resistant features for 10–40% insurance premium reduction. See the Wind Mitigation Guide
- WDO inspection ($75–$150): Required by most Florida lenders. Florida termite activity is extremely high
- Camera scope of cast iron drains ($150–$300): For pre-1975 properties — the only way to assess interior pipe condition
- Seawall inspection ($400–$800, waterfront only): Critical for any canal or waterfront property. See the Seawall Guide
Days 10–12: Negotiate Inspection Findings
All material inspection findings should be converted to dollar amounts and presented to the seller before the inspection period deadline. Three possible requests:
- Seller completes repairs before closing: The seller hires licensed contractors, work is done and documented, buyer confirms completion at final walkthrough
- Closing credit equal to repair cost: Seller reduces proceeds by the repair amount; buyer takes ownership and manages repairs. Useful when the timeline is tight or you prefer to choose your own contractors
- Price reduction: Purchase price reduced by repair cost. Affects your loan amount and potentially your appraisal contingency
If the seller refuses any remedy and the inspection findings are material, the inspection period gives you the right to exit the contract and recover your earnest money in full — no questions asked — before the deadline.
Days 15–30: Loan Processing and Appraisal
After the inspection period expires, the focus shifts to loan processing. Key events:
- Lender orders the appraisal: A licensed South Florida appraiser visits the property, assesses condition and value, and produces a report. Typical timeline: 7–14 days from order to delivery
- Underwriter reviews the full file: Income, assets, credit, employment, and the property itself all go through underwriting. Respond to any lender requests same day — every day of delay compounds
- DPA program processing: If using Miami-Dade PHCD, Hometown Heroes, or any county program, your Roland coordinates paperwork timing to align with the closing timeline
- Title search: The title company conducts a public records search verifying clean title — no liens, judgments, unpaid taxes, or ownership disputes on the property
Answer a few simple questions and discover homebuyer programs, financing options, grants, and next steps — tailored to your South Florida situation.
Take The Homebuyer Qualification Quiz ›Days 28–38: Appraisal Result, Loan Commitment
- Appraisal arrives: If value equals or exceeds purchase price — no issue, loan process continues. If it appraises below — the appraisal contingency governs your options (renegotiate price, pay the gap in cash, or exit if the contingency allows)
- Loan commitment letter: The lender's formal written commitment to fund the loan. This is the milestone that says your financing is approved pending final conditions
- Title cleared: Title company confirms clean title and issues a title commitment
Days 38–42: Clear to Close and Closing Disclosure
- Clear to Close (CTC): Underwriting has approved the complete file. All conditions satisfied. The lender is ready to fund
- Closing Disclosure issued: Federal law requires the CD to be delivered at least 3 business days before closing. Review every line — compare to your original Loan Estimate. See the CD Guide
- Final walkthrough scheduled: 24–48 hours before closing, you visit the property to confirm its condition and that all agreed repairs were completed
Closing Day
Closing typically occurs at the title company or real estate attorney's office. Bring government-issued photo ID and certified funds (wire transfer or cashier's check) for your cash-to-close amount. Expect to sign 100–150 pages of documents over 60–90 minutes. At the end: keys.
Immediately after closing — set a calendar reminder for March 1. File for Florida Homestead Exemption by March 1 of the following year. This saves up to $50,000 off your assessed value and caps future tax increases at 3%/year — permanently. See the Homestead Exemption Guide.
