When buyers and sellers hear the words “your offer has been accepted,” it feels like the finish line. In reality, that moment is only the beginning of the transaction process.

On a recent episode of Talk Real Estate Roundtable, Sharon McNamara, Broker/Owner of Boston Connect Real Estate, and Melissa Wallace, Director of Operations & Agent Relations, discussed the critical period between an accepted offer and closing and the mistakes that can jeopardize a deal.

If you’re buying or selling a home, understanding what happens next and what not to do can make the difference between a smooth closing and a transaction that falls apart.

Once an offer is accepted, both the buyer and seller have agreed on the price and initial terms of the transaction. However, the sale is still contingent upon several steps, including:

Home inspection

Financing approval

Appraisal

Title review

Signing the Purchase & Sale Agreement

These contingencies are tied to specific deadlines, and missing those dates can put deposits or the entire transaction at risk.

That’s why experienced agents closely track each milestone throughout the process.

One of the most common mistakes buyers make is purchasing large items before closing.

Examples include:

Buying a car

Financing furniture

Opening store credit cards

Purchasing appliances

Even small purchases can impact your credit score or debt-to-income ratio, which lenders review before closing. A change in your financial profile could delay or even cancel your loan approval.

Best advice:

Retail stores often offer discounts for opening new credit cards, but applying for new credit can trigger a hard inquiry and change your financial profile.

Likewise, closing existing credit cards can impact your credit utilization ratio and lower your credit score.

The safest move is simple:

Keep your finances exactly the same until after closing.

Lenders verify employment before finalizing a mortgage.

Switching jobs especially if you move from:

W-2 employment to 1099 income

Salary to commission

Full-time to part-time

can force the lender to recalculate income and re-underwrite the loan.

Even if the new job pays more, the change can still cause problems during underwriting.

Even after receiving a mortgage commitment letter, lenders often perform a final verification before closing.

They may confirm:

Employment status

Credit changes

New debt

Financial accounts

This means buyers are not fully “in the clear” until the closing is complete and the keys are in hand.

Buyers aren’t the only ones who need to stay cautious.

Sellers should remember:

The deal isn’t guaranteed until all contingencies are satisfied.

A buyer’s financing or employment situation could still change.

Closings can occasionally be delayed.

Experienced listing agents prepare for this possibility and are ready to pivot quickly if a transaction falls apart, ensuring the property returns to the market with minimal disruption.

Every contingency in a purchase agreement comes with a specific timeline. These deadlines protect both the buyer and seller.

For example:

Missing a mortgage commitment deadline could put a buyer’s deposit at risk.

Delayed inspections or paperwork could push the closing date.

Financing issues can derail the deal entirely.

This is why working with an experienced real estate team is so important they ensure all milestones are monitored throughout the transaction.

Getting an offer accepted is exciting, but it’s not the finish line.

The time between accepted offer and closing is when the real work begins. By staying financially stable, communicating with your lender, and relying on experienced professionals, you can help ensure the transaction stays on track.

If you’re thinking about buying or selling a home and want guidance through every step of the process, the team at Boston Connect Real Estate is here to help.

Call us at 781-826-8000

Watch our live video on our Youtube!