What Happens After You Accept an Offer on Your Naperville Home

The moment you accept an offer, your Naperville home goes under contract and several clocks start at once. The buyer deposits earnest money, attorney review opens, the inspection window begins running, and if the buyer is financing, the lender orders an appraisal. None of it is final yet. What you are managing for the next several weeks is a sequence of contract deadlines, and most of the work is making sure nobody misses one.

I am Dan Firks, Founder and CEO of the Dan Firks Team at Coldwell Banker Real Estate Group here in Naperville. This is the walkthrough I give sellers the day their contract is signed, including the parts that can go wrong and who handles each one. If you want to talk through where your own deal sits, call or text me at 630.637.9009 or email Dan@Naperville.com.

If you are earlier in the process than this, start with our complete guide to selling a home in Naperville instead, then come back here once you have a signed contract.

What this guide covers

• What happens right after you accept an offer
• What happens during attorney review in Illinois
• What happens at the inspection, and what the buyer can ask for
• What happens with the appraisal and the buyer financing
• Whether the buyer can back out, and whether you can
• What you do between contract and closing
• What happens at closing, and whether you can close remotely
• What closing costs you
• Frequently asked questions

What happens right after you accept an offer?

Your home goes under contract, and three things start running immediately: the buyer’s earnest money deposit, the attorney review period, and the inspection window. Every one of those deadlines comes from the contract you just signed, not from a general rule, so the first thing to do is read the dates.

Under contract is not the same as sold. It means both sides are bound to a written agreement that still contains conditions, and the next few weeks are about those conditions clearing one at a time.

The question I hear most in that first week is some version of, is this actually done. It is not, and that is normal. Here is what should happen within a day or two of signing:

• The buyer wires or delivers the earnest money to the escrowee named in the contract, by the deadline the contract sets.
• Both attorneys receive the fully signed contract, which is what starts the review clock.
• Your listing agent changes the MLS status and tells you whether the listing stays visible to other buyers and whether you want to keep taking backup offers.
• Your agent gives you the deadline calendar in writing. If you do not have one by the end of the week, ask for it.

Sellers usually want to know how long this stretch runs. The closing date is written into your contract, and it is normally set to give the buyer’s lender enough room to finish underwriting and the appraisal. Market averages do not answer that question. Redfin reported a median 43 days on market for Naperville for the three months ending May 2026, but that number measures how long homes sit before they go under contract, not how long a contract takes to close.

In my experience, the sellers who have the calmest four weeks are the ones who put every contract deadline on a calendar the day they sign, then work backward from each one. Deals rarely die because a problem was unsolvable. They die because a response window closed while somebody was waiting on somebody else.

How well this period runs also depends heavily on who is representing you. If you are reading this before you have signed a listing agreement, our guide on how to choose a listing agent in Naperville covers what to look for.

What happens during attorney review in Illinois?

Each side’s attorney reads the contract and can approve it, propose modifications, or in some cases reject it, all within a short window. Under the standard Multi-Board residential contract used across the Chicago area, that window is five business days from the date the contract is fully signed, with weekends and federal holidays excluded, and the two attorneys can agree to extend it.

Illinois does not have a statute that requires an attorney at a residential closing. In practice, close to every DuPage County and Will County transaction has one on each side, because the standard contract form builds the review clause in. That is why Illinois gets described as an attorney review state.

A modification is not a re-trade. Attorney review exists so the lawyers can fix language, clarify deadlines, correct the legal description, address a survey or title issue, and confirm what conveys with the house. A buyer attorney who uses the window to reopen the price after the inspection has not even happened is doing something different, and that is worth raising with your attorney.

What you can expect to see come back is usually some combination of these:

• Date changes, most often to the closing date or an inspection deadline.
• Clarifications about which appliances, fixtures, and systems stay with the home.
• Requests tied to the survey, the title commitment, or a recorded easement.
• Standard riders that the attorney adds as a matter of practice.

In my experience, attorney review feels more dangerous to sellers than it usually is. The large majority of what comes back is housekeeping. The genuinely risky version is when one side goes quiet, because the clock keeps running whether or not anyone is answering.

Everything in this section is a description of how the process generally works, not legal advice. For what your specific contract allows and requires, that is a conversation with a licensed Illinois real estate attorney.

What happens at the inspection, and what can the buyer ask for?

The buyer hires an inspector, walks the property, and then, within the inspection window in the contract, can ask you to make repairs, ask for a credit or a price reduction, accept the home as it stands, or terminate under the inspection contingency. What you actually owe them is set by the contract, not by custom.

The items that generate most repair requests are consistent: roof condition and age, water in the basement, the electrical panel and any unpermitted work, the age and condition of the furnace and air conditioning, active plumbing leaks, and the sewer line on older properties. Radon testing often happens during the same window.

On radon specifically, Illinois requires sellers to provide a radon disclosure form and the state pamphlet before the buyer is contractually obligated, and the law does not require you to test or to mitigate. So if a buyer tests during the inspection period and asks for a mitigation system, that is a negotiation, not a legal obligation.

You generally have four ways to respond, and the right one depends on the deal in front of you:

• Do the work. Best for small, cheap, clearly documented items, and for anything a lender is likely to flag anyway.
• Offer a credit at closing. Often cleaner than doing the work, because the buyer picks the contractor and you do not carry the risk of a repair they dislike.
• Offer part of what was asked. The most common landing spot, especially where the request mixes real defects with maintenance items.
• Decline. A legitimate answer, particularly if the request is a second bite at the price. It carries the risk that the buyer terminates.

One thing sellers underestimate: an inspection can surface something you genuinely did not know about. Illinois sellers complete a residential real property disclosure report before a contract is signed, so if this deal falls apart and you relist, that item is now something you know. Factor that into whether declining is really cheaper than fixing.

In my experience, the inspection response goes better when the seller sorts the list into three buckets before anyone drafts a reply: real defects, deferred maintenance, and things the inspector noted because noting things is the job. Answering all three the same way is how negotiations get emotional.

What happens with the appraisal and the buyer’s financing?

If the buyer is financing, the lender orders an appraisal, and the value that comes back sets how much that lender will lend. Land at or above the contract price and this step usually passes quietly. Land below it and the contract decides what happens next, with the usual paths being a price adjustment, the buyer bringing additional cash, a split of the difference, or termination under the appraisal or financing contingency.

Appraisal gaps are more likely in a market that has been moving up. Redfin reported that 38.9 percent of Naperville homes sold above list price in the three months ending May 2026, with a sale to list price ratio of 100.2 percent over the same window. An appraiser works from closed sales, and closed sales trail the market by definition.

The financing contingency is the one sellers watch least and should watch most. A preapproval is not a loan. Final approval comes out of underwriting, and it can be affected by a job change, a new car loan, a large unexplained deposit, or a condo or homeowner association document the lender does not like. Your agent should be in regular contact with the buyer’s lender and should be able to tell you, in plain language, where the file actually stands.

A cash buyer removes the lender timeline and the lender appraisal, which is why cash offers often close faster. It does not automatically remove an appraisal contingency, because a cash buyer can still write one into the contract. Read what you signed.

Can the buyer back out? Can you?

Generally yes for the buyer, inside the contingencies the contract gives them, and much harder for you. A buyer who terminates within a contingency window and follows the contract procedure is usually walking away with their earnest money returned. A seller who simply changes their mind after signing does not have an equivalent exit, and what happens next is a legal question for your attorney rather than a market question for your agent.

Earnest money works like this in general terms. It is the buyer’s deposit, held by the escrowee named in the contract, and it is credited to the buyer at closing. If the sale fails, who receives it depends on the contract terms and on which contingency was invoked. In practice, releasing it usually requires signatures from both sides, and where the parties disagree the dispute moves to the attorneys and, if it does not resolve there, to a court. Do not assume the deposit is yours because the buyer walked. Ask your attorney.

You will find national statistics floating around about how often buyers back out. I am not going to repeat one, because those figures come from different data sets with different definitions and none of them describe your contract. What matters is which contingencies are still open on your deal and how many days are left on each.

As for a seller backing out: once a contract is signed, you generally need either a basis in the contract itself or the buyer’s agreement to cancel. Changing your mind is not one of those. If you are considering it, talk to a licensed Illinois real estate attorney before you say anything to the other side, and before you send any notice.

What do you do between contract and closing?

Your job shifts from selling the house to running logistics. In practical terms that means ordering the mortgage payoff, keeping the property in the condition the buyer saw, planning the move around the contract date rather than a guess, and answering document requests quickly.

Work this checklist:

• Request the mortgage payoff statement through your attorney or the closing agent. It is only good through a specific date, so if the closing moves, a new one has to be ordered.
• Keep paying the mortgage until you are told otherwise. A payment that lands during the payoff window gets reconciled; a missed payment creates a problem.
• Keep your homeowner insurance in force through the closing date, not through the day you move out.
• Handle city and utility accounts. The City of Naperville requires a completed statement of open accounts as part of the transfer stamp paperwork, per the city’s own real estate transfer tax page as of August 2026. The stamp itself is the buyer’s responsibility by ordinance, but your city accounts still have to be settled for that paperwork to clear.
• Maintain the property. Anything that breaks between now and closing is still yours, and the buyer sees it again at the walkthrough.
• Gather the paperwork the buyer will want: appliance manuals and warranties, permits for work you had done, HOA documents, gate and garage remotes, and every key you can find.
• Book movers early and build in a buffer. Closing dates move more often than moving trucks do.

If you are timing this against a move out of the area, our guide on moving out of Naperville and timing the move walks through how to sequence it. If you are selling here and buying here at the same time, the two closings need to be lined up deliberately, and you can start on the purchase side with Naperville homes for sale.

The final walkthrough happens shortly before closing. The buyer is confirming that the home is in the condition they agreed to buy, that any repairs you promised were completed, and that the items included in the sale are still in place. It is not a second inspection and it is not an opening to renegotiate the price, although a genuine problem discovered at the walkthrough can delay a closing.

In my experience, the most common walkthrough problem is not a defect at all. It is a light fixture, a mounted television bracket, or a set of window treatments that the contract said would stay and that got packed anyway. Read the contract before the movers do.

What happens at closing, and can you close remotely?

At closing, the deed and the closing documents get signed, the buyer’s funds and loan proceeds arrive, your mortgage is paid off out of the proceeds, and the balance comes to you. And yes, you can usually close without sitting in the room. Sellers routinely pre-sign or sign remotely, and a power of attorney can allow someone else to sign on your behalf when your attorney, the title company, and the buyer’s lender all accept it.

A few realities worth knowing before you plan around it:

• Your attorney prepares the power of attorney. Do not download a generic form, because the document that matters is the one the title company and the lender will actually accept.
• The power of attorney names who can sign for you and which documents they can sign. It is transaction specific, not open ended.
• Documents that get recorded still have to be notarized, and whether a remote notarization works depends on the title company and the lender involved.
• Tell your attorney early if you will be traveling. Setting up remote signing or a power of attorney takes lead time, and finding out three days before closing is how closing dates slip.

On the money: ask your attorney and the closing agent when your proceeds will actually be sent and by what method, because that timing varies by transaction. And treat wiring instructions with real suspicion. Never act on wire instructions that show up by email without calling a phone number you already had on file to confirm them. Wire fraud in real estate closings is a genuine risk, and those funds are extremely difficult to recover.

What does closing cost you?

Your closing costs come out of the sale proceeds in most transactions rather than out of pocket. On the seller side in Naperville, that generally includes the brokerage compensation you negotiated in your listing agreement, your attorney fee, title and settlement charges, a proration of property taxes because Illinois bills them a year in arrears, and the state and county transfer stamps. Illinois charges a state transfer tax of $0.50 per $500 of value, and the county, DuPage or Will, adds $0.25 per $500, both customarily paid by the seller. The City of Naperville’s own municipal stamp, $1.50 per $500, is buyer paid by city ordinance. Compensation is not set by law and is fully negotiable, so what you pay is whatever your listing agreement says.

That is deliberately the short version. For the full itemized breakdown, read what it costs to sell a home in Naperville, and to see what actually lands in your pocket at a specific sale price, run the Naperville net proceeds calculator.

Frequently asked questions after an accepted offer

How long does it take to get from an accepted offer to closing?

The closing date is written into your contract rather than set by a market average. Most contracts allow enough time for the buyer lender to finish underwriting and complete the appraisal, and a cash purchase can close much sooner because no lender timeline governs it. Read the date on your contract and treat it as the target. Delays usually trace back to financing, the appraisal, or a title issue rather than to the market.

What can go wrong after an offer is accepted?

The usual list is financing falling through in underwriting, an appraisal below the contract price, an inspection request that neither side will accept, a title problem such as an old lien or a survey issue, and a buyer whose own home sale does not close. Most of these get handled inside the contract deadlines by your agent and your attorney. The fastest way to lose a deal is to miss a response window, so keep the contract calendar in front of you.

What is attorney review in Illinois?

It is a short window after the contract is signed when the attorney for each side can approve the contract, propose modifications, or in some cases reject it. Under the standard Multi-Board residential contract used across the Chicago area, the window is five business days from full signing, with weekends and federal holidays excluded, and the two attorneys can agree to extend it. Illinois has no statute requiring an attorney at a closing, but the contract form builds the review period in.

Can a seller back out of an accepted offer?

Not easily. Once a contract is signed, a seller generally needs a basis in the contract or the agreement of the buyer in order to cancel, and simply changing your mind is not one of them. What your options actually are depends on the wording of your contract and on Illinois law, which makes this a question for a licensed Illinois real estate attorney rather than for your agent. Do not send any notice to the other side before your attorney has reviewed it.

Do I have to attend closing in person in Illinois?

Usually not. Sellers commonly sign in advance or sign remotely, and a power of attorney prepared by your attorney can allow someone else to sign for you. The title company and the buyer lender each have to accept that arrangement, and documents that get recorded still have to be notarized. Tell your attorney early if you will be out of town, because that paperwork takes time to set up.

What is earnest money and who keeps it if the deal fails?

Earnest money is the deposit a buyer makes to show they are serious. It is held by the escrowee named in the contract and credited to the buyer at closing. If the sale falls apart, who receives the deposit depends on the contract terms and on which contingency was invoked. Releasing it usually takes signatures from both sides, and a dispute moves to the attorneys. Ask your attorney before assuming the money is yours.

What is a final walkthrough?

It is the last look the buyer takes at the property shortly before closing. They are confirming that the home is in the condition they agreed to buy, that any repairs you promised were completed, and that items included in the sale are still there. It is not a second inspection and it is not a chance to renegotiate the price. A real problem found at the walkthrough can delay a closing, which is why sellers should leave the property clean and leave behind everything the contract says stays.

Under contract in Naperville and want a second set of eyes?

If your deal is already in motion and you want someone to read the deadline calendar with you, call or text me at 630.637.9009 or email Dan@Naperville.com. If you have not listed yet and you are trying to picture how this whole stretch works before you start, everything we publish for local sellers lives on our selling a home in Naperville hub.

Written by Dan Firks

I’m Dan Firks, Listing Specialist, Luxury Home Specialist, Realtor, Broker, and Founder and CEO of the Dan Firks Team at Coldwell Banker Real Estate Group in Naperville. Over the course of my career I’ve sold more than 1,500 homes and led one of the top-producing real estate teams in Illinois, grounded in my core values of infinite worth, integrity, and excellence. My work and market insights have been featured in Chicago Magazine, Zillow, Realtor.com, Top Agent Magazine, Naperville Magazine, and Glancer Magazine. To talk about your move in the Naperville area, call or text me at 630.637.9009 or email Dan@Naperville.com.

Market figures in this article are as reported by Redfin for Naperville, three months ending May 2026. Transfer stamp rates and the City of Naperville statement of open accounts requirement are as published by the State of Illinois, DuPage and Will County, and the City of Naperville as of August 2026. Attorney review timing reflects the standard Multi-Board residential contract used in the Chicago area. Nothing here is legal or tax advice. For legal questions about your contract or your closing, consult a licensed Illinois real estate attorney. For tax questions, consult a qualified tax professional.