Accepting an offer on your Chicago home is an exciting milestone, but it is not the finish line. Many sellers are surprised to learn how many steps follow before closing day. Understanding what happens next can reduce stress, prevent surprises, and help you move through the process with confidence.

This guide walks through the post acceptance timeline for sellers in Logan Square, Lincoln Park, Bucktown, Wicker Park, and Andersonville, explaining what to expect from contract to closing.

Step 1: Attorney Review

Typically 5 business days

Chicago uses an attorney review process for residential real estate transactions. Once the offer is accepted, both the buyer’s and seller’s attorneys review the contract.

During this phase:

• Attorneys may request modifications to contract language

• Inspection timelines are confirmed

• Financing and appraisal terms are reviewed

• Contingencies are clarified

This is a normal part of the process and does not mean the deal is in trouble. An experienced agent and attorney help keep this phase smooth and efficient.

Step 2: Home Inspection

Usually within 5 to 10 days

After attorney review, the buyer schedules a home inspection. This applies to condos, single family homes, and multi unit properties.

The inspection evaluates:

• Mechanical systems

• Electrical and plumbing

• Roof and structure

• Appliances

• Safety concerns

Once completed, the buyer may request repairs or credits. Your agent will help you evaluate what is reasonable based on Chicago market norms and your goals.

Step 3: Inspection Negotiations

1 to 3 days

Not every inspection leads to negotiation, but many do. Common outcomes include:

• Seller credits

• Agreed upon repairs

• No changes at all

Strong pricing and demand can limit concessions, especially in neighborhoods like Lincoln Park and Wicker Park where inventory is tight.

Step 4: Appraisal

Typically ordered within 1 to 2 weeks

If the buyer is using financing, the lender orders an appraisal to confirm value.

Possible outcomes:

• Appraisal meets or exceeds purchase price

• Appraisal comes in slightly low

• Appraisal comes in significantly low

If challenges arise, your agent will guide you through options such as renegotiation, buyer cash adjustments, or appraisal disputes.

Step 5: Loan Approval and Final Buyer Review

2 to 4 weeks

During this phase, the buyer’s lender finalizes the loan. The buyer may request additional documents, including condo association paperwork if applicable.

For condo sales, this stage often includes:

• Buyer review of HOA documents

• Confirmation of reserves and assessments

• Insurance verification

Prompt document delivery helps prevent delays.

Step 6: Preparing for Closing

Final week before closing

As closing approaches, several final steps occur:

• Title company prepares closing statements

• Attorneys confirm payoff amounts

• Utilities are scheduled for transfer

• Final closing date and time are confirmed

Your agent will coordinate timelines and confirm that all requirements are met.

Step 7: Buyer Final Walkthrough

Within 24 to 48 hours of closing

The buyer completes a final walkthrough to ensure:

• The property is in agreed upon condition

• Repairs were completed if required

• No new issues have arisen

• Appliances and systems are functioning

Keeping the home clean and unchanged is important during this stage.

Step 8: Closing Day

The final step

On closing day:

• Documents are signed

• Funds are transferred

• Ownership officially changes hands

• Keys are delivered

In Chicago, sellers often sign documents in advance, while buyers attend the in person closing.

Once completed, the sale is official.

Common Questions Sellers Ask After Accepting an Offer

Can I back out after accepting an offer?

Once attorney review is complete, backing out can carry legal consequences. Always consult your attorney before making changes.

Do I have to make every repair requested?

No. Negotiations are guided by market conditions, contract terms, and mutual agreement.

How long does the full process take?

Most Chicago home sales close within 30 to 45 days after contract acceptance.

Final Thoughts

Accepting an offer is a major milestone, but the steps that follow are just as important. Understanding the timeline helps you stay prepared, responsive, and confident throughout the process. With the right agent and attorney guiding you, selling a home in Chicago can be predictable and well managed from offer to closing.

Contact Camille

If you are thinking about selling your home and want expert, data driven guidance for the Chicago market, contact Camille anytime at 773.232.5282 or [email protected].