Kudos, we couldn’t be happier for you! Both parties have signed the offer, everything is on its way. Once the paperwork is completed, your realtor will send a copy of the executed (signed) documents to your your lender so they can start everything on their end.

The contract will stipulate when the buyer must submit the earnest money deposit to the escrow agent or transfer the funds via wire transfer. It will be held in an escrow account until the close of the sale. This is a good faith payment, to show intention to follow through. The earnest money is credited to the buyer at the end of the sale to go toward the final purchase of the home. If the sale falls apart, our office acts as an unbiased 3rd party in case of dispute.

Once an offer is accepted, it will show that in the MLS.  Your property can put in the MLS as "accepting back up offers" and that allows you to still receive offers just in case something goes wrong in your current escrow.  Once all contingencies are removed there will be another change in the MLS and your home will change to "Under Contact".