Your Offer Was Accepted — Now What? A Texas Home Buyer’s Guide

What Happens After Your Offer Is Accepted in Texas?

If you’ve had an offer accepted in Texas, several parts of the transaction begin moving at the same time once the contract is signed and the effective date is established.

Your agent, lender, title company, inspector and insurance company may all be working on different pieces of the purchase.

That can sound like a lot, but each step has a purpose.

Let’s walk through them.

1. Your Contract Becomes Effective

Once the buyer and seller agree to the terms and sign the contract, an effective date is established.

That date matters because many of your contract deadlines are calculated from it.

Depending on your contract, those deadlines may involve:

• Earnest money
• Option money
• Inspections
• Financing
• Appraisal provisions
• Title documents
• Survey requirements
• Closing

This is one reason organization matters during a real estate transaction.

My goal with my buyers is simple:

You shouldn’t have to wonder what deadline comes next.

2. Earnest Money and Option Money Are Delivered

One of the first things we handle after going under contract is making sure the earnest money and any agreed option fee are delivered according to the contract.

What is earnest money?

Earnest money is a deposit that shows your commitment to the purchase.

It is generally held by the escrow agent or title company during the transaction.

If the purchase closes, the money is typically credited according to the closing documents.

The amount is negotiated as part of your contract.

What is the option fee?

Texas contracts may also provide for an option period in exchange for an agreed option fee.

When properly established, the option period can give the buyer an unrestricted right to terminate the contract during the negotiated period.

This is commonly when buyers complete their inspections and take a much closer look at the property.

Because these deadlines are important, I encourage my buyers to handle their earnest money and option fee as soon as possible instead of waiting until the last minute.

3. Schedule the Home Inspection

Next comes one of the most important parts of the buying process: the inspection.

A licensed Texas real estate inspector will inspect accessible systems and components of the home and provide a report showing the deficiencies they observed.

Depending on the property, you may also want additional evaluations for things such as:

• HVAC
• Foundation
• Plumbing or sewer
• Roof
• Termites or wood-destroying insects
• Pool
• Septic system
• Well or water
• Electrical system

Not every house needs every inspection.

The age, condition, location and features of the property will help determine what makes sense.

Don’t Let the Inspection Report Scare You

This is where first-time buyers can get nervous.

You may love the house and then receive a long inspection report filled with pictures, comments and deficiency markings.

Don’t assume that means you picked a bad house.

An inspector’s job is to document what they find.

Our job is to go through that information and separate normal maintenance items from issues that may have a bigger impact on safety, functionality, insurance or your budget.

That gives you better information before deciding what to do next.

4. Decide Whether to Request Repairs or Renegotiate

Another part of what happens after your offer is accepted in Texas is deciding how to respond to the inspection.

Depending on the contract and what we discover, a buyer may choose to:

• Move forward without requesting changes
• Request specific repairs
• Ask for another negotiated solution
• Have a specialist evaluate an issue
• Use contractual termination rights when available and appropriate

One important thing to remember:

An inspection report is not automatically a repair list for the seller.

That is where strategy comes in.

Instead of throwing every item on the inspection report at the seller, I help my buyers identify the issues that matter most and decide how to approach them.

5. Keep Your Financing on Track

While we’re handling inspections and due diligence, your lender is still working on your loan.

They may ask you for updated documents such as:

• Bank statements
• Pay stubs
• Tax documents
• Employment verification
• Explanations for deposits or credit activity
• Insurance information

When your lender asks for something, respond as quickly as you can.

And there is another important rule during this part of the process:

Do not celebrate your accepted offer by going on a credit shopping spree.

This is not the time to finance a new truck, open a credit card, buy a house full of furniture on credit or make another major financial move without speaking to your lender first.

Changes to your debt, credit or available funds can affect your loan qualification.

Pre-approval got you into the game.

Your lender still has work to do before final loan approval.

If you’re curious about the different financing options available to homebuyers, I’ve also created a guide comparing FHA, conventional, VA, and USDA mortgage loans in Texas. Understanding these programs can help you prepare for your next home purchase.

6. The Appraisal May Be Ordered

If you’re financing the home, your lender may order an appraisal.

An appraisal is different from your home inspection.

The inspector focuses mainly on the condition of the home and its systems.

The appraiser develops an opinion of the property’s value for the lending process.

The lender uses that information to help determine whether the home provides adequate collateral for the loan.

If the appraisal comes in below the sales price, don’t immediately panic.

What happens next depends on your contract, financing and any appraisal provisions that apply to the transaction.

That is something your agent and lender should walk through with you carefully.

7. Title Work and the Survey Are Reviewed

Meanwhile, the title company is working behind the scenes.

The title process includes researching ownership and other matters connected to the property.

Depending on the transaction, you may also receive a new or existing survey.

A survey can show things such as:

• Property boundaries
• Easements
• Improvements
• Fences
• Encroachments
• Other matters affecting the property

If something unusual appears in the title commitment or survey, we want to identify it and address it before closing whenever possible.

8. Get Homeowners Insurance in Place

If you are financing the purchase, your lender will generally require acceptable homeowners insurance before closing.

Don’t leave this until the last minute.

Insurance companies can look at several factors when deciding whether to insure a home and what the premium will cost.

Those may include:

• Roof age
• Property condition
• Prior claims
• Location
• Other underwriting factors

Getting insurance quotes early gives you time to understand the cost and catch possible problems before closing.

It also helps you understand the real monthly cost of owning the home.

Your mortgage payment is only part of that number.

You may also have:

• Property taxes
• Homeowners insurance
• Utilities
• Maintenance
• HOA expenses

Those should all be part of your budget.

9. Start Preparing for Closing

As closing gets closer, your lender and title company begin finalizing the numbers and paperwork.

For transactions subject to federal mortgage disclosure requirements, borrowers generally receive a Closing Disclosure before consummation.

Take the time to review it.

Look at the numbers.

Ask questions.

If something doesn’t look the way you expected, bring it up before closing day.

You will also receive instructions for any money you need to bring to closing.

Be Careful With Wiring Instructions

Wire fraud is a serious problem in real estate.

Always independently verify wiring instructions with the title company using contact information you know is legitimate before sending money.

Never rely only on unexpected wiring instructions that arrive by email.

A five-minute phone call can prevent a very expensive mistake.

10. Complete the Final Walkthrough

Finally, shortly before closing, buyers commonly complete a final walkthrough of the property.

This is not another full home inspection.

The goal is generally to make sure the property is in the expected condition and confirm that agreed repairs or other negotiated items have been addressed as required.

It also gives you one last chance to make sure nothing significant has changed since you last saw the home.

Then we head to closing.

11. Closing Day

You made it.

At closing, you’ll sign the documents needed to complete your purchase and, when applicable, your mortgage documents.

The title or escrow company coordinates the closing process and the transfer of funds and documents.

Once everything required for closing and funding has been completed, you’ll receive confirmation that the purchase is finished.

And then comes the part everyone has been waiting for:

The keys to your new home.

How Long Does It Take to Close on a House in Texas?

There isn’t one timeline that applies to every Texas home purchase.

Your closing date is negotiated in your contract.

The overall timeline can also depend on:

• Cash versus financing
• Loan type
• Appraisal timing
• Property condition
• Inspection negotiations
• Title issues
• Survey requirements
• Insurance
• HOA documents
• Seller circumstances

Rather than focusing too much on a generic number of days, pay attention to the dates in your specific contract.

Those are the deadlines that matter.

Buying a Home in North Texas?

Now that you know what happens after your offer is accepted in Texas, hopefully the process feels a little less overwhelming.

Buying a home shouldn’t feel like you were handed a contract and left to figure everything out on your own.

Whether you’re looking in Sherman, Denison, Whitesboro, Howe, Van Alstyne, Anna, Melissa, McKinney or somewhere else in North Texas, I can help guide you through the process.

That starts long before closing day.

My job isn’t simply to open doors.

It’s to help you evaluate properties, structure your offer, understand your deadlines, coordinate inspections, work through negotiations, communicate with your lender and title company, and keep the transaction moving forward.

Ready to Start Your North Texas Home Search?

If you’re thinking about buying a home in North Texas, let’s talk about what you’re looking for and put together a strategy before you start making offers.

Start your North Texas home search or contact me and let’s find the right opportunity.

This article is for general informational purposes only and is not legal, tax, lending, insurance or financial advice. Contract terms and individual transactions vary. Buyers should review their specific contract and consult the appropriate licensed professional regarding questions outside the scope of real estate brokerage.