10 Steps For Buyers Once Your Offer is Accepted In Texas

Key Takeaways

*   Working with your buying team is critical to ensure a timely closing

*   Ensure you have completed the steps neecessary to perform your due dilligence prior to the end of your option period

*   Understand your closing costs and prepare necessary funds before the closing day.

Congratulations! You got your offer accepted, and now you're on your way to buying a house in Texas. It’s an exciting time, but there are crucial steps you need to follow to ensure everything goes smoothly. Here are ten essential steps to take once your offer is accepted.

1. Notify Your Team

The first step is to inform your real estate team that your offer has been accepted. This team typically includes your realtor, lender, inspector, title company, and insurance agent. They need to know immediately so they can start working on their respective tasks.

2. Provide Earnest and Option Money

Next, you need to provide your earnest money and option money to the title company as quickly as possible. Generally, you should aim to do this within two to three days after your signed contract is in place. If you delay, you risk jeopardizing your contract, allowing the seller to consider other offers. In Texas a contract is not considered to be a valid contract if there is no Earnest money in the transaction. Be sure to ask your title company what digital options they have to accept Earnest + Option Money. This can often take just a few minutes.

3. Schedule Your Inspection

Step three is to book your inspector as soon as possible. It’s vital to understand the condition of the home before finalizing the purchase. Inspectors tend to have busy schedules, so the sooner you call, the better your chances of getting an appointment within your option period. Ideally your inspector will come out to the property within the first few days of your option period leaving enough time to receive and review their report so you can negotiate with the seller before option is over.

4. Provide Necessary Information to Your Lender

Make sure you are sending the required documents to your lender promptly. While you might have already provided some documents for pre-approval, your lender will likely need updated information to finalize your loan. This can include bank statements, W-2s, and other financial documents. They may continue to ask for information as you approach the closing date.  One more critical tip is make sure that you DO NOT shop or buy for anything that pulls your credit while you are under contract. If you get a new car with a loan while you are under contract your lender may not approve you on your home loan. Wait on all other purchases until the house is yours!

5. Get Insurance Quotes

In Texas, you’ll need to get quotes for homeowners insurance. This typically includes hazard insurance for protection against fire, wind, and hail. Due to Texas’s susceptibility to flooding, you should also consider obtaining a quote for flood insurance.

6. Conduct Due Diligence

During your option period, it’s time for due diligence. Review the home inspection report carefully to identify necessary repairs. This is your opportunity to negotiate with the seller regarding any issues found during the inspection.

7. Confirm Your Budget

Now is the time to confirm your budget. Know how much cash you will need for closing costs and what your monthly payment will look like. This includes principal, interest, taxes, and insurance (PITI). Having a clear understanding of your finances will help you avoid surprises later on.

8. Order the Home Appraisal

Once you are out of the option period, it's time to order the home appraisal. This is typically paid out of pocket and is necessary for your lender to finalize the loan. Make sure this is scheduled promptly so that it doesn’t delay your closing.

9. Conduct a Final Walk-Through

Just before closing, you’ll want to do a final walk-through of the home. This is your chance to ensure that everything is in order and that any agreed-upon repairs were completed. It’s a critical step to confirm the home is in the condition you expect before closing.

10. Prepare for Closing Day

As you approach closing day, you should receive a Closing Disclosure (CD) otherwise known as a HUD statement outlining your closing costs. Be prepared to bring a certified check or arrange a wire transfer for the funds required to close. Make sure you understand what closing costs you will be responsible for, as this is an essential part of the buying process in Texas.

Bonus Tips

After closing, don’t forget to turn on your utilities and change your address. You’ll want everything set up for when you move in. Congratulations again—you’re on your way to owning your new home!  

Let us know if you have any questions we can help you with along the way. We have a team of people we can refer you to on your journey to your next purchase. We'll see you at the closing table!