3 Things You Must Do After Your Offer is Accepted

As a home buyer you may have many questions about the home buying process. A common question often overlooked is "what happens after my offer is accepted?". It's easy to get caught up in the excitement of buying a home! However, there are important steps that must be overlooked, there is still a few tasks a home buyer is responsible for up until closing day.

Let's learn the three most common tasks buyers must complete to keep the home buying process moving smoothly and ensure a successful closing.

1. Pay your Option Fee.

In the Texas real estate contract, paragraph 23 provides buyers a negotiable term known as the "Termination Option". The termination option is a clause that allows real estate buyers to back out of a purchase contract during a specified period of time that precedes the closing date. In order for buyers to take full advantage of this opportunity to terminate, the buyer must pay the negotiated fee. Buyers should pay this fee within 3 days after the buyer's offer has been accepted on the home.

Here are few things to note regarding option fee:

• The option fee should be made payable to the seller
• The option fee is non-refundable.
• The option fee can be negotiated to credited toward your purchase.
• If negotiated, buyer's will receive a credit for this fee in the final closing documents.
• Option fee must be delivered to seller within 3 days. 
• Option fee can be paid using a personal check, cashier's check, or money order
• No cash can be paid for option money.

2. Submit Earnest Money.

Earnest money is an amount agreed to in the real estate contract that buyers will pay soon after entering into a contract as a show of “good faith” that the buyer intends to purchase the property. 

Here are a few things to note regarding the earnest money:

• The earnest money should be made payable to the title company.
• The earnest money may be refundable depending on terms within the real estate contract.
• The earnest money will credited toward the home purchase at closing. 
• The earnest money must be delivered to the title company within 3 days. 
• The earnest money can be paid using wire transfer, personal check, cashier's check, or money order.
• No cash can be paid for option money.

3. Schedule your home inspection.

A home inspection is a visual examination of your house’s structure and systems by a trained inspector. Home inspectors are licensed inspectors and regulated by the Texas Real Estate Commission. A home inspection gives the buyer an opportunity to have the home's mechanical systems and structure evaluated before closing on the home.

Here are a few things to note regarding the home inspection:

• The home inspection is optional and it is for your protection.
• A home inspection is not required but is highly recommended.
• Home inspections are conducted by licensed professionals.
• Home inspection fees are usually based on the home's square footage.
• Home buyers may use any home inspector of their choice. 
• A real estate professional can usually recommend a few reputable home inspectors.
• The home inspection is the home buyer's financial responsibility.
• The fee paid is a one-time fee and it is non-refundable.
• Buyer's should schedule their home inspection as soon as possible and preferably before the option period ends. 
• Each home inspector has their own payment process, however, most accept credit/debit cards or in person payments.
• Be sure to inquire from the home inspector the preferred method of payment.  

Don't forget to complete these key tasks after your offer is accepted!

To hire or work with Ramonica Caldwell as your real estate agent - call, text, email, and/or follow on all social media channels.

Schedule an appointment with Ramonica: www.calendly.com/ramonicacaldwell

Follow me on Facebook: https://www.facebook.com/ramonica.cal...

Follow my business on Facebook: https://www.facebook.com/rcrealestate...

Follow me on Instagram: https://www.instagram.com/ramonicarca...

Follow my business on Instagram: https://www.instagram.com/rcrealestat...

Twitter: https://twitter.com/RCSellsHomes