Your offer was accepted. The period between contract and closing is where deals are made or lost. Here is what happens step by step.
The Option Period (Days 1-7)
In Texas, you pay a small option fee ($100-$500) for the right to terminate during this period for any reason. Use it wisely:
- Schedule your general inspection immediately
- Order specialized inspections based on findings
- Review the seller's disclosure
- Negotiate repairs or credits
The Inspection: What to Focus On
In Houston, focus on: roof condition, foundation (clay soil issues), HVAC (critical in our climate), plumbing (older pipe types), and electrical systems.
What If the Appraisal Comes in Low?
- Renegotiate the price down
- Bring the difference in cash
- Meet in the middle with the seller
Understanding your real buying power before making an offer is critical.
Do Not Change Anything During Underwriting
The rule: Do not buy a car. Do not finance furniture. Do not open new credit cards. Do not make large unexplained deposits. Stability keeps deals together.
Cash to Close Is More Than the Down Payment
It includes: down payment, closing costs, prepaid property taxes, prepaid insurance, and escrow reserves. Houston's property taxes can significantly impact the final number.
Clear to Close Is Not the Finish Line
Final steps remain: closing disclosure review, final walkthrough, wire transfer, and document signing. Smooth closings are the result of preparation from day one.