San Antonio Real Estate ~ Wow, You Bought a House! What's Next?
OK, so you've looked at homes throughout San Antonio. You've looked and looked and looked... :-O You've narrowed it down, assessed the property, negotiated an offer for purchase, and now you are wondering... what do I do next?
First, we must have an executed contract that has signatures from both the Buyer and the Seller and the effective date of the contract. The contract and your Earnest Money check will been sent to the title company and will be cashed and placed into escrow. The amount of the earnest money check will be credited to you at closing.
Part 1: The Option Period
In Texas, buyers can purchase an "option period". An option period provides the buyer with the unrestricted right to terminate the contract within a specified period of time. The duration of the option period and option fee are negotiable and the fee must be paid in advance. Buyers must strictly comply with the time period specified on the contract under the option.
I recommend that buyers conduct all of their due diligence during the option period.
- Option Check will be given to the seller and can be cashed immediately. If you choose to move forward with the purchase of the property past the specified option period, this money will be credited to you at closing.
- Contact your mortgage company and arrange a meeting with your loan officer.
- Schedule inspections ~ general real estate inspection & termite inspection.
- Contact several insurance companies to obtain a quote. When shopping for insurance, remember to use the same deductibles, values, and coverage for every quote. That way, you can make sure that you are comparing apples to apples.
Once the inspections are completed, you will review the Home Inspection and Termite Report. At this time we can submit an "Amendment to the Contract". In the amendment, we can include items that you are requesting the seller to repair/replace prior to closing. Keep in mind that the seller is not contractually obligated to complete any repairs. Repairs are negotiated items. We must have the repairs negotiated and the amendment signed on or before the last day of your option period. If repairs have not been negotiated by this time, you will lose your unrestricted right to terminate the contract without being in "default". The purchase may go forward without any repairs required from the seller that are not included in the initial offer.
Please note that if you choose to cancel the contract during the specified "option period" your option fee will be forfeited by the seller and your earnest money will be refunded.
If you are interested in purchasing a home in San Antonio and need assistance, please contact me at (210)379-7000.
* Home inspection image courtesy of realestateclipart.com