The Process

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A Quick Overview!

The PROCESS of Selling your home in Texas .....

The buyer's offer is written on forms designated by the Texas Real Estate Commission. An Earnest Money check is written at this time, but held by the selling agent until the offer is accepted.

wpe8.jpg (3128 bytes) The offer is presented by the selling agent to your listing agent, who in turn presents the offer to you (the seller). A seller may negotiate one offer, or several offers at the same time.

In practice, offers are negotiated "verbally" until agreement is reached, at which time they are finalized in writing and signed by all parties. Seller’s Disclosures are a State requirement, as well as is information regarding the subdivision (if requested by the buyer).

The contract and earnest money check are sent to the title company, where the earnest money check is now deposited into an escrow account, and a title search is begun. (Within 20 days from the date of contract, the title company will mail a title commitment to all parties, indicating if there are any problems to a clear title.) Per the contract, the buyer will have approximately 5 days to initiate the loan process.

wpeB.jpg (2310 bytes) Generally, the buyer will offer a small "option fee" for the right to inspect the home during a negotiated number of days (usually 7-10) and negotiate repairs or withdraw the offer for any reason. The buyer chooses the inspection company and pays for the inspection. When the inspection report is received, the buyer will note any items he considers important for the sale of the home to be consummated, and notifies the seller.

The buyer will also order a wood-destroying-insect inspection. Termites are a common concern in this area, but generally have caused no or little damage to a home when they are found. Unless this is a VA loan, the buyer pays for this inspection.

The appraisal is ordered by the mortgage company just prior to the loan's being submitted to the underwiter for approval. The amount of the buyer's loan is based upon the appraised value.

Designated repairs are generally completed by you, the seller, after the loan has been approved.

The survey is ordered after loan approval. A closing date and time are scheduled.

"Closing" takes place in Texas at a Title Company. Often, all parties are present at the same table. Funding usually occurs the same day. In general practice, lawyers are not normally involved in real estate sales and closings in Texas, but may be if one so desires.

Possession of the home usually occurs upon funding, although special provisions in the contract may be made for the seller to rent the property back for a short period of time.