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Submitting an offer on a home is exciting, but it's often followed by a stretch of waiting and unfamiliar steps that can feel confusing if you haven't been through the process before. Here's a clear walkthrough of what typically happens between an offer and closing day.
Offer Submission and Seller Response
Once your offer is submitted, the seller can accept it as-is, reject it, or respond with a counteroffer on price or terms. This back-and-forth can happen quickly or take a few days, depending on the seller's timeline and whether other offers are also being considered.
Executing the Contract
Once both sides agree on terms, the contract is signed by both parties, officially putting the home "under contract." At this point, you'll typically submit your earnest money deposit within a specified timeframe outlined in the contract.
The Option Period and Inspection
In Texas, buyers commonly negotiate an option period — a set number of days during which you can have the home inspected and, in most cases, back out of the contract for any reason in exchange for a small, agreed-upon option fee. This is when you'll schedule your home inspection and any specialized inspections, like well or septic evaluations if applicable.
Negotiating Repairs, If Needed
If the inspection reveals issues, you and the seller may negotiate repairs, a credit, or a price adjustment during or shortly after the option period, depending on your specific contract terms.
Loan Application and Underwriting
While inspections are happening, your loan moves through underwriting — the lender's formal review of your finances and the property to finalize approval. This is also when the appraisal typically occurs, to confirm the home's value supports the loan amount.
Addressing Any Appraisal or Underwriting Issues
If the appraisal comes back lower than expected, or underwriting raises questions, this stage may involve additional negotiation or documentation before the loan can be fully approved.
Final Loan Approval and Closing Disclosure
Once your loan receives final approval, you'll receive a Closing Disclosure outlining your final loan terms and closing costs, which by law you'll have a few days to review before closing.
Final Walkthrough
Shortly before closing, you'll typically walk through the home one more time to confirm its condition matches what was agreed upon and that any negotiated repairs were completed.
Closing Day
At closing, you'll sign the final loan and property documents, and once funds are transferred and everything is recorded, ownership officially transfers to you.
Every transaction has its own specific timeline and details, and having a local agent guide you through each stage helps you know what to expect and when. If you're getting ready to make an offer in Floresville, I'm glad to walk you through this process for your specific situation.
Barbara Peterson Broker/Owner — United Country Real Estate | Texas Ranch and Home Floresville, TX 78114
📞 Barbara: 210-540-6487 🌐 www.txranchandhome.com 📅 Schedule a Free Buyer Consultation with Barbara