Tom's Texas Realty

Buying a House in Texas – Step 3 Pending Status

Step3 Pending

 

So you have made it through the option period. Congratulations! Repairs have been agreed upon, we are in the home stretch!


Now we play the waiting game. At this point your lender will the appraisal for your property which may take a week to get back. When the lender receives the appraisal, they will let us know and they will probably contact you as well to let you know it’s value. If there is any issue with the appraised value or required repairs we will tackle those items when it comes back.

If your lender asks for additional documents during this time, it’s imperative that you get the documents to them as quickly as possible as every day counts to get the lending done to close on time.

During this period, our Admin will continue to follow up with the lender, title company and listing agent to make sure repairs are done, there are no hiccups with the lending and the title has no issues.

If you have a home warranty paid for by the seller, our Admin will reach out to you and provide options for your home warranty plan to select. You can select any home warranty plan. If the contract reads the seller is to pay $500 towards your home warranty you may select a more expensive one but you will have to pay the difference. As always if you have any questions about home warranty plans feel free to contact our Administrator at 682-233-4416.

Once the appraisal is back and the repairs are complete, our Admin will reach out to schedule a final walk through of the property. This is your opportunity to inspect repairs and make sure the property is in the same condition as when you wrote the contract.

They will also schedule your closing time for you. At  closing you will need a government photo ID and a cashiers check or wire the funds for closing.

IMPORTANT: If you are going to wire your funds, you need to call the title company to verify the wiring instruction. There is a great deal of fraud happening where you will receive an email with wiring instructions from a similar domain to that of the title company. If you wire funds to the wrong account, you may not get them back!

ALSO IMPORTANT: Do not schedule your movers for the day of closing. For you to get the keys to the house, you must sign, the sellers must sign, then both your money and the lenders money must funded. The funding could take a couple of hours past when all of the documents have been signed. If funds aren’t sent until the end of the day, it may be the next business day before funds are received and you can take possession of the house.

We are excited to help you into your home! Be looking for our updates on the repairs (if you have them) and the appraisal!

Read ahead to the next step.