Local real estate experts say homes sell quickly in McKinney and the hot market requires prepared, decision-ready buyers.
Buying process
Making an offer In a hot market, buyers have less time and room for negotiation.
Acceptance of the offer
Open title Once the sale contract is agreed upon, a copy of the contract and earnest money are delivered to the title company.
Option period This is a window (usually 10 days) secured by option money in which the buyer can inspect the home or exit the deal without losing the earnest money.
Inspections Buyers should hire a home inspector to check the house during the option period.
Appraisal Lenders require an appraisal to ensure the property’s value.
Application for mortgage loan and approval
- The loan approval process can be stressful.
- Lending institutions need many financial documents before approving a loan.
Repairs, if necessary
- Buyers can negotiate repairs during the option period.
- The lender may require repairs before funding the loan.
Homeowners insurance Buyers must obtain homeowners insurance before closing. The cost is included in the closing costs, which are fees and expenses paid at closing.
Closing, funding, taking possession
- Closing is the agreed-upon time to meet for final paperwork.
- Funding occurs after paperwork is signed and conditions are met.
During the loan process
Do tell lender of salary, address or compensation changes Do obtain homeowners insurance for the home’s value Do document any deposits into your bank account
Don't take out new lines of credit0 Don't Change jobs without telling the lender Don't Make large purchases (car, appliances)
