3 Pieces of Money You Need to Know About
Earnest money is a check written at time of offer that proves to a seller you’re serious about the purchase. Earnest money is held in escrow until closing and then applied towards the purchase. Earnest money is 1% of the total price of the home.
If a mortgage is involved, your lender must order an appraisal to ensure the house is worth the amount it’s lending. This typically costs between $450-$500 and is paid directly to your lender within the first five days of the contract period.
This will provide you with a professional inspector that perform home inspections based on guidelines established by the TEXAS REAL ESTATE COMMISSION, and adherence to TREC standards. This includes inspecting the foundation, structure, plumbing, electrical, and HVAC. The professional inspector will also inspect the grading and drainage systems surrounding the home structure. Inspections typically occur in the first 7-10 days of the option period and can range from $250-$1,000 depending on the home’s features (pool, septic, chimney, etc).
Feel free to contact our team if you have any further questions.
We are looking forward to working with you and your family in the near future