I want to touch a little on the time frame for buying a house in the Killeen/Harker Heights area. It takes about thirty days to process paperwork once a home is found. When you make an offer you provide earnest money. This is usually $500.00. This comes back to you as a credit when you close. Think of it as a down payment. Once you and the seller agree on the terms of the sale the offer is dated and you are “under contract”.
If the house is a resale home we will also have an option period. This is a 7-10 day period that you pay the seller for ($50.00) in which you can terminate the contract. These days start from the day the contract is dated. That takes place when both sides agree on the terms of the sale and you are under contract. During the option period the house is inspected and if it is in need of repairs we ask the seller to make the repairs. These are a negotiated item. The seller may or may not make all repairs asked. The repairs that you would ask are functional, or safety, not cosmetic such as to paint a room a different color. If all goes well, we continue to closing and that $50.00 is credited back to you. If during the inspection we find the house not worthy of purchasing, or you cannot reach agreement with the seller on repairs you can terminate the contract, “hence Option Period”. You lose the $50.00 in this case.
With new construction there is normally no need for an option period. This is because the home has at least a one year builder warranty and ten year structure. Much of new construction is regulated by city codes and state regulations.