You Got an Accepted Offer. Now What?

You found the house. You wrote the offer. The seller said yes. And now your phone is blowing up with emails, your agent is talking fast, and someone just used the phrase "option period" for the first time and you nodded like you knew what that meant.

You're not alone. Going under contract is one of the most exciting moments in the homebuying process, and also one of the most confusing. Most first-time buyers spend months obsessing over getting an offer accepted, then walk into the next 30 to 45 days completely unprepared for what actually happens.

This post walks you through the whole stretch, from the day your contract is executed to the day you get your keys. No fluff, no skipped steps.

The Option Period: Your Built-In Exit Ramp

In Texas, most purchase contracts include something called an option period. During this window (typically 5 to 10 days, negotiated in the contract), you have the right to back out for any reason and get your earnest money back. You pay a small option fee, usually a few hundred dollars, directly to the seller. That fee is non-refundable, but it buys you time and flexibility.

This is when you schedule your home inspection.

Why the Home Inspection Matters More Than People Think

A home inspection is not a pass/fail test. It's a detailed report from a licensed inspector who walks every inch of the property and documents what they find, from a leaky faucet under the kitchen sink to a cracked heat exchanger in the HVAC system. In Central Texas, inspectors also commonly check for foundation issues, which are more common here than most buyers expect, especially in Round Rock, Cedar Park, and parts of Lakeway where the clay soil expands and contracts with rain cycles.

After the inspection, you have a few options:

  • Accept the home as-is and move forward.
  • Request repairs or a price reduction from the seller.
  • Walk away and get your earnest money back (if you're still inside the option period).

Don't skip the inspection to make your offer more competitive. That is almost always a mistake on a resale home.

Specialized Inspections

Depending on the property and the inspection report, you might also want a structural engineer, a plumber with a sewer scope camera, or an HVAC specialist. These usually run $150 to $400 each. They're optional, but if the general inspector flags something concerning, a specialist can give you real numbers and clarity before you decide.

Your Lender Shifts Into High Gear

While you're dealing with the inspection, your lender is doing a lot behind the scenes. The day your contract is executed (meaning both parties have signed), your lender needs a copy. That date kicks off several important deadlines.

You've already been pre-approved, so the heavy lifting on your financials is done. But now the lender opens a formal loan file, orders the appraisal, and starts collecting any remaining documents they need. This is also when they lock your interest rate, if you haven't already.

Rate Lock Timing

Rate locks typically come in 30, 45, or 60-day windows. Most purchases close in 30 to 45 days, so a 45-day lock is common. If your closing date is aggressive, talk to your lender early about timing. Missing your lock expiration can cost you a rate extension fee, and that's an unpleasant surprise nobody needs.

The Appraisal: What It Is and What Can Go Wrong

If you're financing the purchase with a conventional loan or an FHA loan, the lender will require an appraisal. A licensed appraiser visits the property and produces an independent opinion of value. The lender uses that number to determine how much they'll actually lend.

Here's the scenario that trips up first-time buyers: you agreed to pay $485,000, but the appraisal comes back at $465,000. The lender will only lend based on the lower number. Now you have a $20,000 gap to deal with.

Your options at that point:

  1. Renegotiate the price with the seller down to the appraised value.
  2. Pay the difference out of pocket (bringing more cash to closing).
  3. Challenge the appraisal with comparable sales data (your agent can help here).
  4. Walk away, if the contract has an appraisal contingency.

In competitive markets like Westlake and parts of Travis County, buyers sometimes waive the appraisal contingency to win offers. That's a real risk. Make sure you understand what you're agreeing to before you waive anything.

Loan Underwriting: The Part Nobody Talks About

Once the appraisal is complete and your documents are in order, your file goes to underwriting. This is where an underwriter, a real human who isn't your loan officer, reviews your entire file and makes the final credit decision.

Underwriting is where deals sometimes slow down or hit snags. Common reasons:

  • The underwriter needs additional documentation (a letter of explanation for a bank deposit, an updated pay stub, proof of insurance).
  • A condition comes back from the appraisal (the appraiser flagged a repair the lender requires before funding).
  • Something changed in your financial picture since pre-approval.

That last one is critical. Do not open new credit cards, buy a car, make large undocumented deposits, or quit your job between contract and closing. I've seen deals fall apart days before closing because someone financed new furniture. Your financial profile needs to stay frozen until after you've signed at the closing table.

Underwriting is not the enemy. It's a process designed to protect both you and the lender. The fastest way through it is to respond to every document request within 24 hours and stay in close communication with your loan officer.

Title Work and Homeowner's Insurance

At the same time underwriting is running, a title company is doing a title search on the property. They're looking for anything that could cloud your ownership after closing, unpaid liens, unresolved judgments, old mortgages that weren't properly released. Title issues are rare but they do happen, and catching them before closing is the whole point.

You'll also need to purchase a homeowner's insurance policy before closing. Your lender will require proof of coverage. In Central Texas, especially in areas with wildfire exposure like Lakeway or the Hill Country edges of Hays County, premiums can vary significantly. Shop at least two or three quotes. Your agent or lender likely has referrals, but you're free to use anyone.

The Clear to Close

This is the phrase everyone is waiting for. "Clear to close" (CTC) means the underwriter has reviewed and approved everything. All conditions are satisfied. The lender is ready to fund the loan.

Once you receive a CTC, the title company prepares your closing disclosure (CD), which is the final, itemized list of every number involved in your transaction. You'll see your loan amount, interest rate, monthly payment breakdown, closing costs, and how much cash you need to bring to closing. Federal law requires that you receive this document at least three business days before your closing date, so you have time to review it.

If you want to model out what these numbers might look like before you even get to this stage, the Scenario Builder at MyLola lets you plug in purchase price, down payment, and loan type to see realistic payment and cost estimates.

Closing Day

Closing day is the finish line. You'll sit down at a title company office (or in some cases do a remote online notarization), sign a stack of documents, and wire your closing funds. The title company then sends the wire to the lender, the lender funds the loan, and the deed is recorded with the county.

After recording, you get your keys.

The whole closing appointment usually takes 60 to 90 minutes. Bring a valid government-issued ID. Your funds need to arrive via wire transfer, not a personal check, in most cases.

A Simple Timeline to Keep in Your Head

Here's the rough flow from contract to keys for a typical 30 to 45 day close:

  1. Days 1 to 3: Execute contract, deliver earnest money, open escrow, order appraisal.
  2. Days 1 to 10: Option period, home inspection, negotiate repairs or price.
  3. Days 5 to 15: Appraisal completed, title search underway, insurance purchased.
  4. Days 15 to 25: File in underwriting, respond to any conditions promptly.
  5. Days 25 to 30: Clear to close issued, closing disclosure delivered.
  6. Days 28 to 45: Final walkthrough, closing appointment, keys in hand.

Every transaction is different. Cash deals close faster. Loan conditions can add days. But this is a reasonable baseline to plan around.

What Makes This Period Go Smoothly

After 21 years of walking buyers through this, here's what I've seen separate smooth closings from stressful ones. It almost always comes down to communication and preparation. Respond to requests fast. Don't make financial changes. Stay in contact with your loan officer and your agent. Ask questions early, not the night before closing.

If you want to see how your specific numbers look before you're even under contract, the Affordability and Income calculator gives you a realistic picture of what you qualify for based on your income and debt profile. Knowing that number cold before you start touring homes makes every step after the accepted offer feel a lot less chaotic.

Want to walk through your numbers? Talk to Austen.

Austen Smith, NMLS #265697. Barton Creek Lending Group, NMLS #264320. This post is for educational purposes only and does not constitute a commitment to lend or a guarantee of loan approval or specific rates.