Many buyers focus on the down payment, but there are several financial steps that take place after an offer is accepted. Some costs may arise early in the process, while others are typically paid closer to closing. Knowing what to expect can help you plan ahead and move through the transaction with confidence.

1. Earnest Money Deposit (EMD)

After your offer is accepted, you’ll typically submit an earnest money deposit.

• Usually 1% to 2% of the purchase price

• Held in escrow (not given to the seller directly)

• Applied toward your down payment or closing costs

This shows the seller you’re serious and committed to the purchase.

2. Option Fee (Texas-Specific)

Texas is unique in that buyers often pay an option fee shortly after their offer is accepted.

Typical cost: $100–$300+

This fee:

• Gives you a short option period (typically 5–10 days)

• Allows time for inspections

• Gives you the right to terminate the contract for any reason during the option period

• Is held in escrow

The option fee provides valuable flexibility while you complete your due diligence on the property. Like earnest money, the option fee is held in escrow and is a unique feature of many Texas real estate transactions.

3. Home Inspection Costs

A home inspection is one of the most important early expenses.

• Usually, $300 to $600+

• Checks roof, structure, HVAC, plumbing, electrical, and more

• Helps you uncover hidden issues before closing

Common add-ons in Abilene:

• Termite inspection

• Septic inspection (for rural homes)

• Foundation evaluation (important in Texas soil conditions)

4. Appraisal Fee

Most lenders require an appraisal as part of the financing process. Depending on your lender, the appraisal fee may be paid upfront or included with your closing costs.

5. Lender Fees

Your mortgage lender may charge upfront fees such as:

• Loan origination fee

• Credit report fee

• Processing/underwriting fees

These usually total 0.5% to 1% of the loan amount, depending on your lender.

6. Homeowners Insurance (First Year)

Before closing, you’ll need to pay for homeowners' insurance.

• Required by lenders

• Protects your home from damage and liability

• Cost in Abilene varies based on coverage and weather risks

Some properties may also require flood insurance, depending on location.

7. Homeowners Insurance and Title Costs

As you move toward closing, you'll also want to prepare for homeowners insurance and certain title-related expenses. These items are typically addressed later in the transaction and help ensure a smooth transfer of ownership.

8. Down Payment

The down payment is an important part of the home-buying process and is typically due at closing. While you won't usually need these funds immediately after your offer is accepted, it's helpful to begin planning for them early.

9. Moving & Setup Costs

Don’t forget the smaller but important expenses:

• Movers or truck rental

• Utility deposits (electric, water, internet)

• Cleaning or minor repairs

These can add up quickly if not planned for early.

Watch: What Happens After Your Offer Is Accepted

Here’s a quick video explaining what buyers can expect right after an offer is accepted, including the key costs and next steps

Final Thoughts

Once your offer is accepted, you'll move through several important steps on the path to homeownership. Some expenses, such as earnest money and inspections, may occur early in the process, while others are typically handled closer to closing. Understanding the timeline can help you stay organized, plan ahead, and enjoy a smoother buying experience.

Frequently Asked Questions (FAQs)

1. How much money do I need after my offer is accepted in Abilene?

Most buyers should expect a few thousand dollars upfront, depending on earnest money, inspections, and lender fees—separate from the down payment.

2. Is earnest money refundable?

Yes—if you back out during your inspection or within your contract terms. If you cancel without a valid contingency, you may lose it.

3. What is the Texas option fee for?

It gives you a short period (usually 5–10 days) to inspect the home and cancel the contract for any reason.

4. Do I pay the down payment right after my offer is accepted?

No. The down payment is typically due at closing, but you should prepare for it early in the process.

5. Why are inspections so important in Abilene homes?

Many homes in Abilene have older systems or Texas-specific issues like foundation movement, termite risk, or septic systems in rural areas.

Kathy Williams
Your Forever Agent®
Cell: 325-280-4070 Direct: 325-280-4070
3382 South 27th St
Abilene, TX 79605
325-280-4070