GOOD QUESTIONS DESERVE GOOD ANSWERS
Your Questions. Answered.
Buying, selling, and owning real estate can bring up questions you never expected to ask.
Some are straightforward. Others are a little more complicated. And some are the questions you might hesitate to ask out loud.
Whatever you’re wondering, this is a good place to start.
FIND YOUR ANSWER
The Questions
Buying a Home
How much money do I actually need to buy a home in Texas?
Most buyers need enough for a down payment and closing costs, and it’s often less than people expect. Some loan programs allow down payments as low as 3%, certain qualified buyers may be eligible for zero-down-payment programs, and closing costs often run approximately 2% to 5% of the purchase price. In other words, you don’t necessarily need 20% down to buy a home.
Your down payment is only part of the picture. You’ll also want to plan for earnest money, an option fee, inspections, an appraisal, and moving expenses. Earnest money is generally credited toward your purchase at closing rather than being an additional cost.
Depending on your buyer representation agreement and the terms negotiated in the transaction, you may also be responsible for some or all of your agent’s compensation.
Your actual costs will depend on the home’s price, your financing, and the terms of your purchase. A knowledgeable lender can help you understand your financing options and estimate how much cash you’ll need before you begin looking. Don’t have a lender yet? Pratt Realty is happy to connect you with trusted local lending professionals so you can explore your options.
What happens after my offer is accepted?
Once the seller accepts your offer and everyone has signed the contract, you’re officially under contract. That’s when several important things begin happening.
First, you’ll typically deliver your earnest money and option fee to the appropriate parties within the deadlines established in your contract. During your option period, if one was negotiated, you’ll have the opportunity to inspect the property, evaluate its condition, and decide whether to negotiate repairs or other terms.
Meanwhile, your lender will continue working on your financing, which may include ordering an appraisal. The title company will research the property’s ownership history and identify any title issues that need to be resolved before closing.
As closing approaches, you’ll review your final numbers, complete a final walkthrough, and prepare to sign your closing documents.
You don’t have to keep track of all of this by yourself. At Pratt Realty, we’ll help you understand what happens next, keep track of important deadlines, coordinate with the people involved, and work through the unexpected things that sometimes arise along the way.
Every transaction is different, but our goal is always the same: to help you get from contract to closing with confidence.
Do I need a real estate agent to buy a home?
No. Texas does not require you to hire a real estate agent to purchase a home. You can represent yourself.
However, buying real estate involves more than finding a property and agreeing on a price. There are contracts, deadlines, inspections, financing requirements, title matters, and negotiations to consider.
A buyer's agent can help you evaluate properties, understand market conditions, prepare and negotiate offers, coordinate inspections, and navigate the transaction through closing.
It's also important to understand how representation and compensation work. In Texas, a written buyer representation agreement is required before an agent can show you a property. Before entering into a written buyer representation agreement, you should understand the services being provided, how long the agreement lasts, and what compensation you may be responsible for paying.
At Pratt Realty, we believe you should understand your options before making a commitment. Whether you're ready to buy or simply trying to figure out where to begin, we're happy to have that conversation.
Selling a Home
How do I know what my home is really worth?
Your home's value isn't necessarily what you paid for it, what the appraisal district says it's worth, or what an online estimate suggests.
A property's market value depends on what buyers are willing to pay under current market conditions. To develop a pricing recommendation, we look at comparable sales, competing listings, location, condition, improvements, and features that make your property different.
In North Texas, those differences can be significant. Two properties with similar square footage may have very different values because of acreage, location, outbuildings, renovations, or other characteristics.
An online estimate is a starting point, not the final word.
At Pratt Realty, we take the time to evaluate the property and the market before recommending a listing price. The goal isn't simply to put a number on your home. It's to develop a pricing strategy that makes sense for your circumstances.
Should I make repairs before selling, or sell my home as-is?
That depends on the property’s condition, the cost of the repairs, your timeline, and what buyers in your market expect.
Some improvements can make a property more appealing and help it compete with similar homes. Others may cost more than you’ll recover in the sale.
And selling as-is doesn’t necessarily mean accepting a dramatically lower price. It means the seller is offering the property in its present condition, subject to the terms of the contract.
One important Texas consideration: Selling a property as-is generally doesn’t eliminate applicable disclosure obligations. Most sellers of previously occupied single-family homes must provide a Seller’s Disclosure Notice, although certain exemptions apply.
Sometimes a few thoughtful changes make a meaningful difference. Other times, selling the property in its current condition is the better decision.
At Pratt Realty, we’ll help you evaluate those options before you start writing checks.
What does it actually cost to sell a home in Texas?
The cost of selling a home depends on the property’s price, your mortgage balance, the terms of your contract, and the services you choose.
Common expenses may include brokerage compensation, title-related costs, property tax prorations, negotiated buyer concessions, repairs, and any outstanding liens.
Real estate commissions are negotiable. There is no standard commission rate required by Texas law, and sellers should understand the services and compensation terms before signing a listing agreement.
It’s also important to distinguish between your selling expenses and your mortgage payoff. Paying off your existing loan reduces the money you receive at closing, but it isn’t the same as a transaction fee.
Before listing, we like to prepare an estimated seller net sheet so you can see how the numbers may work.
You deserve to understand what you’re likely to walk away with—not just what your home might sell for.
Property & Ownership
What happens when I inherit a house in Texas?
Inheriting a home can bring a lot of questions, especially when several family members are involved or the property belonged to someone you love. The first step is understanding who legally owns the property and whether the estate must go through probate.
Depending on the circumstances, ownership may transfer through a will, a transfer-on-death deed, an affidavit of heirship, or another legal process.
Before selling, the title company will need to establish that the people signing the documents have the legal authority to transfer ownership.
Sometimes that process is straightforward. Other times, additional documentation or legal assistance is necessary.
You’ll also want to consider any outstanding mortgage, property taxes, liens, insurance, and the condition of the home.
Every estate is different, and so is every family’s situation. Questions involving inheritance, probate, ownership, and legal authority to sell should be reviewed with a qualified Texas attorney.
Pratt Realty does not provide legal advice. The information shared here is for general educational purposes and should not be relied upon as a substitute for professional legal guidance.
At Pratt Realty, we can help you understand the property’s market value, evaluate your selling options, and coordinate with the title company and other professionals involved.
What should I know before buying land or acreage in North Texas?
Buying land involves considerations that don’t always come up when purchasing a traditional home.
Before making an offer, it’s important to understand how you intend to use the property and whether the land can accommodate those plans.
Some of the most important considerations include legal access, deed restrictions, easements, utilities, water availability, septic requirements, floodplains, and existing agricultural or wildlife tax valuations.
For example, a beautiful ten-acre property outside Mineral Wells or Weatherford may look like the perfect place to build a home. But if electricity is expensive to extend, a water well isn’t feasible, or the soil won’t support the septic system you need, the property’s true cost could be considerably higher than the asking price.
And here’s something buyers sometimes overlook: Owning acreage doesn’t automatically mean you can use it however you want. Restrictions, easements, zoning where applicable, and other regulations can affect what you’re allowed to build or do with the land.
At Pratt Realty, we help buyers look beyond the photographs and acreage measurements to understand the practical considerations that can affect a property’s usefulness and long-term value.
The goal is to find land that works for what you actually want to do with it.
Can I sell a property that needs major repairs?
Yes. A property doesn’t have to be in perfect condition to be sold.
Homes with foundation problems, outdated systems, storm damage, deferred maintenance, or other significant issues can still attract buyers. The important considerations are the property’s condition, how it’s priced, and which buyers are likely to be interested.
Some purchasers are looking for homes they can renovate. Others may be investors or buyers using financing that accommodates certain repairs.
However, not every property will qualify for every type of financing. Significant condition issues can affect a buyer’s ability to obtain a conventional, FHA, VA, or other mortgage.
Texas disclosure requirements still apply, even when a property is sold as-is.
Before listing, it’s worth evaluating whether repairs would improve the property’s marketability enough to justify their cost.
Sometimes making repairs is worthwhile. Other times, pricing the property appropriately and marketing it to the right buyers is the better approach.
At Pratt Realty, we can help evaluate those options and develop a selling strategy based on the property’s actual condition.
Costs & Considerations
How do property taxes work in Texas?
Texas does not have a state property tax, but local taxing entities, including counties, cities, school districts, and certain special districts, can levy property taxes to fund public services.
Your property’s taxable value is generally determined using the appraisal district’s appraised value, applicable exemptions, and any valuation limitations. Local taxing entities then apply their adopted tax rates.
The current owner’s property tax bill may not reflect what you’ll pay after purchasing the property. For example, the seller may have a homestead exemption, an over-65 exemption, or an agricultural or wildlife valuation that affects the current bill. Those benefits don’t necessarily transfer to a new owner.
If you’re purchasing a primary residence, you may qualify for a residence homestead exemption. Eligibility depends on your circumstances and the property’s use.
Property taxes are also commonly prorated between buyers and sellers at closing, based on the terms of the contract.
At Pratt Realty, we encourage buyers to investigate property taxes before purchasing, not after receiving their first tax bill.
A Note About Taxes
Property tax laws, exemptions, and eligibility requirements can change. Pratt Realty does not provide tax or legal advice. Property owners should verify information with the appropriate county appraisal district, tax office, or qualified tax professional.
What should I know about buying a home with an HOA?
A homeowners association, commonly called an HOA, is an organization that manages certain aspects of a residential community.
Depending on the neighborhood, an HOA may maintain common areas, enforce architectural standards, manage amenities, or establish rules governing how properties can be used.
Before purchasing a home in an HOA community, it’s important to understand more than just the monthly or annual dues.
You’ll want to review the association’s governing documents, restrictions, fees, financial condition, and any pending or anticipated special assessments.
For example, some associations regulate fencing, exterior paint colors, landscaping, parking, short-term rentals, or the construction of additional structures. Others may have relatively few restrictions.
In Texas, certain HOA-related documents and resale information may be available during the purchase process, depending on the type of association and the contract terms.
A beautiful home isn’t necessarily the right home if the community’s restrictions don’t fit your lifestyle.
At Pratt Realty, we help buyers identify the questions they should ask and the documents they should review before making a final decision.
An HOA isn’t inherently good or bad. What matters is understanding what you’re agreeing to.
What should I know before buying a home near Possum Kingdom Lake?
Buying property near Possum Kingdom Lake can be a wonderful opportunity, whether you’re looking for a weekend retreat, a full-time residence, or an investment property.
But lake-area real estate comes with considerations that may be different from purchasing a traditional neighborhood home.
One of the first things to understand is the difference between waterfront property, water-view property, and property with lake access. Those descriptions don’t necessarily mean the same thing. A home may have a beautiful lake view without direct access to the water. Another property may include access through a community boat ramp or shared amenity.
If you’re considering waterfront property, you’ll also want to investigate shoreline restrictions, dock permissions, easements, flood risk, and any applicable requirements involving the Brazos River Authority.
Other considerations include:
Short-term rental restrictions
HOA or community requirements
Water supply and septic systems
Insurance availability and costs
Road access and maintenance
Whether the property is suitable for year-round living
And here’s something important: Don’t assume a property can be used as a vacation rental simply because it’s near the lake. Restrictions, local requirements, and community rules can affect whether short-term rentals are permitted.
At Pratt Realty, we believe buying lake property should be as enjoyable as owning it. Understanding the details before purchasing can help you avoid expensive surprises later.
Life & Real Estate
Should I sell my current home before buying another one?
There isn’t one right answer. The best approach depends on your finances, the amount of equity in your current home, market conditions, and how comfortable you are managing two transactions.
Selling first can provide a clearer picture of how much money you’ll have available for your next purchase. It may also eliminate the financial pressure of carrying two mortgages.
However, you may need temporary housing if you haven’t found your next home when your current one sells.
Buying first can make the transaction more convenient, particularly if you want time to move without rushing. But it may require qualifying for another mortgage while still owning your existing property.
Some buyers explore options such as bridge financing, home equity financing, or making an offer contingent on selling their current home. Each approach has advantages, limitations, and potential costs.
You don’t have to make this decision without understanding the numbers and the alternatives.
At Pratt Realty, we can help you evaluate your home’s potential selling price, discuss the timing of both transactions, and coordinate with your lender to develop a plan that fits your circumstances.
The goal is to make your next move with a strategy, not unnecessary pressure.
What should I consider before downsizing my home?
Downsizing isn’t always about moving into a smaller house. Sometimes it’s about finding a home that better fits the way you want to live.
You may be looking for less maintenance, fewer stairs, lower expenses, a different location, or simply a property that makes everyday life easier.
Before making a move, consider both the financial and practical implications. A smaller home doesn’t automatically mean lower expenses. Property taxes, insurance, HOA dues, utilities, and maintenance costs can vary considerably depending on the property and location.
You’ll also want to think about how you use your current space, what you’re willing to give up, and which features matter most in your next home.
It’s worth considering not just what you want to leave behind, but what you want your next chapter to look like.
Perhaps that’s a lock-and-leave home with less upkeep. Maybe it’s a similar house with a beautiful outdoor space. Or perhaps it’s moving closer to family, shopping, healthcare, or the activities you enjoy.
At Pratt Realty, we believe the right home should support the life you want to live today while allowing room for what comes next.
Sometimes that means less square footage. Sometimes it simply means a better fit.
I'm thinking about buying or selling, but I'm not ready yet. When should I contact a real estate agent?
You don’t need to have your home ready to list, your financing finalized, or a moving date on the calendar before starting a conversation.
In fact, some of the most valuable real estate advice comes well before a transaction begins.
If you’re considering selling, an early conversation can help you understand your property’s potential market value, which improvements may be worthwhile, and how market conditions could affect your plans.
If you’re thinking about buying, we can discuss neighborhoods, property types, general market conditions, and the steps you’ll want to take before making an offer.
And if you’re simply exploring possibilities, that’s perfectly fine too.
Here’s something we want you to know: A conversation doesn’t have to become a commitment.
At Pratt Realty, we believe good relationships begin with honest conversations, not pressure. Whether you’re planning to make a move next month, next year, or you’re just wondering what your options might be, we’re happy to help you find a place to start.
STILL HAVE QUESTIONS?
Let's Talk About It.
Not every question has a simple answer, and not every situation fits neatly into a frequently asked question.
If there's something on your mind, we'd be happy to talk it through.