Buying in Preston Hollow or the Park Cities: what happens from first showing to closing

The path in brief

Buying a home in Preston Hollow or the Park Cities follows the same Texas process as anywhere in the state: get pre-approved by a lender, sign a buyer agreement with your agent, tour and make an offer on the standard TREC contract, use the option period to inspect and negotiate, then let the lender's appraisal, underwriting and the title company's work carry you to closing. What is different here is pace and variety. Good houses can draw several buyers in their first days, and no two lots or houses are quite alike, so preparation before you find the house matters more than in most places.

I am Andy Scott with Dave Perry-Miller Real Estate, working from our Preston Center office. I grew up in these neighborhoods, my father sold homes here from the 1970s through the 1990s, and I have represented buyers and sellers here for fifteen years. This is how a purchase unfolds when I am working with a buyer, stage by stage.

Before the first showing

Start with a lender, not a listing. A full pre-approval, based on documents rather than a quick conversation, tells you what you can borrow and lets you move the same day you find the right house. If you are paying cash, have proof of funds ready. Sellers here compare offers on certainty as much as on price, and a buyer who cannot document their financing is at a disadvantage before they write a word. If financing feels uncertain, how a buyer goes from unsure to approved explains what a lender will look at.

You will also sign a written agreement with your agent. The National Association of Realtors explains that buyers working with an agent are asked to sign one before touring a home, in person or virtually. It sets the services, the length of the relationship and the compensation, all of which are negotiable. Read it, ask questions and make sure it says what you expect.

• Lender pre-approval or proof of funds
• A signed buyer agreement you understand
• A short list of must-haves, nice-to-haves and deal-breakers
• Target neighborhoods and, if it matters to you, school attendance zones
• A realistic idea of your timing, including the sale of a current home

Touring with a purpose

In these neighborhoods you are buying a lot as much as a house. When we tour, I want you to notice the things that are hard to change: the lot size and orientation, what backs up to the yard, whether the street carries traffic, how water drains, and what has been built or is likely to be built next door. Kitchens and paint can be redone; a lot that floods or a house facing a busy cut-through cannot.

It is worth checking a property's flood zone early. FEMA's Flood Map Service Center lets anyone search official flood maps by address, and the seller's disclosure will also ask about flooding. I also look at the age and condition of the major systems, signs of foundation movement and the permit history of any renovation. If you are new to the area, my guide to how Preston Hollow, the Park Cities and Lakewood differ is a useful primer before touring.

Writing an offer the seller takes seriously

Most resale homes in Texas are bought on the One to Four Family Residential Contract (Resale) published by the Texas Real Estate Commission, with addenda for financing and anything else the sale requires. Price is only one of the terms. The seller is also weighing how certain your financing is, how much earnest money you put up, how long an option period you want, what you ask them to pay, and whether your closing date fits their plans.

I talk with the listing agent before writing anything, because the best offer is the one that solves the seller's problem. A seller who needs a few weeks after closing to move may value a short leaseback more than a slightly higher price. A seller worried about a buyer backing out may value a shorter option period and a larger earnest money deposit.

• Sales price and how it will be paid
• Earnest money and option fee, delivered to the title company as the contract requires
• Length of the option period
• Financing terms and the third party financing addendum
• Who pays for the owner's title policy and the survey
• Closing date and possession

Your inspection window: the option period

Once the contract is signed, the option period begins. The Texas Real Estate Commission explains that a buyer who pays an agreed option fee has the unrestricted right to terminate for any reason by giving written notice during the option period, and can use that time to inspect the property and negotiate repairs. TREC also notes that if you terminate within the option period, the option fee is not refunded but your earnest money is, and that once the option period ends, you generally cannot terminate just because the inspector found problems.

Much of Dallas sits on clay soil that swells when wet and shrinks when dry, which is why foundation questions come up so often in older houses here. A few cracks are normal; patterns of movement, doors that stick and uneven floors deserve a closer look by someone qualified. Schedule every inspection in the first days of the option period, so there is time to get repair bids before the deadline rather than negotiating on guesses.

That makes this window the most important few days of the purchase. I recommend a general inspection on every house, and depending on age and condition, a foundation evaluation, a sewer line camera inspection, a roof inspection and a pool inspection. Then we decide together what to ask for: repairs, a credit or a price adjustment, recorded in a written amendment. If you are thinking about buying in the next few months and want to plan this stage before you are under pressure, now is a good time to talk.

Appraisal, loan approval and title work

If you are financing, the lender orders an appraisal and completes underwriting after the option period. In neighborhoods where houses vary so much, an appraisal occasionally comes in below the contract price. TREC publishes an addendum that addresses the buyer's right to terminate because of the lender's appraisal, and how that is written into your offer matters if values are moving quickly. Keep your finances steady until closing: no new credit, no large unexplained deposits, no job changes without telling your lender.

At the same time, the title company is doing its work. It issues a title commitment that shows who owns the property and what liens, easements and restrictions affect it, and it reviews the survey. Read the commitment and the survey with your agent; they tell you what you are actually buying. For a fuller account of that side, see what the title company does once you are under contract.

The final week: numbers, walk-through and keys

If you have a mortgage, your lender must give you a Closing Disclosure at least three business days before closing, according to the Consumer Financial Protection Bureau, so you can compare the final terms and costs with your earlier Loan Estimate. Read it carefully and ask about anything that changed. Wire instructions deserve special care: confirm them by phone with the title company at a number you already know, never from an email alone.

A day or two before closing, we do a final walk-through to confirm the house is in the condition the contract requires, that agreed repairs were completed and that everything that should convey is still there. Then you sign at the title company, the loan funds, the deed is recorded and the keys are yours.

How long the whole process takes

The search can take a weekend or a year, depending on how specific your needs are and what comes on the market. Once you are under contract, the timeline is set by the closing date in the contract, and for a financed purchase that date needs to allow enough time for appraisal and underwriting. Your lender can tell you how much time they need, and I build the offer around that.

The faster you can move at the start, the better your choices tend to be. Buyers who are pre-approved, clear about what they want and ready to tour on short notice see more of the best houses. If you have lost out on homes before, the mistakes buyers make when competing may explain why.

Relocating buyers often face a fixed start date in Dallas and less time to search. In that case we do more of the work before you arrive: narrowing neighborhoods, previewing houses by video and lining up inspectors so that a short trip can end in a signed contract. It is more intense, but it works when the preparation is done.

Your first step this week

Call a lender and start the pre-approval, then spend an evening writing down what you need in a house and what you can live without. With those two things in hand, we can meet, talk through neighborhoods, schools and budget, and set up a search that tells you about the right houses as soon as they appear.

From there I stay with you through every step on this page: touring, offer strategy, inspections and negotiation, appraisal, title and closing day. You will always know what is happening next and what decisions are coming, so nothing about the process surprises you.

Questions people ask me