Option Period

Buying a home is stressful enough without adding more than is necessary.  I can’t stress enough (no pun intended) to give yourself enough time when negotiating your option period. I would recommend at least seven days.

Here in Texas, the amount of time and dollar amount is negotiable up to $200.  If you have your heart set on that dream home you worked so hard to find, you can’t reasonably expect to get all the answers you need in a couple of days regarding the property if there are problems. And if the seller is unwilling to accommodate a reasonable amount of time, that may be an indicator that they know something that wasn’t disclosed in the listing and they don’t want the home inspected. But it’s your right and it’s the law.

I had a gentleman once who contacted me on Wednesday evening saying he needed an inspection ASAP because he had just signed the contract that day and his option period was up on Friday.  He accepted an offer from me to perform the work Friday morning and that he would know beyond the shadow of a doubt after the verbal report if there were any issues that might be deal breakers.  I assured him he would have the written report later that day as well.  As it turned out, he had reservations and contacted me the next morning saying he wanted more time to consult the report and Friday was just too late.  He told me a friend had found an inspector that could perform the inspection on Thursday and had already scheduled.  Here he had gone to the trouble of finding a good inspector at a good price, but he had to compromise for the lack of time he left himself.  I hope he found a good inspector without having to pay an arm and a leg.

So be fair to yourself and to those professionals who are here to help you.  Pay a little extra and get the time needed to seal the deal with peace of mind.  You’ll be glad you did.

Have a great day!

Joe