About the “Due Diligence” Option Period in Texas
In Texas, you can buy an “option period” (usually 7 to 10 days) from the seller for $300-$1000 that gives you the irrevocable privilege to back out of the sales contract for any reason, and still receive your 1 percent earnest money back. This gives you time to have the home thoroughly inspected and find any defects that you cannot live with. It also allows time to negotiate repairs with the Seller. At the end of the Option Period (and the timing is very strict) you can do one of the following:
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If you “exercise” your option, you lose your option fee, but you get your earnest money back.
–Or– -
If you do not exercise your option, then the option fee is usually applied toward your closing costs.
Please know that a home inspection is one of the most important parts of buying a home. But it can be overwhelming trying to find a reputable inspector who you can trust. I provide all my buyer clients with a list of licensed home inspectors in the area to make this process easier for you. Plus, I will negotiate necessary repairs for you with the selling agent…before you close on the home.
In addition, we have many great homes in the Katy area, but some of them may need your personal touch. It’s difficult to estimate these costs ahead of time or to know who to hire. I can help by estimating costs and by recommending local contractors who provide good quality service at reasonable prices. Plus, since I have remodeled many homes myself, I can help answer questions that you may have and get you going in the right direction.
Make sure you hire a real estate agent who knows how to properly handle Option Periods and protect your money!
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Buying & Selling Real Estate Is a Huge Investment
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Sheila is the author of KatyHomesForSaleTX.com – so you know that she knows the area! Winner of Five Star award every year since 2010.
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REALTORS DON’T “JUST” SELL HOUSES Real estate agents don’t “just” sell houses; we sell a SERVICE to effectively guide home buyers and sellers through the entire real estate transaction, which usually takes several months. We are more like real estate consultants than we are salespeople. That’s probably why 88 percent of all home buyers and sellers choose to hire a real estate agent when buying or selling a home! Buying or selling a home is not like buying or selling a TV, a computer, or a car. You can’t buy/sell a home on the Internet with a couple of clicks. There are MANY legal aspects, deadlines, and requirements that most people are not trained to handle. What’s more…mistakes along the way can cost you thousands and even hundreds of thousands of dollars. The financial risk is much greater than just about anything else you may buy.
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