Option Period Inspection and What to Look For
So, you’ve decided to do it!
You’ve finally decide to place an offer on your dream home. How exciting! You’ve made a list of your want’s and needs, and checked it twice!
Great Neighborhood
Three Bedrooms
Two and a Half Baths
Spacious and Updated Kitchen with Granite Countertops
Hardwood Floors
Great Backyard
Corner Lot
Excellent School District
BUT! Did you make sure to check off the most important thing on your list? That’s right…the foundation.
Purchasing a home, especially in Austin Texas, can be a pretty stressful process. With multiple offers and buyers offering over asking price (which I’m assuming you too have done), many buyers assume that once their offer has been accepted; the rest is a walk in Zilker Park! That couldn’t be further from the truth. After the contract has been executed the buyer can choose to enter into “option period’” which they have the ability to complete their due diligence and have the home inspected. This is usually where a home inspector is contracted to come in and comb through the home for any issues. They will look at various things to include the HVAC System, roof, electrical, plumbing, the insulation in the attic.
“The Option Period in Texas is a specified number of days set forth in a real estate contract which allows the buyer to terminate the contract for any reason. This option, when written into a real estate contract, creates the right to terminate the contract within a certain number of days for a specified price without risking the earnest money deposit.”
