The Texas Buyer’s Option Period is an important tool for you but are you aware of how important it is to manage it?
As most, if not all, buyers know that if they pay for the buyer’s option period when they make an offer on the home they have the ability to cancel the purchase contract for any reason, and at any time, within the option period. However over the years I have been contacted by buyers for an inspection well into the option period and who appeared to have a misunderstanding about how repair requests can affect them and their option period. This again happened just last week and a recent quick question in the State Realtor association magazine was timely. The question dealt with buyers submitting amendments to the purchase offer and how it affects the original contract. The actual article can be found online here https://www.texasrealestate.com/advice-for-texas-realtors/article/is-the-deal-dead-if-one-party-doesnt-accept-an-amendment .
The article is quite clear that until the seller signs any amendments, such as a repair request, your original purchase offer with the seller stands! So how does this affect the importance of your scheduling of inspections? Simply put you need to schedule your inspections as soon as possible after your offer has been accepted! Until your inspection is finished you just don’t know what you are going to encounter. The inspection might uncover issues that require further evaluations by a specific trade or professional and scheduling those others might not be as simple or quick. You might encounter needed repairs but just don’t know how much they will cost and require estimates to make a better repair request to the seller. What might seem like a simple repair, that you may have considered not asking for, might turn into a more in depth and expensive action. The contractor might have found even more during their estimate review than even they expected.
Having your inspections performed as quickly as possible leaves you more time not only for estimates and further reviews but also more time to review everything that was found during the inspection, further reviews, and estimates. The shorter your option period the less time you have to perform your due diligence and make an informed decision. So the earlier you have your inspections performed the better off you are!
PS Inspection & Property Services LLC is a full service home inspection and light commercial inspection company servicing the entire Dallas and Fort Worth, Texas metroplex as well as all areas around them. If you are located outside of these areas I can still help service your needs so call to see how. I strive for the satisfaction of my clients in everything I do. The services offerings include:
Buyer home inspections
New Home Warranty Inspections
New Home Draw Inspections
Home Maintenance Inspections
Home Remodeling Inspections
Rental And Renter Inspections
Infrared Thermal Imaging Inspections
Whole Inspections Or Inspections Customized To Your Needs
If you have an inspection need we can customize an inspection for it. Please visit our main site at PS Inspection & Property Service LLC.