Pamela Madore
Keller Williams Realty
806-340-7630
Back in the olden days in addition to having to walk a mile in the snow to get to school, we didn't do home inspections. We did do termite reports and roof reports. We relied on appraisers to inspect the property and tell us about any repairs they see that need to be fixed.
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| Termites In Amarillo |
Fast forward to the present, and we are inspection happy. There are an amazing amount of inspections available. Check these out.
- Residential Home Inspection
- Termite Inspection
- Structural Inspection
- Static Test
- Hydro Static Test
- Lead Based Paint Test
- Radon Inspection
- Mold Test
- Electrical Inspection
- Plumbing Inspection
- Chimney Inspection
- Roof Report
- Insurance Inspection
That list is not exhaustive but I didn't want you to get bored or scared with the list. Oh. And then there is the appraisal.
The option period on the contract is the period of time allowing the buyer to do lists of inspections. The normal time for inspections is 7-10 days. When we have a strong market like we do now, sometimes it is hard to get the inspections done in that time period. I will set that expectation with you right now. When a buyer brings a contract we can probably expect to extend the option.
Once the inspections are done, that is when the buyer brings us their "list of demands". It is really a repair amendment but I like list of demands because it certainly can feel like that. Sometimes it sounds like we may as well have the house condemned.
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| Almost Bought A Conde |
During the option period the inspections need to be done and negotiated. We try not to wait until the last minute but I was negotiating repairs at 10 o'clock last night because the option period was up at midnight.
This is the purpose of the option but to be clear, the buyer has the unrestricted right to walk away at any time. If they get buyer's remorse or a hang nail they can walk away. I have seen that happen. The remorse part. It is sort of like ""opting out" of an email subscription. That is why that it is extremely important the agent has counseled the buyer and set expectations.
Unfortunately, in Amarillo the option fee is a pittance. Sellers take $200,000 houses off the market for $25. The buyer gets it credited back at closing usually so in my humble opinion it wouldn't be too much to ask for the buyer to put up enough so that it would hurt to lose it. If they opt out during the option period, they lose the fee.
The olden days are gone and the new days are a little more complicated. When you are selling your Amarillo house you can expect an option period!
Email me for a sample inspection report. pam@pinkhouseteam.com
Unfortunately, in Amarillo the option fee is a pittance. Sellers take $200,000 houses off the market for $25. The buyer gets it credited back at closing usually so in my humble opinion it wouldn't be too much to ask for the buyer to put up enough so that it would hurt to lose it. If they opt out during the option period, they lose the fee. The olden days are gone and the new days are a little more complicated. When you are selling your Amarillo house you can expect an option period!
Email me for a sample inspection report. pam@pinkhouseteam.com
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