Buyers: Don't Waste Your Option Period
The unrestricted right to terminate a Texas real estate contract, during the Option Period, is an opportunity for Buyers to explore every aspect of their potential home purchase. Many people think of this time period solely as an opportunity for the physical inspection of a property. It is also an opportunity to explore the neighborhood, schools, traffic patterns and so much more. Wayne Johnson does a great job of suggesting ways to add value to a buyer's Option Period.
Buyers don't waste your Option Period.
Make good use of the time since you are paying for the benefit.
Typically, the Option Period in Texas Real Estate matters is used by buyers to conduct inspections,review the Conditions, Covenants, and Restrictions for the neighborhood, and to make final considerations as to is this the house for the family and me.
Since the buyers are paying for the right to withdraw from the transaction without a penalty, be more proactive and get your money's worth out of this time. Here are a few more things I suggest buyers check during the Option Period-
- If you are relocating from another city,drive to your work location from the house at approximately the time you would be checking in. Going from the workplace to home at the end of the day would be a good idea too. Reason-Avoid commuting shock. You may have been able to breeze in and out when checking the property with your Realtor, but you should check routes and traffic for yourself for your typical driving times.
- Drive and walk through the neighborhood during various times of the day. If you like what you see, it will reinforce your decision to buy in this area. If, on the other hand, red flags go up, and you see things that are of concern, you can exercise your option to withdraw from the transaction having only invested the Option Fee. Your Earnest Money should be returned in full if the withdrawal occurs during the stated Option Period.
- Sometimes buyers like a specific house so much, an offer is extended and accepted before additiona factors are considered:
- Schools, location and academic rating
- Distance to fire, rescue, and medical facilities
- Proximity to shopping venues
- Access to public transportation
- Nearby industrial plants, water treatment facilities, amusement parks
- Easy access to airport
Don't waste your option period. Buyers pay for the right to have an option to go forward or withdraw from a transaction. The Option Period and Home Inspection are two great features that should almost always be used when buying a pre-owned home.
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