Buyers Best Friend - The Option!

Found that perfect home but still have a number of important questions? Don't want to make the offer until you get those answers? Here is your best friend for this scenario - The Option. If you walk into that one home and begin to see your furniture in the rooms plus areas to host friends/family go after it with an offer. Don't wait around for the answers to remaining questions, formalize the price your willing to pay (or start with as the initial offer if you think the house is priced too high). Your Realtor will assist in the data to hone in on the numbers of your offer. "But what about the remaining questions?" In Texas you can create your offer with an option period which takes the property off the market upon an agreed to set of terms (price, close date, etc.). I use and see a lot of 10 day option periods. 7 days work, less than 7 can be more common when the market is more "seller friendly" or your competing with another buyer (0 days in a red hot seller market). For those properties that have a ton of issues go over 10 days and explain why to the seller, i.e. "I need 12 or 14 days to do the normal inspections and Q&A/processing but also spend time with a contractor or repairman". Using the option period really helps capture the home you like so nobody else gets it. Then you can begin to learn about those easements, approval of a pool, what is the zoning, how much something relating to owning the home will cost. If you discover information that changes your mind about the property, that option allows you a time period to re-negotiate or cancel the offer AND you get your earnest money returned.