What is an option period? An Option Period is written into a real estate contract to give the buyer a specific number of days in which they can rescind the contract and receive a refund of their security deposit. Its goal is to give the buyer time to learn more about the home through independent inspections and appraisals, negotiate repairs and other elements of the contract, and obtain approval for financing if applying for a mortgage . The buyers will pay the option fee to the seller that is not refundable, it’s the charge for review period and typically ranges from 100$ to 200$. The option period usually lasts from 1 to 10 days. It begins the day after the acquisition contract is signed and ends at 5 p.m. local time on the specified end date. During the Option Period, the property is labeled as a "pending option" (OP). If the customer needs more time, they will potentially negotiate with the vendor to increase the option Period for extra days. The Option Period all...

One of the life changing experience is buying your first home. After all, you have fallen in love with the house and it may be the biggest purchase you will ever make. That is why it is essential to inspect the home before closing the deal. To avoid costly inconvenience and make better informed investment decisions, consider these tips to avoid five common home inspection mistakes. 1. Circumventing a professional inspection "Complying with the codes" doesn't necessarily mean being acceptable. After you bid on a home and before closing, hire a professional home inspector to do an inspection and provide you with an inspection report in plenty of time for you to review it and ask questions and / or requests of the seller. If you are buying a newly built home, the inspector can help you determine if the builder economized or concealed poor construction. If you are buying an older home, the inspector can help you identify which of the home's systems, materials, and...