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Updated almost 12 years ago on . Most recent reply

User Stats

309
Posts
18
Votes
Edita D.
  • Investor
  • San Diego, CA
18
Votes |
309
Posts

14 day due diligence after which earnest deposit goes hard???

Edita D.
  • Investor
  • San Diego, CA
Posted

I am considering purchasing a property in Texas, and I was told by the real estate agent that in Texas they don't have a 30 day due diligence period before earnest deposit goes hard!

I was advised I have to pay an "option fee" of 100$ to "buy 14 days" while seller takes the property off the market. DURING THESE 14 days I also give them an earnest deposit of 1000$, which will be refunded ONLY if we back out of a deal within 14 days of signing the contract.
Anybody had/has an experience purchasing a property in Texas? Does this sound right to you?
Thank you,

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