Option Period - # of Days and amount?

[Stephen James]

I'm making an offer on a house tomorrow morning but trying to understand a final detail about the option period.

I'm reading a lot of different numbers from different articles in terms of what is the ideal # of days in an options period for a buyer.

I am putting in an offer to buy but not sure how many days I should request. I expect to have 2 inspections done because there was extensive repairs done on the house a few years ago. I've been advised to do 5 days to be competitive, but that makes me very nervous in case I don't get the information from the inspectors in time, depending on their schedule and how long it takes them to send their reports and any estimates.

Is 10 days too much in the Austin market to be competitive? I'm considering 7 as an in between, and maybe request for extra days if the inspections are moving slow.

Also, is $500 option fee enough to be competitive, or should I give $1000?

Thanks!