All Forum Posts by: Stephen James

At one time I used to see $100 and 10 days....then for a long time it was 7 days and $100-$200....now I see up to $500 and 3-5 days.....or after you loose 3-4-5-10 properties people go to no option period.....and lock it up.

We see that quite a bit now....

You can look at it a lot of different ways.....what are you looking to gain from the inspection? What's the worst case scenario and can you live with that? What if AC units are bad? What if roof is bad? Can you do an inspection if you don't have an option period? Can you ask for repairs if you don't have an option period? Is there any other way to get out of the contract if you do an inspection and find something you can't live with?

List price is 300 and I'm planning on offering 335k.

It's Austin, I'm not sure how many offers they have but almost every situation is multiple offer situation and Austin is insanely competitive, so I would say yes I have competition.

Roof may be mid life. AC could be old, not sure (not listed and seller never got back about that).

There was a report for this property that they had work done on foundation, and extensive work done on the plumbing 3 years ago -- so that is where my worries lie. That is why I think I will need 2 inspections and my concern about a shorter option period.

The option period is the only time inspections are allowed to be done from what I understand from my agent.

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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!

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All Forum Posts by: Stephen James

Stephen James has started 4 posts and replied 13 times.

Post: Austin Home Inspector?

Post: Option Period - # of Days and amount?

Post: Option Period - # of Days and amount?