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All I can tell you is that we bought a house last year and we had a 10 day option period and paid $100 for it. We live in a mid size market that moves quickly. Those are common terms around here, though of course they're negotiable.
A lot of this depends on how weak the Listing agent is in sticking up for his Sellers.
No one needs 10 days to do an Inspection. If there is a problem, the option period can be extended.
A lot of this depends on how weak the Listing agent is in sticking up for his Sellers.
No one needs 10 days to do an Inspection. If there is a problem, the option period can be extended.
Are you suggesting it's OK for the sellers to pressure the buyer to make a decision immediately on purchasing a $200K+ property? A 10 day option period doesn't mean the seller's agent is weak at all; it suggests he/she is fair. Besides, inspectors are busy people. I know, because I'm married to one. She's often booked a week out or more, and she works every day if necessary, but if she's booked that far out, she refers to someone else. The buyer can't get an inspection done immediately. They usually have to wait at least a couple of days to schedule one. After the inspection, the report may be a day or two in coming (although prompt inspectors will have the report done on the same day). Afterwards, the buyer and agent need to discuss the negotiations. It's easier to start with a 10 day option period that to add an addendum to extend it, email it to everyone, get the approvals, etc.
Are you suggesting it's OK for the sellers to pressure the buyer to make a decision immediately on purchasing a $200K+ property? A 10 day option period doesn't mean the seller's agent is weak at all; it suggests he/she is fair.
In a HOT market there is no reason to take a home off the market for 10 days.
If your Inspector is booked, find another one who's not.
Listen Texas and Houston are mostly a fast & furious sellers market.
When I get 3-10 offers on a home, the Buyer will do what we want if they want the house.
Seller dictates the terms and If they can't do it our way, we move on to the next buyer who will.
In the last year my Listings have had 7 day option periods and $300-1000 option fees.
Tough if the Buyer doesn't want to put up the money, he can move on.
Higher Option fees prevent Buyers from getting 2-3 homes under contract then walking on the ones they don't want. (Very Common in a hot market)
I work for the seller not the buyer and there are 3 more buyers waiting in line for this house. Life is not fair.
Are you suggesting it's OK for the sellers to pressure the buyer to make a decision immediately on purchasing a $200K+ property? A 10 day option period doesn't mean the seller's agent is weak at all; it suggests he/she is fair. Besides, inspectors are busy people. I know, because I'm married to one. She's often booked a week out or more, and she works every day if necessary, but if she's booked that far out, she refers to someone else. The buyer can't get an inspection done immediately. They usually have to wait at least a couple of days to schedule one. After the inspection, the report may be a day or two in coming (although prompt inspectors will have the report done on the same day). Afterwards, the buyer and agent need to discuss the negotiations. It's easier to start with a 10 day option period that to add an addendum to extend it, email it to everyone, get the approvals, etc.
There is no pressure for the buyer to make a decision as it's not the seller's job to convince a buyer to buy. A buyer shouldn't be out looking at houses nor putting in offers on properties and go under contract if they weren't prepared to purchase a house.
If an inspector takes 2 days to get an inspection report out, they will never get business from me or any agent I know again. That's uncalled for. Most inspectors do 3 inspections a day, except in the fall when there's not enough daylight and it's 2 inspections. There is absolutely no reason to not have the report the same day. 5 days is generous to get an inspector at the house and figure out if they want to move forward with the purchase.
In a HOT market there is no reason to take a home off the market for 10 days.
If your Inspector is booked, find another one who's not.
Listen Texas and Houston are mostly a fast & furious sellers market.
When I get 3-10 offers on a home, the Buyer will do what we want if they want the house.
Seller dictates the terms and If they can't do it our way, we move on to the next buyer who will.
In the last year my Listings have had 7 day option periods and $300-1000 option fees.
Tough if the Buyer doesn't want to put up the money, he can move on.
Higher Option fees prevent Buyers from getting 2-3 homes under contract then walking on the ones they don't want. (Very Common in a hot market)
I work for the seller not the buyer and there are 3 more buyers waiting in line for this house. Life is not fair.
There is no pressure for the buyer to make a decision as it's not the seller's job to convince a buyer to buy. A buyer shouldn't be out looking at houses nor putting in offers on properties and go under contract if they weren't prepared to purchase a house.
If an inspector takes 2 days to get an inspection report out, they will never get business from me or any agent I know again. That's uncalled for. Most inspectors do 3 inspections a day, except in the fall when there's not enough daylight and it's 2 inspections. There is absolutely no reason to not have the report the same day. 5 days is generous to get an inspector at the house and figure out if they want to move forward with the purchase.
You can't always get well water tested within the same day even if you offer to pay extra money.
Not everyone lives in a hot RE market area.
In fact, most Texans do not.
Just because the hot trendy cities have tossed all the rules of buying/selling out the window doesn't mean the rest of Texas has to.
A home inspector shouldn't be testing well water. That's a completely different inspector, just like a home inspector shouldn't be testing septic because all they can test is the pressure test on the septic.
And if you read my above posts, you'll see that I acknowledge other areas of Texas are not hot, but you keep quoting the main points of my other posts, so you're not acknowledging that I've already said all that and I don't need to repeat it each time I comment.
A home inspector shouldn't be testing well water. That's a completely different inspector, just like a home inspector shouldn't be testing septic because all they can test is the pressure test on the septic.
And if you read my above posts, you'll see that I acknowledge other areas of Texas are not hot, but you keep quoting the main points of my other posts, so you're not acknowledging that I've already said all that and I don't need to repeat it each time I comment.
When I bought my home the inspector took a water sample to get tested. That took 2 days and it was in his report.
I also had others come to 1) inspect the well and 2) inspect the septic.
No way was I forgoing all that and no way could it all be done within a single day.
This is a great example of how much real estate laws & practices differ in Texas versus California.
The CA Residential Purchase Agreement gives Buyers 17 days to conduct inspections (unless otherwise agreed upon) & to remove contingencies.
The buyer has the right to cancel for any reason, up to that time.
The idea of a seller routinely charging the buyer for the right to conduct inspections is foreign in CA.
they differ from every state to state, even when we're trying to use similar methods/procedures. In NC, we went to "Due Diligence Period" about 3 years ago. Some buyers get a way with a pittance ($100) and some get 30 days to back out for any/no reason.
There is no pressure for the buyer to make a decision as it's not the seller's job to convince a buyer to buy. A buyer shouldn't be out looking at houses nor putting in offers on properties and go under contract if they weren't prepared to purchase a house.
If an inspector takes 2 days to get an inspection report out, they will never get business from me or any agent I know again. That's uncalled for. Most inspectors do 3 inspections a day, except in the fall when there's not enough daylight and it's 2 inspections.There is absolutely no reason to not have the report the same day. 5 days is generous to get an inspector at the house and figure out if they want to move forward with the purchase.
Falcon, I don't know who these "most inspectors" are that you know of, but if they are doing three inspections a day, they aren't doing a good job of inspections. Why? Because doing a thorough inspection takes time. My wife believes that when a client hires her, they hire her for the day. She does ONE TREC inspection a day because she doesn't want to rush through it and miss something important. As soon as she's finished, she goes back to the office, types up her report, and emails it to the client and buyer's agent. Even on very small homes it takes 6 hours minimum: about 3 to do the inspection, do a verbal review with the client at the home, and another 3 to type up the report and send it out. Usually it takes her longer because most homes in Houston are at least 2500 sq feet. She always sends out the report on the same same day, but you and I know that TREC allows for inspectors to take more time than that. Her other inspector colleagues usually do one per day as well, except for the rock bottom cheap inspectors who do more than one.
An inspector who does three inspections a day is either rushing through it like a madman in order to hit the next house (to make more $$$) and skipping important things and/or working a ton of hours to do more inepctions each day (to get more $$$) and likely missing important things in that way. There are plenty of inspectors who will do inspections cheaper than she. She charges about midrange for her services. But when it comes to home inspections, as it does for many things, the buyer will do well to remember the adage: pennywise and pound foolish.
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