“We put in an offer for a home in Hyde Park last week that was $15K over asking with a $5,000 three-day option…and they went with another offer!”
Another dad at Ramsey Park told me this recently and I replied, “WHAT?! Are you serious!?” I couldn’t believe it.
I looked over at another fellow who was chatting with us and he looked confused. He said, “Wait…is that bad? Is that a downpayment? Uhhhh…what’s an option?”
|Paragraph 23 of the One to Four Family Residential Contract is where the option period terms are included.|
Many people do not understand what the term option period is. As a buyer of real estate in Texas, it is very important that you know what it is and what it isn’t. My son, Ira, and I shot this quick video to help you understand exactly what you get, as a buyer, when you pay that little option fee. Enjoy!