Real Estate Jargon: "What is an option period?"

“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!

(If the video doesn’t show up below, check it out here on my YouTube channel!)

Barrett Raven
C:  512-970-2648
O:  512-910-7403 

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