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Dear VincentRinger,The answer to your question is directly related to the laws of your state and/or country. In Texas, a waiting period is generally called the "option period" and the length of this period is negotiable - you don't even have to include an option period in the contract, but it does benefit the buyer. The purpose of the option period is to allow the buyer to perform any inspections or surveys that could effect the purchase. For a set amount of $$, you buy a pre-determined period of time in which you can back out of a contract for any reason. If you can pay cash, deals can be closed very quickly, sometimes even in a week!
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For Sale: $37,800
For Sale: $228,000
For Sale: $105,000