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Answers (4)
- Naima Sumner, "Dallas Ft. Worth PRO"
- Contributions:2847
It is odd but not completely uncommon. It could be that they feel your house looks in good condition and don't intend to do an inpection and are using the option period to think about it only. Or it could be that they are going to do a lot of remodeling and don't want to spend the money on a inspection too???
I wouldn't extend the option period either. Get the agents to talk to each other, that's your best bet.
Sunnyview,
The option period is for the buyer to back out for ANY reason, they don't actually have to give one. They do get their earnest money back if they back out DURING the option period.
Naima
I wouldn't extend the option period either. Get the agents to talk to each other, that's your best bet.
Sunnyview,
The option period is for the buyer to back out for ANY reason, they don't actually have to give one. They do get their earnest money back if they back out DURING the option period.
Naima
- Guy Gimenez, "Broker and Investor"
- Contributions:58
There could be any number of reasons...far too many to explain here. However, contracts will typically give a buyer any number of ways to terminate said contract even up to the closing date. If your contract was drafted properly, you shouldn't worry too much as you have no control over how the buyer performs.
- sunnyview
- Contributions:25139
They may be running an option business where they tie property up on an "option" and then try to get an investor to buy it from them in escrow. If I were you, I would hope that they don't make the deadline so you can at least keep their earnest money. Otherwise, they will waste your time dragging it into the inspection period, never perform and then owe you only the $100 for the option. These types of "investors" can be a real pain in the patoot to deal with.
I hope I am wrong and their inspector is just very busy, but please do not extend their option period without having them put up a much larger non refundable deposit. You need to protect yourself from being strung along.
I hope I am wrong and their inspector is just very busy, but please do not extend their option period without having them put up a much larger non refundable deposit. You need to protect yourself from being strung along.
- Blaser & Yoakum, "Blaser Yoakum Team"
- Contributions:468
In the state of TX, the option period is actually for the buyer to walk away for any reason. Perhaps they are choosing not to do an inspection, but they still want the availability to them to walk away...........It is curious isn't it!
Why would a buyer for my home who paid $100 for a 10 day option period not set up an inspection?
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