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Updated over 10 years ago on . Most recent reply

User Stats

287
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Ed B.
  • Real Estate Investor
  • Sacramento, CA
102
Votes |
287
Posts

Question about Purchase offer in Texas

Ed B.
  • Real Estate Investor
  • Sacramento, CA
Posted

I just had a Texas Realtor send me purchase contract for an offer I want to make.  I was surprised to see the usual  inspection clause encumbered with the language that says the buyer needs to pay a non-refundable "option" for the right to cancel the contract if his inspection turns up problems he doesn't like.  The agent says most people pay $25-100, which is supposedly "compensation" to the seller for removing the property from the market during the inspection period. I thought this was crazy, and know the California Realtor purchase contracts are not like that.  The agent confirmed to me that regardless what my inspection turns up, even if the roof is falling in and the foundation is crumbling, if I cancel the deal for any reason, I still lose the "option" money paid up front. She said I could make the offer without this money committed, but said most other buyers are offering it, and if mine doesn't the offer may not be seriously considered. I  still think it's a big crock. Any thoughts from people in Texas on how they handle this?  Do you pay the option money or leave it off your purchase offers?

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