The Gulfstream G650 jet is the fastest civil airplane in the world. The Federal Aviation administration is set to certify it to fly at 704 mph or mach .925 in the next year. Once you are under contract to buy home, the time starts going by – like a G6. The option period is typically 7 days long and it starts ticking the minute the offer becomes a contract. So, time is of the essence.
The better educated a buyer is before the option period begins, the smoother the time goes by. Understanding the loan program you are qualifying for, choosing a home inspector, and having liquid funds available for option and earnest money fees are just a few of the things that add stress and take time.
Any amendments made to the contract need to be agreed upon by midnight of the last day of the option period. If the Seller has not signed the amendment by midnight on the last day of the option period, the buyer has 2 choices. The buyer either accepts the property based on the initial terms and conditions, or must terminate contract in order to get their earnest money.
It’s no fun waiting until the last hours of an option period to wait for either party to decide what to do. The best advice I can give is to be prepared before you find a home. Don’t waste days during your option period to prepare. Planning ahead lets you take off like a G6 and allows time to educate yourself on the home, without feeling rushed.