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Option period: What is it and how does it affect the purchase and sale of homes

What is an option period? An Option Period is written into a real estate contract to give the buyer a specific number of days in which they can rescind the contract and receive a refund of their security deposit. Its goal is to give the buyer time to learn more about the home through independent inspections and appraisals, negotiate repairs and other elements of the contract, and obtain approval for financing if applying for a mortgage . The buyers will pay the option fee to the seller that is not refundable, it’s the charge for review period and typically ranges from 100$ to 200$. The option period usually lasts from 1 to 10 days. It begins the day after the acquisition contract is signed and ends at 5 p.m. local time on the specified end date. During the Option Period, the property is labeled as a "pending option" (OP). If the customer needs more time, they will potentially negotiate with the vendor to increase the option Period for extra days. The Option Period all

Steps in buying your first home

Understand a way to find and finance the right home for you Buying a home takes a great deal of your time and energy, but these 10 steps can help make the house buying process manageable and make the most effective possible decisions. 1. Start your research early As soon as you'll be able to, start reading websites, newspapers, and magazines that have property listings. Take note of the private houses you are interested in and see how long they stay on the market. Also, be aware of any changes in sales prices. This will give you the idea of most housing trends in the specific area. 2. Determine how much house you can afford Lenders in general recommends that individuals should look for homes that will cost not more than 3 to 5 times of their annual income, if the home buyers attempt to make 20% down payment and have moderate amount of debt. But you must make this determination based on your own financial situation . 3. Get Prequalified and Pre-Approved for Your Mortga

Home Inspection Tips for Buying Your First Home

One of the life changing experience is buying your first home. After all, you have fallen in love with the house and it may be the biggest purchase you will ever make. That is why it is essential to inspect the home before closing the deal. To avoid costly inconvenience and make better informed investment decisions, consider these tips to avoid five common home inspection mistakes. 1. Circumventing a professional inspection "Complying with the codes" doesn't necessarily mean being acceptable. After you bid on a home and before closing, hire a professional home inspector to do an inspection and provide you with an inspection report in plenty of time for you to review it and ask questions and / or requests of the seller. If you are buying a newly built home, the inspector can help you determine if the builder economized or concealed poor construction. If you are buying an older home, the inspector can help you identify which of the home's systems, materials, and

Why reform a bathroom?

A bathroom renovation adds value to your home, updates its style and better adapts it to your current needs. Renovations are the best time to make improvements that will serve you and your family for years to come. If you're spending money for a bathroom renovation this year, consider making one or more of these essential changes to improve the functionality, storage, and comfort of your bathroom. We all want a bathroom that is a reflection of our personal style and that is capable of offering the comfort we need at the same time. However, other than that, it is also important that you have the right accessories and services that are capable of providing function and value as well. Fortunately, through careful planning and choosing the right design, you can have it all. Here are some of the best tips that could turn your bathroom remodeling dream into reality. Ideas to add to your bathroom renovation Before you even call a bathroom renovation company , you should first spe