Home Buying in Austin>Question Details

Overwhelmed, Home Buyer in Austin, TX

How long does seller have to respond with answer, if they will make repairs from inspection? Does option period ends when inspection begun?

Asked by Overwhelmed, Austin, TX Fri Sep 2, 2011

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17
It appears you may be buying your home without the assistance of a Realtor. You may want to hire an agent to guide you through the remainder of the process if you are uncomfortable with the details. These are the type details that make an agent invaluable to a purchaser. The seller does not have to respond to your request for repairs, so you should be prepared to terminate your contract prior to the end of your option period if you are not willing to accept the property in it's "as-is" condition. If you pass through the end of your option period without any response then you have just purchased the property in it's current condition and will be in default if you don't complete the transaction; however, there are many other variables that play into the scenario, of which you should discuss with your agent to make sure you are fully protected.
2 votes Thank Flag Link Sat Sep 3, 2011
The seller doesn't have to respond at all. Your option period is stated in the contract, regardless of whether the seller responds or not. You should discuss this with your agent. If you don't have a buyer's agent, get one. The seller's agent does not represent you and your best interests. And, the seller pays all realtor commissions so essentially you get your agent for free. Call or email me if you don't have a buyer's agent already. I would love to help you.
Phillip

Phillip Baird
Realtor
Keller Williams Realty
512-289-5738
fax: 512-623-6032
phillipdbaird@gmail.com
2 votes Thank Flag Link Fri Sep 2, 2011
I have had 3 buyers agents. They were worthless. Caused me to lose a home because of their stupidity, did absolutely nothing and walked away with a boat load of money. Do it yourself.
Flag Fri Jan 16, 2015
Your realtor sets the time frame. Mine gave the seller 24 hours. It was part of the acceptance of the offer contingent on inspection and repairs. Request for repairs need to be reasonable. If it's something you can fix, then don't botch a sale over it unless you want to botch the sale over a glass globe that's missing from a ceiling light fixture. Good grief. The seller doesn't have to fix anything UNLESS it's a major deal and some lenders require the seller to repair before they'll fund. If it's a cash deal then it's up to the seller to decide whether or not they want to sell the place bad enough and they might not budge in doing any repairs. If the house was listed "as is" then forget it. You're on your own. I've bought and sold many properties and this is my personal experience with the inspection repairs.
0 votes Thank Flag Link Wed Oct 23, 2013
They should get back to you within a reasonable amount of time and it would have to be during the option period so you can decide if you would like to proceed with the purchase depending on what agreement you can both come to regarding the repairs. While technically they do not have to respond this just doesn't happen. Seller's will respond to your requests. If you are using an Agent and you should be, they would be in contact with the other party to ensure you will get an answer and can hopefully come to a mutually acceptable agreement. If they are delaying their response you first need to find out why and if necessary extend your option period to account for this. All agreed upon repairs need to be completed by closing unless otherwise stated in the contract.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Tue Sep 6, 2011
The seller is under no obligation to respond at all. While this may not be considered "nice", it is the bottom line.

If repairs are desired in order to proceed with the contract, you need to get them submitted ASAP and prior to the end of the option period. That is what the option period is for.

It allows a buyer, to obtain a competent inspection and to ascertain if the home meets their guidelines in regards to condition.

If it does not, then have your agent negotiate these epairs or price adjustment prior to expiration of your option. If the seller does not want to negotiate these items, as they are not required to, you can exercise your option (if you have one) and back out, or proceed with the transaction as is.
0 votes Thank Flag Link Mon Sep 5, 2011
There have been some great answers given on this question already so I thought I would throw out one more point.
I had an agent wait until 10pm on the final day of the option to make her buyer's demands of my seller. I did not receive her demands and Amendment until the next morning when I opened my office. Whereas my Seller felt badly for the Buyer's and granted them the couple things they wanted, it could have gone far worse for them. My Seller could have asserted that no Amendment had been issued at all because it came in on the last day and after regular business hours. In this scenario, not only would the Buyer's have lost out on getting any of the items negotiated and fixed but worse, because they had not formally withdrawn from the contract, (the other half of that option, the right to withdraw and receive their earnest money back in full) their earnest money would have gone “hard” and they would have been obligated to purchase. Their only other way to get out of the contract would have been due to the loss of financing or the inability to do so given them in the Third Party Finance Amendment. Moral of this story, get on with the inspection and submit well before the deadline date, you are in a much better power position to get your way.
0 votes Thank Flag Link Sat Sep 3, 2011
They have until closing to fix all repairs. That is why a buyer walk thru is critical 24 hours prior to closing.

Warmest Regards,

Vanessa Nunez
0 votes Thank Flag Link Sat Sep 3, 2011
They do not have to answer. You have to decide if you want to proceed with buying even if they do not answer. You must turn in written notice before the end of the option period if you want to withdraw. Nell Hanson http://www.nellsellsaustin.com
0 votes Thank Flag Link Sat Sep 3, 2011
Thank you for all this great advice. Option period ends next Saturday. Amendment has obviously not been executed. If seller comes back and agrees to repairs - how long does he have to fix repairs? Are repairs needed to be fixed during option period, or closing?
0 votes Thank Flag Link Sat Sep 3, 2011
I believe not only have you been overwhelmed by this whole process all this informative answers can add to it. I suggest that your realtor should be guiding you thru this whole process. Buying a home is emotionally draining from so many aspects. No matter which home you are buying or selling the process is the same. Take a deep breath remain calm and patient, the seller must do their due diligence from your requests. Hope this helps.

Happy Moving!

Warmest regards,

Vanessa Nunez
VOX Real Estate, LLC
512-750-5716
vanessanunez.realtor@gmail.com
0 votes Thank Flag Link Sat Sep 3, 2011
Overwhelmed -

It appears that your questions have been thoroughly answered below. There is also plenty of unasked-for advice, with which I will agree and echo: If you don't have an agent, hire one. Today.

If you do have an agent and he/she can not or will not answer these questions for you and to your satisfaction, you have every right to discuss terminating the relationship. If you are under contract it can be difficult, but any agent who values his/her reputation and is acting in accordance with the REALTORS' Code of Ethics should work with YOUR best interest in mind.

If you are in the market for a REALTOR, please don't hesitate to give me a call immediately. If (as it appears) you have entered into a contract to purchase a home, the clock is ticking.

Peace in your home,
Doug Vogelsass
512-739-0457
0 votes Thank Flag Link Sat Sep 3, 2011
Overwhelmed is why you need an agent to guide you through this process. Option periods vary according to the contract or if a foreclosure/short sale an addendum you signed with the owner. The best course is to have financing ready to go then you schedule the inspection early in the option period to give you time to possibly bid out any necessary repairs and to negotiate with the seller for repairs. Should you be close to the wire, then get an addendum signed that will extend that option period. Otherwise, this is why some choose to use the option period to terminate. Usually, agents will work hard for both seller and buyer to negotiate during this period, to arrive at an accepatable outcome for both parties.
Option period is what is stated in writing, not associated with when the inspection is done.
Hopefully this helps you better understand that particular issue.
Question, comments, then please conrtact me.

Sonia Roberts, Realtor®

Sonia@CanadyRealty.com

Canady Realty

512.709.1811
0 votes Thank Flag Link Fri Sep 2, 2011
If your contract is the TREC or TAR form, then review paragraph 23 which specifies the number of days for your option period. If the seller does not respond before midnight on the final day of the option period, you have a choice. Either move forward with the purchase or terminate the contract prior to expiration of your option period. The seller is under no time frame to respond because he/she has not executed the amendment to the contract and therefore regardless of what time frame language is included in your amendment, it doesn't place a burden on the seller.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Fri Sep 2, 2011
Please feel free to contact me personally--- unless you already have an agent. I can help you sort through the buying process.

Nanci Zimmerman
512-784-8692
0 votes Thank Flag Link Fri Sep 2, 2011
What Fred said.

Ryan Reber
Keller Williams Realty
Web Reference: http://welcometoatx.com
0 votes Thank Flag Link Fri Sep 2, 2011
There is no time limit for the seller to respond, unless your amendment required a time limit response, in which case the contract would become void upon failure to respond.. You have the right to cancel the contract (should be in writing) at any time prior to their response, if you desire to persue another plan of action. Your option period expires at midnight of the date specified in your contract. You should consult with your agent or an attorney about your plans and options.

Fred Ormand
REALTOR, Broker
Fred Ormand Realty
0 votes Thank Flag Link Fri Sep 2, 2011
OW - your option period expires when your contract specifies so. It is reasonable to expect the Seller to respond to your repair requests with enough time left for any further counters. Do make sure your earnest money is protected, though, regardless. Your agent can help you with this. Good luck!
Web Reference: http://www.PippaLambert.com
0 votes Thank Flag Link Fri Sep 2, 2011
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