Home Buying in Azle>Question Details

Amber, Home Buyer in Azle, TX

what does active option contract mean? My fiance and I are buying this home and are doing the loan app.

Asked by Amber, Azle, TX Wed Aug 13, 2008

tommorow, i looked at the listiing of the home we have a contract with and this is what it says. I never seen this before

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Hi There
An Active Option Contract occurs after you and the seller have agreed on all terms on the contract. Then, during the "option" you can actually walk away for any reason, normally of course walking away is because of a repair issue where the buyer and seller cannot come to come sort of resolution. Inspections need to occur during your option. It is a very important part of your contract. If you have more questions, we are always happy to help.
1 vote Thank Flag Link Wed Aug 13, 2008
Hi Amber... Sounds like you got a contract on the home you wanted. Congrats.

Brenda covered the explanaton pretty well. This is the time for you to get a home inspection done especially on a foreclosure since there is no seller's disclosure. You would be surprised what those inspectors can find that we can't see as regular folks... You will also need a termite inspection since you are doing and FHA loan... Your Realtor has already explained this to you, I am sure.

Congratulations again.

Naima
2 votes Thank Flag Link Wed Aug 13, 2008
We did the inspection today, so we got that done, now we just need to see if they will fix the roof or if we need to go look for another house. we are already paying a little more than what it was worth to help the sellers out so they should fix the roof themselves. thanks Naima for your responce, we only got to wait for the apporval now, then whoo hoo closing time LOL.
1 vote Thank Flag Link Wed Aug 13, 2008
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