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, RealtorÂ®