Redfin

JULY 21, 2025

These include contractual protections like contingencies, state-specific allowances like the option period, and financial repercussions such as forfeiting earnest money. Common contingencies include: Financing contingency: Protects buyers if they can’t secure a mortgage loan. Can a buyer change their mind before closing?

Earnest money deposit

The Close

JANUARY 16, 2025

If youre looking to buy a home but have financial concerns or hesitations about bank loans, choosing the rent-to-own path is a great option, as opposed to the traditional mortgage path. Lets dive in so you can decide if this option is right for you. These steps inform your decision on whether the property is worth investing in.

Purchase and sale agreement

Housing Wire

APRIL 13, 2021

Richardson also noted that there have been fewer property inspection waivers issued by Fannie Mae in the last several months, keeping appraisers, inspectors and others in valuation very busy. One thing she does not recommend — unless the buyer is a builder or other very experienced player — is waiving the option period.

Marketing

HomeLight

MARCH 7, 2024

Contingencies: Conditions that must be met for the sale to proceed, such as home inspections, financing approval, and the sale of the buyer’s current home. What is an option period? Negotiation opportunity: Based on findings during the option period, buyers can renegotiate terms or request repairs from the seller.

Purchase and sale agreement

HomeLight

MAY 24, 2022

But just how long does it take to close on a house with cash, compared to a traditional loan? The bulk of the time, however, is consumed by loan underwriting and processing. Inspections: One week to book; 2 to 4 hours to complete. An inspection can identify a serious hidden problem which could impact the home’s value.

Purchase and sale agreement

HomeLight

MARCH 13, 2023

The buyer does due diligence during the option period in California, which is typically one to 10 days. Although there are no required disclosures because the property is being sold as-is, there is an inspection period. I get inspections on big-ticket items like the sewer and the foundation.

Sales

HomeLight

MARCH 16, 2023

He adds that negotiations and home inspection issues could further reduce the price by 10%. You don’t need the added stress that comes with the risk of the buyer’s financing falling through or a home inspection turning up unpleasant surprises. The buyer does due diligence during the option period in Texas.

Sales