Once you accept an offer, you typically go into the option period. Here the buyer has the option to schedule an inspection and perform their due diligence. If any concerns arise from the inspection, the buyer will present the seller with a list of items to be repaired or they will ask for a repair allowance. Whether they ask for items to be repaired or an allowance, these items can be negotiated. Once both parties have reached an agreement, you exit out of the option period. If both parties cannot reach an agreement during this period, the buyer has the right to walk away from the deal and have his or her earnest (good faith) money returned. However, you are able to keep the option money since you took the home off the market to allow the buyer to inspect the property. During the option period, your agent will work very closely with the buyer’s agent to make sure all concerns are addressed and all parties are working together to move closer to closing.

Once we are out of the option period your agent, and the Austin Rising team, will act as your conductor. Orchestrating a smooth closing between the contract management coordinator, inspector, appraiser, surveyor, lender, title company, and insurance agent. Depending on the terms of the contract, these closing costs will be divided between the buyer and seller. Once the option period is behind us, you can then start to work on the details for your upcoming move.

What is an  Option Period? The option period starts after the contract is accepted and executed.   It is a set amount of days where the buyer has the unrestricted right to terminate the deal while they perform their due diligence. In exchange for this period, the buyer pays the seller an option fee. If at the end of the option period the buyer decides to cancel the contract, the seller keeps the option money. If the buyer continues with the transaction, the seller applies the option money towards the buyer’s closing costs.

Keeping It Simple.  During this period there is typically a lot of emails exchanged, paperwork shuffled and documents requiring your signature. Austin Rising acts as your filter and requires all documents be emailed directly to them. Once they receive a document, they will upload it to your document management website which you can monitor 24/7. They send you notifications to let you know which documents are for review, which ones to keep for your file, and which ones require your signature. This prevents you from entering information overload and makes the process more organized and transparent.

Our team can also accommodate sellers that may not be as tech savvy and prefer a one-on-one meeting in their home to discuss their closing documents.