First-time Buyers (or first-time investors) are sometimes hesitant "pull the trigger" or write a contract on a home because buying a home is, after all, a major financial decision. However, if you come upon a gem of a home, something you think might really work for you, your family or situation, don't hesitate and lose out. I can't tell you the times that a Buyer has decided to "sleep on it" for a few days only to find that another offer came in and that home is gone (under contract with another Buyer). Even in a Buyer's market, when there are lots of home on the market, the best ones don't generally stick around very long. Then, you're left with the memory of your favorite home and none of the others after that ever seem to match "the one that got away".

Luckily, in Texas when you write a contract to purchase a home there is generally an "Option Period" where Buyers can take a home off the market for a small "Option Fee" and seriously consider their purchase over the course of several days with the option to cancel their contract for any reason (read more here: http://www.realtown.com/ryancave/blog/transactions/optionmoney). Now I'm not suggesting that you go write a contract on every home you might be interested in, that could get expensive at around $100 per home. However, if you have a favorite and you want to "sleep on it", why not go ahead and write an offer? It will probably take a day or two for the Sellers to get back with you anyway (and often they will simply counter your offer). Worst case: They accept your offer and you pay your "Option Fee" and then can think more seriously about it while having the option to cancel at any time (but the home is yours if you want it, they can't sell it to someone else once it's under contract). Trust me, it's far better to risk around $100 than miss out on the home that would have worked so perfectly for you, your family, or your business aspirations.

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com