WHAT IF I FIND DEFECTS OR PROBLEMS WHEN I'M BUYING A HOUSE?
If you are buying a house in Texas ( or anywhere for that matter...) and you find that there are defects or problems, what can you do?
Well it depends on the problem. Some problems are so big you can not ignore them and you will want to terminate the contract.
Other problems are more manageable. And some problems are in between. They involve issues you really need investigated more thoroughly.
It is typical in Texas to have a very short option period. Usually ten days. Let's say you find a problem but it's day 7. You want an engineer to come out and look at the slab more closely but he isn't available until day 12. You ask for a five day extension on the option period. But the seller doesn't want to agree.
In that scenario, you are being strong armed into the purchase without full knowledge. Hard as it may be, and based solely on this hypothetical, I would recommend terminating the contract if the seller won't extend the option period.
If the seller does extend the option period and your engineer does find a problem, then what? Well, you can either continue in the purchase and negotiate concessions for the repairs. Or you can terminate the contract at that point.
Keep in mind that once you allow the option period to complete, you are bound to the contract save for acts of fraud or misrepresentation that may be discovered later.