What is an option period and how much does it cost?

The $100 Real Estate Move That Could Save You $10,000
Teach Me Tuesday with Renee Adkins, Wichita Falls Realtor

When you’re buying a home, emotions can run high and decisions come fast. One of the most overlooked—but most important—choices you’ll make as a Texas homebuyer is whether or not to include an option period in your contract.

So let me ask you a question: Would you spend $100 to protect $10,000?

That’s essentially what the option period does.

What Is the Option Period?

The option period is a short window—usually 5 to 10 days—right after going under contract, where the buyer has the unrestricted right to back out for any reason. You’re not locked in, and you don’t have to provide a reason if you decide the house isn’t right for you.

You pay a small fee—typically between $10 to $20 per day—which could be anywhere from $70 to $200. These funds are credited to the seller unless you make it to the closing table, and then they are credited towards your closing costs. 

Think of it as “insurance” for your earnest money. Without it, you could lose thousands if a major problem is uncovered during the inspection.

Why It Matters

Let’s say you skip the option period because your cousin’s ex-girlfriend’s uncle said it makes your offer stronger.

Now you’re under contract.

You schedule an inspection.

Turns out... the HVAC is toast, the foundation is cracked, and the roof’s about five years overdue for replacement.

You panic—but there’s no option period.

Your choices? Walk away and lose your earnest deposit (which could be thousands), or move forward and take on a money pit.

The Bottom Line

This isn’t about being pushy—it’s about being prepared. The option period gives you breathing room and bargaining power. It protects your investment and helps you make decisions with clarity, not fear.

And if your Realtor isn’t explaining this to you before you sign anything? That’s a red flag.

🧭 Need Help Navigating Your Home Purchase?

I’m Renee Adkins, your Resourceful Realtor in Wichita Falls, and I believe in giving buyers real education, not pressure. If you’re thinking about buying and want to avoid expensive mistakes, I’m here to help you do it the smart way.

📲 Ready to talk? (940) 400-3241
🎥 Or check out the full video episode of this blog right here. ➡️ [Link to video]