Question:
“Since a buyer can inspect a home and cancel for any reason, it’s like having an option to buy the home. As the seller, can I get an option like that so that I can cancel if I get a better offer? If not, how is that fair?”
Answer:
Literally, yes, you could have such a clause. But practically speaking, not really.
You could add a clause to a counter offer giving you such a right. But only the worst Realtor in town would let their client sign it, and no smart homebuyer would agree.
The fact that the buyer has such a right is considered fair because it’s generally agreed homebuyers should get a 10-17 day contingency period to inspect and learn the condition of a home they’re potentially buying.
You typically have a right to require that the buyer be qualified to your satisfaction, but that’s usually done before you accept an offer.
