$20K Option consideration - Posted by Chicago Steve

Posted by Chicago Steve on November 07, 2000 at 16:25:14:

Thanks for the vote of confidance. Lots of blue collar up there making $200k pricy for most.

$20K Option consideration - Posted by Chicago Steve

Posted by Chicago Steve on November 06, 2000 at 16:10:37:

Is anybody collecting option consideration is excess of a few thousand dollars?

What might I expect to collect on a $200K house?

Your experience is appreciated.

Steve

Re: $20K Option consideration - Posted by Jim IL

Posted by Jim IL on November 06, 2000 at 22:43:18:

Steve,
I did a home for a price of $225k last year, and we got $15k option money from the T/B’er.
That is about the best I have done.
Usually in my area on a $200k+ home I can see between $10k and $12k.
Someone who has $20k, they can usually get a loan of some sort.
Then again, the majority of my deals are $100k to $160k homes.
Middle of the road homes.
Where is the home located?
If it is the northern burbs, I’d say you would have a better shot at getting that $20k you are seeking.
But, out west here, $20k is rare.
Unless of course you are doing a Land contract.
Then a bigger upfront amount seems to be more normal.
I just prefer L/O’s because the potential for the T/B’er NOT to exercise is greater and then I can keep the option money and do it all over again with a new T/B’er.

Good luck,
Jim IL

P.S. I got your e-mail, and will run it by some folks to see what shakes loose.

Re: $20K Option consideration - Posted by Chicago Steve

Posted by Chicago Steve on November 07, 2000 at 09:52:01:

Thanks for the good news Jim.

Actually the property is WAY north, Fox Lake area. Great house, great setting in the woods on a hill with creek and canoe basin just beyond the yard and only 2 miles to launches to the chain.

When you said North I suspect you were speaking around Schaumburg. This is so far north it may as well be by you.

I have 8 newly constructed townhouses near Orchard & 88 for you. Interested?

Re: $20K Option consideration - Posted by Jim IL

Posted by Jim IL on November 07, 2000 at 15:04:25:

Steve,
Fox lake, wow, now that IS north.
May take a little longe to sell, but you should be able to get a good price for it, as well as a decent upfront profit.
I know that this is a specialty area, and those who wabt to be there have money to spend.

As for the TH’s, drop me an e-mail with some details.
I’d love to hear more.
I have a buyer who has been calling me for a week now almost daily looking for some properties.
He is a cash buyer, but does not seem too willing to give me a buying criteria.
He just keeps saying, "Tell me what you have and I’ll tell you if i’m interested."
But, I have sold to him before, so I know he is for real.
Also, 88 and Orchard is about 5 minutes from my home, so that would be easy to look at.
Plus I know the market in the area quite well.

Good luck on that home in the “North”,
Jim IL