A Option Deal from a "Fairly-Newbie" - Posted by Anne N

Posted by Ed Copp (OH) on June 24, 2001 at 20:26:05:

you need to find a buyer for the option, who has $10,000. This is the most important part. Then you need to have an assignment of option (form) prepared and you sign the option over to the new person in exchange for the cash. It is about that simple.

A Option Deal from a “Fairly-Newbie” - Posted by Anne N

Posted by Anne N on June 24, 2001 at 18:46:18:

Here’s the deal:
I have a lease w/option on a 3-bedroom 1+ bath house for approx $84 K (the amount of an assumable FHA loan). The FHA loan is only assumable by an owner-occupant. The house is now worth about $95-100K (I need to do the comps – we’ve had the option for about 1 1/2 years, and the property is in CA, but not in my home town).

Since taking the option, which we intended to exercise, I’ve quit my corporate job (with W-2 income) to go into business for myself. We’re therefore not qualified for conforming financing.

Question: How do I go about selling my option to someone? We’d just like to get about $10K out of the deal, and someone could walk into a little equity and an assumable (read low-cost) loan.

Any help?