Re: Can I use a strait option involving a realtor? - Posted by Ben (Ohio)
Posted by Ben (Ohio) on July 03, 2003 at 09:11:20:
I don’t know if this is possible, but what about having some language in the option that gives you the ability to market this home on your own while they try to sell–a right of first refusal (whereby if the house sells, you get your option $ back) or something like that so if you find someone within your option period, and you can get them to sign the purchase contract before they do, then you get the deal. If you have this motivated buyer who can close, then you have the deal–if you don’t “win” the race, you’re out the option money at worst. The deal would have to close at a price high enough to cover commissions and your profit.
If they don’t have much equity and just want out of their house, you could consider turning this into a L/O for your imperfect/poor credit buyer, making payments and letting the seller walk while you stay in the middle in a sandwich lease option.
I’m pretty new, so I may be talking about something that’s impossible, but I have used options to tie up properties for a short period even though there was a realtor involved, and then went into contract after I liked what I saw. Also, you can take time to run ads and see who you can find to buy. Longer option period is better for you, but without some kind of escape clause, the seller and realtor may not go for a long period without substantial option money. I used $10 in option money for a 2 week option with a motivated seller on a $280k estate and then went into contract and I’m trying to sell my contract and/or delay closing, so far so good.