Mr. Ed about 30 day option?? - Posted by P.Porras

Posted by Ed Garcia on July 08, 2003 at 12:21:34:

P Porras,

The only problem I can see with your post is that your questions are hypothetical because you?re not working any deal with set circumstances that you need help on.

Now there is not even a problem with a hypothetical question as long as you don?t change the circumstances of the question as you go along.

You ask a question on how to handle a deal and then ad additional what if questions, which could change the circumstances of the original answer of the question.

P Porras, this board is a little more advanced and gets a little more technical because our main topic is RE financing.

My suggestion is for you to ask your question on the ?Main News Group? because that is a good place for beginner questions. There is always someone there who is happy to answer questions about anything from, where to get purchase agreements, to how to clean up cat pi$$.

Ed Garcia

Mr. Ed about 30 day option?? - Posted by P.Porras

Posted by P.Porras on July 07, 2003 at 22:45:48:

Hello all, I asked about a 30 day option and I guess I didn’t get my question across the way I wanted to.Heres the deal.
I have a 30 day option to buy contract on a prop.I can get it for 12k+ 3K back taxes but my credit isn’t good enough yet. What I wanted explained is before those 30 days has expired …1) What is the exact procedure to flip it to an investor or another individual?
I realized that I didn’t know as much as I thought I did about this.
Do I give someone a certain amount of time (maybe 24hrs) to make up their mind before I show it to someone else or do I show it to more than one person a day?
Surely there’s a contract between myself and the potential buyer to assure I get my part,if so what’s it called?
Where do I go to do this procedure? A title office? If so, just any or use the one that persons lending institution uses ,or what? What if the potential buyer knows the homeowner (this is a small town)(who insists on being there anytime I show it) What would keep that investor/potential buyer from buying after my contract expires if he learns the original asking price( which I’m sure they would from the owners son that insists on being there)
As you can see I need to make some money to take a course or attend a seminar.
Does anyone have the time to teach me the steps?
Thanks everyone.

Re: Mr. Ed about 30 day option?? - Posted by Lee

Posted by Lee on July 10, 2003 at 24:37:50:

Slow down Mr. Ed. You’re like totally ahead of yourself? Here’s the basic and you can go from here.

You’ve signed an option for 30 days. Well if you find another buyer draft a sales agreement to sell your option to the new buyer and that buyer will exercise your option with your seller. You don’t need to record it or anything, also the great thing is you don’t even need to come up with any cash to buy the house. So if I were in your shoes, I’ll just sell the option for 2k or whatever you think you can get for it. Good luck,


Wiiilllburr :wink: n/t - Posted by michaela-ATL

Posted by michaela-ATL on July 08, 2003 at 13:06:56: