What is the difference between this and an assignment. On a 30 day option, will i have to pay the mortgage? One problem i have run into is a lot of the condo associations have to approve you and interview you. That means the assignment will have to take place before the closing so the person on the contract is the same person their going to interview. Probably not going to happen. Please write back with more detail on the option as i am not familiar with this type of technique.
Thanks for all the help!
If anyone can give me some advice on this deal it’s greatly appreciated!
I have a buyer who wants a condo on the water with a dock. I’m in ft. lauderdale, FL. He wants to spend up to 1.5 Million. I am not a real estate agent and don’t have that much cash to close on the property first. I was hoping to make around 3% on the deal if not more. What should i do.
Posted by Del-Ohio on October 07, 2003 at 19:07:43:
One option I see is, find the property your buyere is looking for, negotiate a good deal, then get an option on the property for 15,30,60,90 however many days you need and the seller is willing to give you. Then sell the right to exercise the option to your buyer for a 3% upcharge.