Posted by Tim Fierro (Tacoma, WA) on April 15, 2002 at 19:21:49:
Your post does not make reference to any education of how an option should be handled. I would recommend you purchase a course on this subject to get a grasp of what you are trying to do.
Need straight option help… - Posted by John-Pa
Posted by John-Pa on April 15, 2002 at 19:10:35:
I?ve just tied up a property with a straight option. We went to a notary, notarized the option and tomorrow I will record it. Marketing is already in gear. The home will be marketed to retail buyers and I will either sell or assign my option.
Here?s my questions:
If a buyer wants to make an offer do they provide their own purchase and sale
form or do I use one of mine (which has wording favoring the Buyer!)?
Do you ever do a credit check on the Buyer?
What happens if an offer is made through a Broker? How is that handled?
If I assign the option, isn?t the Buyer bound by my option agreement? What if
their bank want?s inspections or contingencies that are not part of my option
agreement?
Thanks in advance
John-Pa
Re: Need straight option help… - Posted by Kristine-CA
Posted by Kristine-CA on April 17, 2002 at 12:45:34:
John-Pa: I am not an options expert but I’m concerned, along with Tim, about your questions, especially #4. If you assign your option, you assigning your option to buy that was, hopefully, attached to a purchase agreement. Your buyer steps in exactly as you would. They are to close when you said you would for the the price you said you would and any other little thing you put in there. If you optioned something and made it iron-clad without inspections, it might be pretty hard to find another buyer. Also, I hope your option agreement included access to the property for marketing, etc.
Read some more on this board and consider reading at least some basic creative RE books.
Hope this helps. Sincerely, Kristine