Option/Purchase Agreement-confused - Posted by Chris (Conn)

Posted by Brian M. Powers(MI) on February 14, 2002 at 20:47:17:

Get the seller to give you a 45 day option at $200K. If you find a buyer for more than $200K, either assign him the option for the difference or the 3 of you do a double close.

If the seller balks at the option, offer to put a clause in the option that allows the seller to find his own buyer and you’ll step aside if he does so.


Option/Purchase Agreement-confused - Posted by Chris (Conn)

Posted by Chris (Conn) on February 14, 2002 at 15:48:25:

I am still a newbie but was wondering how would I refer to a contract that puts a home under contract for x amount of days and allows me to shop around and possibly find someone to either flip it too or assign it to.
Example:Found a buyer that is willing to sell home worth 250k for 200k, now even though I dont have the money to purchase the house how would I be able to put it under contract to allow myself to find a possible investor?
Im confused if this is a regualr purchase agreement with a clause that states that if i cant come up with the money in 30 days then this contract is null and void, I guess it can also be an option consideration contract where I try to find an investor, oHHH great now Im really confused…whats the diff between a purchase agreement-option contract? if in both cases your just doing it to tie up the property before another investor comes in and takes it. Any help and guidnace will be appreciated.